About Monero (XMR)
 

Overview

Monero (XMR) is a secure, private and untraceable cryptocurrency focused on being a truely anonymous digital currency. Monero, translating as ‘coin’ in Esperanto, is a minable coin that operates on a public ledger that obscures the sender, recipient, and volume of every transaction made. There has been some controversy surrounding Monero due to the fact that it is near impossible for authorities to track the movement of money.

Technology

Monero operates on a reactive blockchain based on the past 100 blocks. As transaction volumes increase, block size increases. This system ensures that the more people using Monero, the cheaper the transfer fees will be. Monero makes privacy fundamental. With Bitcoin and the majority of cryptocurrencies, anyone can trace transactions through the blockchain and see the contents of a wallet. Monero ensures that wallets and transactions are fundamentally private and secure on the protocol level. If you wish to share transaction details or make your wallet visible to a third party, you can generate a read-only ‘view key.’ Monero is immutable unlike other privacy coins and completely trustless. No governing body or individual has control over the transaction privacy. Fungibility is another advantage to Monero; every coin is identical to one another. Bitcoin and many other cryptocurrencies can be traced back to where they were mined or released. If a Bitcoin is used in a criminal transaction, the risk is that an innocent individual is implicated by following the history of the coin on the blockchain. The community is currently developing the Kovri Project, which will obscure transactors IP address and enable added protection against network monitoring.

Future Focus

Monero aims to act as a decentralised, immutable, private bank account. Peter Thiel has put forward an interesting question, “What`s the Opposite of transparency, is it criminality or is it privacy?” For better or for worse Monero facilitates financial independence from banks and governments.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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