Even though Bitcoin is the most famous cryptocurrency, all transactions are visible because its blockchain network is open. On the other hand, Monero’s encryption features provide it with much more privacy. There are a number of safe and fast ways to exchange BTC to XMR, such as using an exchange or a coin-only site.
Before you can start exchanging, you will need to find a reputable site or exchange that allows you to do so. If you want to protect yourself from hacks and scams, it is best to use services with a good reputation and reliable security systems.
1. How to choose an exchanger or exchange
The first thing you need to do to exchange BTC to XMR is to choose an exchange site. There are two main types of exchanges: controlled and open. Centralized platforms like Binance and Kraken make trading easier, but may require identity verification (KYC), which makes it less private. Some decentralized sites, like Haven or Bisq, don’t require verification and offer greater security.
2. Create an account
If you choose a centralized exchange, the next step is to create an account and (if necessary) go through the registration process. In most cases, this means verifying the person’s name using documents and personal information. You can then add Bitcoin to your account to buy Monero.
3. Deposit Bitcoin to the exchange
You need to add Bitcoin to your account after creating it. To do this, go to the platform’s payment page, get a unique Bitcoin sending address, and then send the money. The time it takes to register can vary depending on network activity, but it usually takes between a few minutes and an hour.
4. How to exchange Bitcoin for Monero
Once you send funds to the exchange and they arrive, you can continue trading. Select the BTC/XMR pair and enter the amount you want to exchange. The exchange will determine the current exchange rate and offer to help you complete the transaction. XMR will be added to your account once you complete the transaction.
5. Receive Monero (XMR)
Once Monero appears in your exchange account, you should transfer the money to a cold wallet, as if the exchange is hacked, you may lose your cryptocurrency. A cold wallet is one of the safest ways to store cryptocurrency.
At the moment, monero is one of the safest and most anonymous cryptocurrencies, if you have chosen XMR as one of the investment assets, you should know how to buy this currency correctly and store it safely.
