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Monero (XMR) offers users complete privacy, standing out as a leading privacy-focused cryptocurrency. It is not only the most widely used among its peers but also boasts the largest market value. In Turkey, Monero enjoys significant popularity and usage.
The price of Monero fluctuates according to the privacy demands of its users. As more people buy Monero or the number of discussions around Monero increases, its price and usage rate adapt accordingly. So, what exactly is Monero Coin, which manages to be well-known and widely used despite its privacy focus, and what do the discussions reveal about this project?
What is Monero Coin?
The answer to what Monero is and how it came about can be traced back to the need for 100% privacy, a major lacking feature in Bitcoin and other cryptocurrencies. Although Bitcoin was initially presented as a privacy-oriented currency, it was known to leak certain information and offer excessive transparency due to blockchain technology.
If a user can determine the owner of a BTC wallet, they can easily access all the financial records associated with that person’s cryptocurrency dealings. This sparked a need for privacy-focused cryptocurrencies like Monero, leading to its creation.
Buying Monero
Monero can be easily purchased from Binance, one of the world’s largest cryptocurrency exchanges by trading volume, in just a few simple steps.
The steps to buy Monero on Binance are as follows:
- To buy XMR, you first need to deposit USD balance into the exchange or purchase a cryptocurrency that can be used instead. Start by visiting the Binance homepage and clicking on the “Buy Crypto” option at the top left, then select the “Credit/Bank Card” tab.
- In the opened tab, choose how much USD you want to spend, and then select USDT, or Tether, in the Coin section.
- After purchasing USDT, preview the “Buy-Sell” option at the top left and click on the “Classic” tab.
- In the new section, select the USDT tab at the top right, type XMR in the search button, and choose the XMR/USDT pair that appears below.
- Then go to the “BUY XMR” tab in the middle, enter the amount of XMR you want to purchase.
- Enter the desired amount and confirm the transaction to complete the purchase of XMR.
By following a few simple steps shown above, you can purchase XMR coins. Monero is also well-known and widely used in Turkey.
Monero Trading
After acquiring XMR, you can use it for investment purposes or to purchase various goods and services. In the early years of the cryptocurrency market, privacy-focused currencies like XMR were mostly used for “illegal purchases,” but this has changed significantly.
Many legitimate institutions now accept XMR for trading, and purchasing products with XMR is possible. Additionally, if you are buying XMR for investment, you can sell your XMR on Binance at any time.
