Monero (XMR) is a privacy-oriented cryptocurrency network that operates using an opaque blockchain, thus offering users truly anonymous transactions where both the sender and recipient have their data kept hidden.
The project has seen its market cap exceed $10 billion during two prior bull runs, and, as of writing, XMR trades at a near 75% discount from its all-time high, potentially making this a great time to add some tokens to your portfolio.
In this guide, we will walk you through buying XMR using the Swapzone exchange aggregator, which will help you get the best crypto exchange rate on the market, and then find out if the experts think XMR is a good investment.
Table of contents
1. Visit The XMR Swap Page
Getting your virtual hands on some XMR using Swapzone is a breeze; we help you find the cheapest and safest exchanges on the web and never surprise you with hidden fees.
Scroll down the swap page and choose a token you want to buy XMR with; in this example, we’ll swap Bitcoin (BTC), but the process is precisely the same with any compatible token.
2. Choose The Amount Of XMR You Want
Find the SEND box and enter the amount of BTC you’re going to swap, and then check the GET UP TO box to get an estimate of how much XMR you’ll receive. It’s important to note that the amount of XMR you end up with could change due to fluctuations in the market, so don’t be surprised if it’s not the exact amount that you end up with after the swap is completed.
3. Pick The Ideal Exchange
The Swapzone aggregator has now started to work its magic, and it has successfully scoured the net for the top BTC-XMR exchanges.
The swap options are divided into the Fastest, Best Rating, and Best Rate; you just need to select the one that meets your needs and press the blue exchange button.
4. Enter Wallet Details
It’s important to take your time on this step, as a crypto transaction carried out with incorrect wallet details is almost impossible to rectify. Start by completing the XMR deposit address, add a BTC refund address, and then, if you want, add your e-mail address to receive updates from Swapzone.
5. Send BTC
Its time to pay for the swap and send your BTC to the wallet address that appears on your swap page; make sure you deposit the exact amount of BTC you specified in step 2 and that you send the tokens to the correct address, we recommend you double check the information before proceeding to guarantee the deposit is completed successfully.
6. XMR-BTC Swap Completed
Open up your XMR wallet, and you’ll find your tokens have arrived; by taping into Swapzone’s aggregator technology, you carried out this swap at the best market rate without encountering hidden fees and free from the hassle of having to enter Know-Your-Customer (KYC).
Should You Buy XMR Or Not?
(Disclaimer: None of this article’s information should be considered investment advice; always do your research before investing.)
One of the primary drivers behind the rise of cryptocurrencies has been the concept of privacy, as they can provide an alternative to the centralized, traditional financial system where big banks and governments have access to your transaction data.
Bitcoin (BTC) opened the door to the concept of private transactions, but due to its public ledger, the level of privacy it provides is still limited; Monero has taken it to the next level using pseudo addresses and an opaque blockchain.
The potential of XMR has not gone unnoticed, and it hit an all-time high of $542 in 2018; however, its since dropped back below $150, and some analysts believe this is a good time to buy the dip.
CryptoCurrencyPricePrediction forecasts a rapid rise in XMR’s value; they see the token hitting the mid $200 mark by the end of this year and breaking its all-time-high in early 2025 before moving above $1000 later the same year.
TradingBeasts represents the less bullish case for XMR with a forecast of near price stagnation for the coming year, followed by a maximum price target of $171 in 2023 and just under $180 in 2025.
CoinsPrediction has forecast a minimum target of $180 and a maximum target of $290 by the end of 2022, suggesting a solid upward trend will develop; in the long-term, they see the token moving into all-time-high territory in 2024 and breaking above the $600 mark in 2025.