How to Buy & Store Monero – Wallets and Exchanges
Monero can be bought or sold using either bitcoin or fiat money. It is looked at as an extremely liquid currency. Most of the common exchanges and platforms trade in Monero.
Exchanges that let you trade using fiat money include Kraken, Bitfinex, Poloniex, AnyCoin etc. The money that is exchanged includes US Dollars (USD), Euros (EUR), Great Britain Pounds (GBP), and Indian Rupees (INR) among others.
Exchanges that let you trade Monero for bitcoins include Shapeshift.io 2, EverCoin, Bitsquare etc. However it should be noted that different exchanges offer different rates, and you should check all your options before using an exchange.
Monero (XMR) Wallets
Storing Monero is a little difficult. There aren’t nearly as many wallets available for the Monero and the storage method is also a little complicated. Available wallets are in the command line format, and while GUI wallets are being developed, they are still in Beta phase.
The only online web wallet available for Monero is the MyMonero wallet, developed and maintained by Riccardo Spagni, one of the seven people who developed Monero. This is an online wallet and does not require you to download anything. However it should be noted that when creating your account, it gives you a private key that will be needed for future login, and storing this private key safely is extremely important.
Once you have created a MyMonero wallet, there is a small compromise in privacy as the Monero core team can see your balance, but cannot use it.
In case you do not want to compromise your privacy at all, you can run a full Monero client on your computer. This helps in boosting the overall security of the system and does not require more than a few gigabytes of your computational space. The instructions and downloads are available on the official website.
Offline wallets, also known as Paper wallets are also available in order to store your Monero securely. The paper wallet generator is available on both the official website and on github. You can download it from there, and then use an air gapped computer in order to open the paper wallet and store all of your information in it. The wallet can now be stored in a USB device, a CD/DVD, a PDF, or even on paper. Ideally you should have multiple copies in order to be sure. While hardware wallets do not support Monero yet, there are development efforts taking place for just that.
As you can see Monero is not just your run-of-the-mill cryptocurrency, but has some rather unique features to offer. Could Monero be the cryptocurrency of the future? Maybe, it is too early to tell. But we cannot deny that cryptocurrencies are here to stay.