How To

How to Get a Monero Account?

Monero is one of those cryptocurrencies out of 1300 cryptocurrencies which put special emphasis on the privacy aspect of the transactions. There are cryptocurrencies such as a Dash and Ethereum which put great focus on the feature of smart contact. Then there are tokens such as Ripple which try to make the transactions happening over its network as seamless as it can. Monero cryptocurrency, on the other hand, is known for giving as much privacy as it can. Privacy is the USP that is a unique selling point of Monero cryptocurrency. It employees ringing signature so that the identity of the users could be very well protected in advance. It has put a greater emphasis on the feature of remaining anonymous which is causing it to become very famous all around the world. First of all, we need to understand the concept behind the Monero cryptocurrency before we understand the method of making an account with Monero cryptocurrency exchanges as well as with wallets. Wallets are like a digital storehouse of cryptocurrencies and work in the similar way as physical wallets work for fiat currencies where you can store your currency notes in a secure way. Monero was launched over the CryptoNote Protocol in the month of April in the year 2014. Monero produces stealth addresses system for each of the transactions which are happening over its network to make it possible that nobody is able to determine which of Monero node belongs to which user. The light and less complex algorithm of Monero cryptocurrency makes it possible that even the mining algorithms based on central processing units such as x86 and ARM are able to mine it. Further boost to the privacy aspect of Monero cryptocurrency was loaded when the confidential transactions algorithmic code which is the brainchild of core developer of Bitcoin Mr. Gregory Maxwell. International cryptocurrency exchange Coinbase has estimated the growth rate of Monero cryptocurrency to remain at a whopping 32 % by the year 2023. It has come to the common knowledge that more than 5 online vendors, as well as 50 musicians, have started accepting Monero as a legal tender for using their services during the Easter and other holy festivals. For making an account over the cryptocurrency exchanges you first of all need to produce your KYC documents as per the regulatory regime’s dictates in which you are residing. Kraken cryptocurrency exchange has been instrumental in letting people purchase and trade Monero cryptocurrency but it is only accessible to people who don't reside in the United States of America. Otherwise, there is an indirect way by which one can make a cryptocurrency trading account over other cryptocurrency exchanges by using the round tipping method.

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