Since its creation in 2014, Monero XMR has been through thick and thin: market outbursts, hacker attacks and massive crackdowns of the crypto market have proved that this altcoin is capable of maintaining its status-quo at any circumstances. Why is Monero so popular that so many crypto enthusiasts are interested in getting Monero in 2020?
Privacy and anonymity
In recent years, the concerns over identity protection and security have been exponentially rising. Monero is a privacy-oriented altcoin which ensures high fungibility and anonymity to all community members due to a number of advanced features. For example, its cunning address characteristic is an important improvement compared to Bitcoin’s privacy infrastructure. In simple words, Monero does not ask you to reveal your “actual address” in order to send and receive XMR. Instead, you can provide your “current address”, which makes it impossible to track your transaction and link it to a specific user. Thus, rather than recording users’ permanent address, the Monero database only records randomly generated one-time address.
Ring signature
The ring signature characteristic obfuscates numerous transactions between independent users so it becomes impossible to trace and monitor them. As you transfer funds through the chain, the system puzzles public info of thousands of other unrelated transactions which makes it hard for anyone to confirm that the transfer came from a specific user.
Dividing transaction amounts
Monero also has an alternative mechanism of processing transactions by dividing the funds into several smaller amounts and dealing with every amount as a different transfer. For example, if you transact 500 XMR, the receiver will have the amount divided into several smaller sums, let’s say, 250 XMR, 50 XMR and 200 XMR. Every amount will be assigned with a random address and obfuscated with other transactions in the network.
Why choose Godex.io to buy Monero
Godex.io is an online cryptocurrency service with more than 200 coins available for secure, fast, and anonymous crypto transfers. Unlike other cryptocurrency exchanges, account registration and private information are not required on Godex. What is more, the system is fully automatic and 100% protected from human errors. The advanced system monitors crypto rates on exchanges like HITBtc, Binance and Bitfinex to make the user experience as simple and smooth as possible. Reliable security protocols, fixed rates during transactions, 24/7 support and unlimited transfers make Godex.io one of the best crypto exchanges in 2020.
Buying Monero with Godex.io
Due to its advanced features, such as anonymity and security, Monero is definitely worth considering for adding the trader’s investment portfolio. Here are 5 simple steps on how to get XMR with Godex. For example, let us exchange Bitcoin to Monero.
1. Select cryptocurrency
In “Send” section, select BTC from the pop-down menu and indicate the amount of Bitcoin that you are willing to exchange. After that, in the “You get” section, choose “XMR”. The system will automatically calculate the amount of XMR that you will receive.
2. Wallet address
In the “Destination address” section, enter your Monero wallet address. Bitcoin wallet address should be indicated in the “Sender address”. Double-check all the information provided and hit “Exchange”.
3. Deposit details
Godex.io will automatically create BTC deposit address where you will have to transfer the preferred amount of Bitcoin. As soon as Godex receives it, the exchange procedure will start.
4. Exchange
Godex will start monitoring for the best up-to-date Monero rates on the market and process the exchange shortly. In a couple of minutes, your XMR coins will be transferred to the wallet address you provided.
5. Final stage
You can review the exchange outcomes on the “Completed” page. As you can see, you will not need to go through a lengthy registration and verification procedures. Simple and fast.
Buying Monero via Godex.io is a very intuitive swap. No extra steps or fees that could upset you or complicate the process. Just get what you want whenever you want.
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