Hi, a warm welcome to my dedicated page on buying and selling cryptocurrency. For this entry, I will dedicate the entire post to discuss about buying and selling Monero (XMR) cryptocurrency. The reason I am recommending XMR is because this is the only cryptocurrency that is truly UNTRACEABLE, PRIVATE, UNLINKABLE and FUNGIBLE. If someone told you that there is no need for private and untraceable cryptocurrency, they are either drunk or talking trash. Similarly to real life example where a normal person usually wouldn’t let a stranger know how much cash he have in his bank account and prefer to keep their purchase private etc.
First Step: Create a new XMR wallet
- Go to https://getmonero.org/downloads/ and download the correct software. Depending on where you would like to store your XMR, you have full range of choice to install it on your windows, Mac, Linux, Android and Apple devices.
- Follow the on-screen instruction to install and generate a new wallet.
- If you prefer not to store your XMR in any electronic devices, you can always use offline paper wallet. To generate a paper wallet, go to https://moneroaddress.org/ and click refresh button.
- After you have generated a new paper wallet, remember to print out the entire page. The most important information to print out will be the 25 words Mnemonic seed.
- With the Mnemonic seed, anyone can access your XMR wallet therefore remember to keep Mnemonic seed private and secure.
- You may want to keep additional copies of the Mnemonic seed because losing the Mnemonic seed means losing access to all your XMR and there is no way to recover your XMR.
Second Step: Keep your Mnemonic seed private, secure and confidential.
- As mentioned in first step, both software and offline paper wallet will generate 25 words Mnemonic seed. This is the master key to your wallet and losing this key will mean losing all access to your XMR.
- It is also important to keep your Mnemonic seed secure, this is because anyone with your Mnemonic seed will be able to access your XMR wallet from any where and any time.
Third Step: Buying and Selling XMR
- I highly recommend you to visit https://localmonero.co for all sorts of offer from both buyer and seller of XMR.
- Do look for buyer / seller with good ratings to avoid scammer. Although all of the online transaction in https://localmonero.co are escrowed but there still scammer which inform their paypal / bank to reverse a payment made and in this case any payment you received from buyer will reversed.
- There are also scammer marked the transaction as paid without actually paying. Therefore it is important to only release your XMR after you have confirm the fund is in the bank.
That’s all from my simple guide to buying and selling XMR.
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