Is it Safe to Buy Monero XMR?
Is Monero legal and if so, is Monero safe to buy? These are some of the most asked questions by new investors after learning how resilient and extremely private Monero XMR coins are.
Yes! XMR “is” the same as Monero. These XMR coins represent owning a part of the Monero Blockchain. If you haven’t already, check out our wonderful What is Monero Guide to better understand some of the finer details of the Monero Blockchain.
First off, Monero is a very safe coin to buy. Monero has been in operation for over 8 years and remains unhacked or changed by any third party. In fact, some government agencies have a personal bounty on Monero. Offering anyone that can hack the Monero Blockchain a hefty reward. Since this, a more than half-million-dollar bounty was announced and the Monero Blockchain continues to remain safe. In fact, some would say that this helps make Monero one of the safest blockchains ever created. Monero “is” untraceable and will continue to be. This is a factor that can weigh heavily on the decision to buy Monero.
As one of the largest Proof of Work blockchains today, the XMR coin has proven itself to be resilient to all manner of attacks thanks to the wonderful community members developing Monero. No one has been arrested or summoned for legal recourse and this is because Monero is simply a Decentralized blockchain, with only computer code running the show. You can’t lock up code and put it behind bars, meaning that Monero “is” perfectly legal to own. But “if” for some reason, it ever becomes illegal, it’s important to know that there’s no way to prove you even own Monero if it’s “not” stored on a centralized exchange.
This Privacy behind Monero is what makes it such a desirable asset to own. While also creating a stigma around the legality and safety of Monero, the privacy of Monero works for and against it. Love it or hate it, Monero works exactly as it was meant to, which is an unfortunate side effect for anyone who’s had their computer held for ransom in recent years, as once a Monero transaction has been completed, there’s no way to trace or recover those funds. On the flip side, if you’re a citizen of a tyrannical government that has frozen your bank, investment, and credit card accounts. Monero is a beacon of hope in an otherwise all too realistic financial nightmare. The world is changing, and with this comes the need for the financial privacy Monero offers.
How to Buy Monero & How to Cash Out
Buying Monero is an easy process. Yet, unlike Bitcoin. Monero is not available on every exchange. While Monero is “not” illegal to buy, sell, or own. Some US-specific exchanges such as Crypto.com and FTX do not allow the buying or selling of Monero XMR Coins. While some others like Kraken do allow the buying and selling of Monero. It’s important to check your available exchanges by searching for the XMR symbol in the search bar. An exchange that’s available for any user no matter their location is Hotbit. While centralized exchanges are a great way to buy and sell Monero. They are not the best way to store your Monero.
To store your Monero and truly own your XMR coins. You will need to download something called a Wallet. These wallets come in all different names and formats. Ledger Hardware Wallets offer a great way to store…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
