The time is now to get into cryptocurrency. You have mountains of information available if this is all new to you. All it takes is a little bit curiosity and finding the right coin for you. You have plenty of choices and many of them differ in unique ways. Some people may prefer to place their investments in the larger, more reliable coins on the market. Others may want to start out with an alternative coin. The choice is yours.
Purchasing Monero in Liechtenstein
A popular alternative coin for you to choose is called Monero (XMR). The developers behind the cryptocurrency wanted to ensure their users have the highest levels of privacy with their coin. The Monero blockchain grants everyone access to a feature called stealth address. The stealth address protects a user’s account by obscuring the amount it holds, and the transactions it sends out. Even if someone were to have the public address of an account they would be unable to observe transactions on the blockchain made by this account to learn private information about this. This remains a common problem on the Bitcoin (BTC) blockchain.
Before jumping on the cryptocurrency train you’re going to want to learn a little bit about how your country handles these virtual markets. Because many leaders of the world have not arrived to a uniform decision, many countries have clashing opinions to digital currencies. The Liechtenstein government have a positive outlook on the practice and have made it available for all citizens to participate in.
The first thing you’ll need to get before you go out and invest in a cryptocurrency is a virtual wallet. Normally, you can find a wide variety of wallets for your desired cryptocurrency. As a result of the higher levels of privacy built into Monero you’ll receive not too many wallets function with it. Therefore, you’ll want to make sure you do research on all of your choices to ensure you find one that suits you. Here’s a list of recommended wallets for you to choose from:
- Monero GUI
The Monero GUI is a desktop wallet and is the official Monero wallet. It was created by the developers behind the cryptocurrency. The application allows you to quickly view your funds and make transactions. While it is the official wallet for Monero, it takes up a large amount of hard drive space. You should get this wallet if you have the space for it. Also, you have to wait for it to sync to the blockchain following each update. Cryptocurrency investors who have experience with wallets may find this accessible than those who are brand new.
MyMonero is a lightweight web wallet and may accommodate those brand new to using cryptocurrency. You’ll find the user interface easier to traverse and creating an account on the wallet takes only seconds. Also, you should know this wallet does not have the highest levels of security. Due to the application functioning through a browser it’s harder to keep your information secure. If you use this wallet, only keep small amounts on here. You should find an alternative location to store a majority of your funds.
Finally, the last option is a mobile wallet called Monerujo. You can manage your funds from your smartphone and the application syncs up to remote nodes. This nodes connect to the Monero blockchain platform, keeping your wallet’s information consistently updated. All of your wallet information gets stored on your mobile device, so make sure you do not misplace it. If you own an iPhone, you cannot use this application as it does not function on iOS. It only works on Android phones.
After you’ve chosen your wallet you’re ready to proceed to jumping onto an exchange website! Because this process can take up a lot of time you may want to reserve part of your day to do this. You do not want to pick it up a few days later and have any cryptocurrency sitting on an exchange website. You’ll find that few cryptocurrency users do this as you leave your funds vulnerable.
Create Exchange Account
Because you cannot purchase XMR with a fiat currency, you have to use a different cryptocurrency. You’re going to want to buy BTC or Ethereum (ETH) from a main exchange website. Also, you’ll need to make an account on one of these websites. Don’t know where to go? Here’s a list of recommended websites for you to visit:
Check out these websites, among others not shown on this list, that you’d like to use. When you create an account you’ll probably follow similar steps across all of these websites. Make sure you when sign up for your account you use an email you can easily access. Many of them require you to verify the account you’d like to use to preform any transactions through. You’ll receive this verification email shortly after you create your account.
Upload CHF to Exchange for BTC or Ethereum
After you have verified your account you can freely upload your Swiss franc (CHF) to your account. You’ll have to send the funds from your bank account or you can use a debit or credit card to do so. This options depends on what exchange website you’re using.
You shouldn’t immediately trasnfer your CHF to the account. You always want to do some research at the beginning. Because if you do it too early, you may end up with less XMR than you want when you finish. First of all, ask yourself: how much XMR do you want? You’ll want to know this number, and then you can figure how much BTC or ETH you’re going to want to purchase to reach that number. As a result of knowing this you can figure how much CHF should go to your account to purchase it. Make sure you know the transfer costs of your exchange website.
Create Cryptocurrency Account and Upload Funds
By this point you should have uploaded your CHF to your account and purchased BTC or ETH. Now, you’re going to need to go to a new website where you can trade cryptocurrency. Here’s a list of recommended websites:
Create a second account on this website. You’ll follow a similar series of steps like the ones from the first website. Because you will also have to verify this account you should use the same email address. Once you have verified the new account you need locate its public address and take it to the first website. Transfer your BTC or ETH using this public address to send your recently purchased cryptocurrency to your new account.
Exchange BTC or ETH for XMR
Finally you’ve reached the final step!
With your cryptocurrency on your new account, exchange it for XMR. Consequently this transaction will take a few seconds. You should now be the proud owner of XMR on your new account!
As a result of owning this currency you need to transfer it to the wallet you chose before you started all of this. Never forget to send any cryptocurrency you plan to use off of the exchange website. So send your XMR to your wallet and you’re finished!