Everything You Need to Know About Converting BTC to XMR
When cryptocurrencies first emerged, they drew in traders and investors with one major promise: anonymity. Monero (XMR) is one of the leading cryptocurrencies and has become a go-to for any trader or investor who wants to remain unknown.
If you’re interested in XMR and want to know more, this guide has all the answers. Let’s take a closer look!
Monero Trading: the Good and the Bad
Monero has special parameters that cannot be ignored. Below are the most relevant ones.
Three Reasons to Buy and Sell Monero
- Monero has become a leading cryptocurrency in the privacy coin pack. It was one of the first crypto coins to focus on privacy, and this gave it an advantage over other currencies.
- Because of its privacy, Monero is widely accepted in the dark market as a method of payment.
- Many leading cryptocurrencies take a long time to upgrade, but the XMR protocol upgrades twice a year.
Two Disadvantages of Using Monero
- Monero is estimated to be expensive at scale because it uses various cryptographic technologies to form its top-notch privacy feature.
- The fierce competition surrounding Monero is another reason you might not want to trade it. The market for privacy-focused crypto is quickly becoming packed with more currencies.
However, the strengths and weaknesses themselves are not enough for the final decision. It is also necessary to take into account the opinions of professionals and the price trends.
Expert Opinion and Price Outlook on Monero
These two factors are essentially decisive when trading any cryptocurrency. They must always be taken into account in order to properly plan further actions.
XMR Price Outlook
Since August 2020, XMR has been trading inside an ascending parallel channel and has just recovered from the lower trendline. The cryptocurrency is currently trading at around $145 with an aim to reach $180, which is the top of the pattern.
As of December 24, 2020, XMR was number 14 on the list of cryptocurrencies based on overall market value, as it was worth about 2.8 billion dollars.
A high position in the market and an increase in the price undoubtedly indicate further positive development for this coin.
Expert Opinions on XMR Prices
Many experts have had different expectations for Monero and its price movement. Peter Todd, a Bitcoin Core developer, continually protects the reputation of the currency while comparing it to others in the privacy coin market.
Riccardo Spagni, a core developer of Monero, expects a future increase in the currency’s price because of its popularity among hackers. Finally, crypto analyst Justin Ehrenhofer believes that, as Monero continues to grow, exchanges will begin to shift toward listing more privacy-focused coins.
After analyzing such important information, it becomes clear that Monero has many opportunities for further growth.
Exchanging Your BTC to XMR
The whole purchase process does not take much time and can be done in three steps:
- Step 1. Buy Bitcoin: First, you have to purchase BTC if you don’t already have it. You can buy it using fiat currencies or other cryptocurrencies you might have, or you can mine it.
- Step 2. Choose an Exchange: Next, you have to choose a Monero-friendly exchange platform. There are many good places where you can convert BTC to XMR, Godex.io being one of them.
- Step 3. Convert your BTC to XMR: Using the easy-to-follow steps at the exchange platform, you can convert Bitcoin to Monero.
That’s all! Now you are the owner of such a valuable asset as XMR, which should help you make a profit.
Are You Optimistic Too?
Many traders, experts, and even price predictions are optimistic about Monero. If you’re feeling the same way, you can convert your BTC to XMR and start trading it today. It’s important to go for a reliable platform, such as Godex, to convert currencies so you can safely enjoy investing in cryptocurrencies.