Wanna get into Monero. 0 experience with crypto. Complete beginner. Any good reading materials / tutorials I should start with that you could recommend?

  • mildseason@sopuli.xyz
    17·
    5 days ago

    Crypto is great but you must understand that it’s not an investment. Monero is a currency that can be used to buy goods and services anonymously.

    It’ll be harder to acquire Monero depending on where you live. For instance, Monero is banned on all UK exchanges. Don’t let that stop you though.

    First, sign up to a service which allows you to buy Bitcoin. I wouldn’t recommend Binance (obviously) but OKX or Kraken or anything will do.

    Second, purchase Bitcoin. I would recommend transferring it to a local wallet immediately. I use the Wasabi Wallet but there are alternatives.

    Third, install the official Monero Wallet.

    Finally, use a swap service like changenow.io to acquire Monero. Send Bitcoin to their address and they’ll send Monero to your wallet.

    This is the process I use. A bit of effort but once you’re set up it doesn’t take that long. I use Monero to pay for my email, VPN and anything else that requires privacy.

    People are scared of crypto for good reason. If you get an address wrong you could lose your coin. Double check everything and only hold what you can afford to lose.

    Feels fucking great to pay for things outside the systemTM though. Good luck on your journey!

    • unglueclass23@programming.devOP
      2·
      5 days ago

      Couldn’t the gov track down my Monero wallet address through services like changenow or is that not an issue with Monero? Also if i’m reading correctly they do KYC:

      ChangeNOW complies with applicable regulations using a risk-based approach. Suspicious transactions may trigger identity verification.

      • mildseason@sopuli.xyz
        2·
        5 days ago

        I’ve never been asked for identification. I imagine that would trigger if you’re trying to swap very large amounts.

        A monero transfer should be untraceable but you can always use a holding wallet for changenow to deposit into and then send it to a full anon wallet for extra layers of security.

      • OneCardboardBox@lemmy.sdf.orgEnglish
        1·
        4 days ago

        A monero wallet can generate as many transaction addresses as you want. It is not possible for an outside party to know if two addresses are owned by the same wallet. Even if you did reuse the same receive address, an exchange will only know about the transactions going into that address from their end and cannot discover what happens after that.