Monero is a cryptocurrency designed to facilitate highly private transactions over the internet – here’s how to buy it in South Africa!
Cryptocurrencies such as Bitcoin, Ethereum, and others have drawn immense interest in 2017 not just for their potential to operate as a store of value, but further to decentralize the reach of banks and nations – and that’s perhaps why many have sought ways to buy Monero in South Africa.
What is Monero?
Like Bitcoin, Monero is an open-source cryptocurrency that was first created in April 2014 under the name ‘BitMonero’ – a portmanteau of ‘bit’ and ‘Monero’, which means ‘coin’ in Esperanto.
Monero is derivative of Bitcoin in the sense that it leverages a Blockchain to cryptographically secure its payment network, though the cryptocurrency itself sports several differences which provide it with a unique focus on privacy and decentralization.
Monero, over the years since its introduction, has experienced rapid growth which is partly due to the fact that the cryptocurrency has been adopted by entities on the dark web seeking an efficient and private means to transact.
Monero has also proven popular thanks to the ease of which the cryptocurrency can be mined through CPUs; malware authors have succeeded in creating infectious software that can leverage a third party’s CPU to mine the cryptocurrency, though some websites have adopted this approach by disclosing their intent as a means to generate income as an alternative to advertising.
What makes Monero different?
Monero leverages the CryptoNote protocol as well as algorithmic differences designed to obfuscate its blockchain to provide a greater level of privacy on its network.
Monero protects privacy on its network through three key endeavours; firstly, ‘ring signatures’ enable senders to hide their transaction amongst others, ‘stealth addresses’ can hide the recipient address of a transaction, and lastly protocol dubbed ‘RingCT’ enables users to hide the specific transferred amount in question.
Whereas Bitcoin is designed to operate in a fully transparent ledger, Monero is often described as being a private cryptocurrency with the option to become transparent when needed.
How can I buy Monero in South Africa?
To buy Bitcoin and digital currencies online in South Africa, investors can make use of Coindirect – a South African exchange that offers easy access to Bitcoin, Ethereum, zCash, and many other popular cryptocurrencies, and represents an easy means for many South Africans to purchase Monero with Rand.
With CoinDirect, users can make use of secure instant EFT to purchase their coins – within a 90-minute payment window, users can dictate how much Monero in XMR or Rand value they wish to purchase, and can EFT the required funds directly to a trusted seller on Coindirect. Until the EFT is authenticated, the coins will be held in escrow.
Coindirect provides customers with both easy access to an online Bitcoin and Ethereum wallet, and users trading Monero will further receive their own online wallet for their personal use.
Users interested in selling their Monero or other cryptocurrencies can further setup payments to reflect directly into their banking account of choice once a trade is completed.
Traders looking to transact in amounts in excess of R15,000 ZAR will need to unlock a trading limit, wherein users will need to fill in their personal details and can verify themselves by uploading a copy of their ID or Passport, a selfie holding both items, or a Proof of Address.
Have your say!
What are your thoughts? Do you plan to purchase Monero or any other cryptocurrency? Which appeals most to you to hold or trade? Be sure to let us know your opinion in the comments below!
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