What is Monero?

Monero

Three words define Monero: privacy, anonymity, and security. Monero was created in 2014 to protect user identity during crypto transactions. It does this through advanced cryptography and a technology known as ring signatures. Ring signatures bar outside observers from knowing who signed a transaction. It obscures user addresses thus making transaction details anonymous. Usually, Monero transactions are completed within 20 to 30 minutes. 

But these qualities of privacy and anonymity of Monero are also its drawback. It is continuously used for illegal activities (such as gambling and the purchase of illicit drugs and ammunition) on the dark web. Thus, it has drawn the attention of various governments who are looking to infiltrate its code. Although Monero is open-sourced, it is difficult to modify its code.  

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XMR is Monero’s native token. An average user can mine XMR with their own CPU, unlike Bitcoin which requires special hardware for mining. The currency runs on various operating systems including Windows, macOS, and Android.

How to Swap Monero via Swapzone 

Monero can be swapped for other currencies (and vice versa) using an exchange aggregator such as Swapzone. Swapzone aggregates exchange rates from multiple exchanges with the best real-time prices, liquidity providers, and lowest exchange fees. 

To swap BTC for XMR, for example: 

  • On the swap page, select the BTC to XMR exchange pair. 
  • Enter the amount of BTC to be exchanged. 
  • Compare the exchange rates and select the best. 
  • Click the Exchange button to proceed.
  • Enter wallet address to receive XMR.
  • Send BTC deposit to the generated BTC address.
  • Processing will take some moments and then the exchange will be completed.
  • Kindly rate and leave a review for Swapzone after your transaction has been completed.
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What is Swapzone?

Swapzone is a progressive, transparent and accessible one-stop swap service that offers users multiple exchange functions all in one place. With Swapzone, users have access to over 1000 custom-free currencies aggregated from different exchange services. Thus, they can compare real-time exchange rates of different currencies.

As an instant non-custodial cryptocurrency exchange aggregator, Swapzone allows users to access its exchange service without needing to register or deposit their cryptocurrencies. What Swapzone does is provide users with the best exchange rates drawn from over 15 exchange providers. It also provides information (e.g. exchange rates, exchange times, and service ratings) about these exchange services. With this information, users can now select the best service to use for their swap. 

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