Cryptocurrency

Published on December 23rd, 2021 | by Bibhuranjan

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A beginner’s guide to converting BTC to XMR

Cryptocurrencies are arguably the ultimate option for digital investors. However, the industry can be difficult to navigate if you invest for the first time. For example, you could be looking for a quick way to get BTC to XMR convert. So how do you go about this transaction? Find out the process in our step-by-step guide.

But first, let’s look at the two cryptos separately.

What is XMR?

XMR (Monero) is a blockchain crypto that was started in 2014 by an anonymous entrepreneur. The token is quite attractive to speculation, mainly because its balances are private. Monero’s idea was to provide an anonymous exchange for traders who prefer trading privately. This project is still in the experimental stages even though millions of investors are trading it.

Like Bitcoin and other crypto products, traders can buy, sell, exchange, or stake Monero assets on platforms supporting these transactions. New XMR tokens can be added to the blockchain through mining. Monero is highly scalable even though there is a limit on scaling its block size.

Mining Monero is less technical since specific technology software is programmed to do the process every two minutes. Monero investors get incentives for trading this asset.

What is Bitcoin?

Bitcoin is a decentralized digital token using peer-to-peer and cryptographic protocols. The blockchain has a public ledger for investors to track their assets – there are public nodes for anyone to view. Like most digital currencies, traders can convert Bitcoins to cash, use it for payment, exchange for other tokens, and store the token on a crypto exchange site or a wallet.

XMR and Bitcoin are unique in various aspects. For starters, Bitcoin was the first crypto project in the blockchain and has gained millions of investors. XMR is an altcoin mainly attractive to investors who prefer anonymous exchanges. Secondly, the two follow a diverse mining process. Bitcoin is mined by people even though cloud mining is possible. However, no human work is involved in mining XMR as there is particular software for the technical process.

How to convert BTC to XMR

You can swap BTC to XMR independently and hassle-free. First, choose a crypto exchange network with favorable deals. For instance, Alligat0r cryptocurrency exchange aggregator has a simple conversion process at a fixed or flexible trading fee.

Next, provide the Bitcoin tokens you want to swap. Enter a wallet address where you want to receive the new tokens. We should caution you here; be sure to counter-check the transaction details. This is because you cannot track XMR exchanges because of their anonymous feature. Then provide a password and wait for the process to complete.


Cover image by Freepik

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About the Author

Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.



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