How to Buy Monero (XMR)

Monero (XMR) is a privacy focused cryptocurrency that allows for anonymous transactions between senders and receivers. Using blockchain technology and advanced techniques from cryptography, Monero allows for anonymity between both participants in crypto transactions. 
 

When it was created in 2014, Monero was among the first so-called privacy coins that allowed both the sender and receiver of a digital asset to remain anonymous.
 

Bitcoin and Ethereum, both of which also use principles from cryptography, offer transparent blockchains that allow anyone to track the movements of each cryptoasset back to the genesis block. On the Bitcoin blockchain, it is often a simple task to track down the crypto wallet addresses of two transacting parties using blockchain analysis tools called “block explorers.” However, this is not feasible with the Monero blockchain.
 

Overall, XMR aims to allow quick, reliable and cost-effective transactions without the fear of others observing or somehow censoring the exchange. Because of this, Monero has been the subject of crackdowns on cryptocurrencies across some of the biggest exchanges as governments have raised questions regarding XMR’s use in criminal activities and the black market. 

Seven developers worked together to create Monero. Five of them remained anonymous, and only known pseudonymously amongst the Monero community. 
 

The white paper that laid out the vision of the project — originally penned in 2013 while the project was called CryptoNote — is credited to a developer named Nicolas van Saberhagen. However, this identity may also be a pseudonym for one or many people.
 

The Monero project has undergone multiple branding changes since its inception as CryptoNote. The protocol described in the CryptoNote white paper would be used to produce the cryptocurrency ByteCoin, later renamed BitMonero. After a controversial proposition from a Bitcointalk.org forum user, the community forked the BitMonero codebase, thereby creating the Monero blockchain.
 

Hundreds of developers have worked on XMR over the years, but no one knows for sure the exact number of contributors.

Monero was designed from the ground up to be completely decentralized.
Privacy is achieved via several distinctive features. While each bitcoin in circulation has its own unique serial number, meaning that each coin can be tracked as it moves across the blockchain, Monero was designed so that no one is able to easily track who sent funds and where they went. This feature improves fungibility — the degree of mutual interchangeability of one coin for another — by assuring no crypto transaction can be censored.

One of Monero’s key features is a cryptographic technique called ring signatures. This combines the details of the current transaction with past transaction details from other Monero users to obfuscate the sender of the transaction. 

For example, if a user wanted to send 200 XMR to someone, past transaction output details would be used as decoys to obscure the sending address. The amount of XMR sent would also be divided into pieces, muddling the transaction details even further.

Adding to Monero’s privacy, users use what’s called a “shadow address” when receiving XMR: a newly generated public deposit address that is only used once.

Want to dive deeper? Read Kraken’s What Is Monero? (XMR) to learn more.

Monero has a circulating supply of over 18 million XMR tokens at the time of this writing. The market capitalization of XMR ranks it among the top digital currencies in the market today along with other blue chip cryptocurrencies such as Bitcoin or Ethereum.
 

The initial supply of Monero’s private cryptocurrency that could be mined was 18.4 million XMR. After this amount was reached, mining incentives came in the form of “tail emissions.” Tail emissions are small rewards of XMR that are fed into the system every 60 seconds, keeping miners incentivized to continue validating the network after the initial supply is depleted. When tail emissions are factored in, the maximum supply of XMR is infinite.
 

The XMR emission rate for block rewards was designed to stop decreasing and remain at a constant rate of 0.6 XMR per minute. Monero’s tail emissions took effect in June 2022. 
 

You can check XMR’s current market price and circulating supply on Kraken’s Monero price page.

Through Kraken, you can easily buy Monero with as little as $10. Simply create an account and get verified then connect your funding method. 
 

If you hold cryptocurrency, the easiest way to buy XMR is to open a Starter level Kraken account, transfer your crypto assets to your account, then use it to buy XMR. 
 

If you want to buy XMR with fiat currencies (e.g., USD, EUR) you can verify your account to the Intermediate tier, deposit cash to your Kraken account, then use it to buy XMR.
 

Kraken is the safest option when buying cryptocurrency, given our proven track record of security, always-available support staff and consistent up-time.

With more than a decade of experience, Kraken has established itself as a pillar of the cryptocurrency industry. While we have grown to now offer over 185 cryptocurrencies, we remain one of the best places to buy XMR and keep your funds safe.

Kraken offers a minimum order size of 0.02 XMR, meaning you can start buying XMR with just a few dollars.

Since each XMR token is divisible into smaller units, you can get started without having to buy a full token. While you do not need to execute larger orders, Kraken’s advanced price discovery and execution technology helps offer some of the best rates of any cryptocurrency exchange.

Your verification level determines what you can do with your Kraken account. This can be located by signing into your account, selecting your name in the upper right and then selecting Get Verified. You will then see highlighted your current (pending or verified) level.

Dollar cost averaging is a popular strategy that allows you to invest in an asset at regular time intervals using fiat currencies (cash) and other payment methods like a bank transfer, regardless of its price. This sort of recurring buy strategy is designed to help build wealth over time while minimizing the impact of unpredictable price changes. 

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Disclaimer
Information provided in this “Learn” section is for general educational purposes only and is not intended to constitute investment or other advice on financial products. Such information is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any particular digital asset or to use any particular investment strategy. Kraken makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.