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What Is Monero: Where and How to Buy Monero in Australia

Home Learn Australia What Is Monero: Where and How to Buy Monero in Australia

The logo of Monero (XMR) is seen through magnifying glass

Monero is starting to get popular in Australia. It is a quite unique altcoin and slightly different from other cryptocurrencies, notably when compared to the characteristics of Bitcoin.

Launched in April 2014, Monero now is being considered as one of the best cryptocurrencies in the world today. This could have happened due to its anonymity characteristics and its modern technology. It allows you to send any amount of this cryptocurrency without being visible to any other user.

How is that possible? And is it a good thing? Let’s answer your questions and delve deeper into the crypto called Monero.

What is Monero?

Monero is an open-source cryptocurrency which specializes in the privacy and decentralization of its functions. Being an anonymous project, it has been viewed with some scepticism, especially since XMR (Monero’s 3 letter abbreviation) has been used in the past by cybercriminals. Despite all this, Monero is a strong and healthy project. It has a rich community of developers and users that continues to grow. And as the development continues, The price of the asset continues also making it a pretty solid investment.

This cryptocurrency bases its operation on block mining or proof of work, as Bitcoin does. But unlike Bitcoin, Monero makes use of other very particular technologies. 

Like all mineable cryptocurrencies, the Monero network will reach a certain supply of tokens in the future. In it, the issuance of tokens is divided into two parts; Monero’s main emission curve is 18,132 million XMR coins until the end of May 2022. After the initial emission curve has ended, 0.6 XMR will be issued for each block. This second issue is called the tail issue and will lead to the maximum supply of currency to infinity.

At full capacity, the Monero blockchain can process up to 1,000 TPS (Transactions Per Second). Regarding transaction speed, Monero takes on average 2 minutes to confirm and add a new block to its blockchain, with 18 being the required number of validations per block to make a transaction marked as complete. This results in an approximate delay of between 10 and 30 minutes to verify a transaction as valid.

Monero’s transaction cost currently ranges from $0.01 to $0.05. This allows it to be one of the lowest cost-per-transaction cryptocurrencies to date.

The logo of Monero (XMR) on transparent background

Is Monero legal?

Despite its notable aspects of security and anonymity, Monero is considered legal in all countries where the free acquisition of cryptocurrencies is allowed. Buying Monero is as legal as buying Bitcoin in Australia with AUD and can be traded for the same purpose as any other token.

Residents of Australia and other countries will be able to calmly acquire XMR tokens on any legitimate cryptocurrency exchange platform, following all the required steps.

Why do people buy Monero in Australia?

● Monero’s development seeks to guarantee a high level of security, privacy and anonymity.
● Transactions with XMR are not linkable in any way with any Monero user.
● The transactions are completely untraceable.
● The blockchain does not have a block size limit and is dynamically scalable.
● It has achieved great growth in regards to its price.
● Users decide if their transfers are visible to the people who receive them or not, such as an auditor, just give them your private viewing key. This makes Monero auditable.
● they have a very capable development team behind them.

Can I buy Monero in Australia?

Australia has been one of the most cryptocurrency-adopting countries in recent years. With a sound economic system, the perfect conditions for the commercial evolution of these assets have been established, allowing their potential as an investment mechanism to make profits in short and medium-term. In addition, it is an excellent environment for the development of decentralized projects with an emphasis on privacy, as is Monero (XMR).

Australian residents will be able to make investments, trade or use Monero as a payment method as they wish without any problem. This can be very convenient if we remember the high commissions charged by financial institutions to make international payments or acquire some type of service, while the Monero network allows you to send and receive tokens freely and borderless without these costs. 

Due to its privacy structure, Monero has been an exchange instrument for illegal activities, just as Bitcoin was originally. However, legitimate members of the crypto community can enjoy decentralized payments in just half the time of a Bitcoin transaction. Easy Crypto Australia (AU) allows you to buy Monero tokens through our platform.

How to buy Monero in Australia?

You can buy Monero and basically any other cryptocurrency in Australia as you would anywhere in the world: Through an exchange platform. You can always negotiate between partners, coworkers, friends and/or family and buy their cryptocurrencies, although not everyone has such an opportunity. Therefore, users can subscribe to an exchange platform and buy Monero tokens directly. 

Multiple exchange companies have created trading platforms that allow their users to profit from price variations with cryptocurrencies, but they do not allow you to buy the token as such but rather perpetual contracts, equivalent to the value of the underlying cryptocurrency. Other platforms do allow you to buy and sell tokens, but at exorbitant commission rates and with complex functionalities, new investors find buying cryptocurrencies a challenge.

For this reason, Easy Crypto Australia (AU) offers you a local exchange platform with a friendly interface that allows you to easily buy the desired amount of Monero tokens with AUD, just as you would with a coffee. You only have to dedicate 1 minute of your time to specify the purchase details and you will get your XMR.

How to buy Monero with Easy Crypto Australia (AU)?

To use the Easy Crypto AU service, you must sign up to the platform, which will not take more than a few minutes. Once you have entered our website click on the “Sign up” option, where you can create an account by providing your email address and password.

If your intention is to start exchanging assets on the platform, we recommend that your first step after registration is identity verification through a simple KYC (Know Your Customer) process through which you will become an official verified customer of Easy Crypto AU. This will allow you to explore all the functions available on the platform.

Then, choose the option “Buy and sell”, where you can specify the amount of AUD you want to spend and how many Monero tokens you can get with it. The current XMR price is very affordable, so a medium investment will secure you at least a few tokens.

Easy Crypto logo with its tagline on a dark background

How to profit from Monero?

The most classic way to benefit from Monero is mining the XMR tokens, although you can also use it as an investment method, which is not a bad idea considering that it is not as volatile as Bitcoin. Because of this, trading with Monero requires a little more patience.

Now that you finally know everything about Monero, how do you feel about trying to invest in it? Do not hesitate to contact Easy Crypto team if you want to buy Monero in Australia.

We are always ready to help.

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