Wanna get into Monero. 0 experience with crypto. Complete beginner. Any good reading materials / tutorials I should start with that you could recommend?

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[–] 17 points 2 days ago (9 children)

Crypto is great but you must understand that it's not an investment. Monero is a currency that can be used to buy goods and services anonymously.

It'll be harder to acquire Monero depending on where you live. For instance, Monero is banned on all UK exchanges. Don't let that stop you though.

First, sign up to a service which allows you to buy Bitcoin. I wouldn't recommend Binance (obviously) but OKX or Kraken or anything will do.

Second, purchase Bitcoin. I would recommend transferring it to a local wallet immediately. I use the Wasabi Wallet but there are alternatives.

Third, install the official Monero Wallet.

Finally, use a swap service like changenow.io to acquire Monero. Send Bitcoin to their address and they'll send Monero to your wallet.

This is the process I use. A bit of effort but once you're set up it doesn't take that long. I use Monero to pay for my email, VPN and anything else that requires privacy.

People are scared of crypto for good reason. If you get an address wrong you could lose your coin. Double check everything and only hold what you can afford to lose.

Feels fucking great to pay for things outside the system^TM^ though. Good luck on your journey!

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  • [–] [S] 2 points 2 days ago (7 children)

    Couldn't the gov track down my Monero wallet address through services like changenow or is that not an issue with Monero? Also if i'm reading correctly they do KYC:

    ChangeNOW complies with applicable regulations using a risk-based approach. Suspicious transactions may trigger identity verification.

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  • [–] 2 points 2 days ago

    I've never been asked for identification. I imagine that would trigger if you're trying to swap very large amounts.

    A monero transfer should be untraceable but you can always use a holding wallet for changenow to deposit into and then send it to a full anon wallet for extra layers of security.

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  • A monero wallet can generate as many transaction addresses as you want. It is not possible for an outside party to know if two addresses are owned by the same wallet. Even if you did reuse the same receive address, an exchange will only know about the transactions going into that address from their end and cannot discover what happens after that.

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  • [–] 1 point 2 days ago (2 children)

    fyi cake wallet supports monero so it's super easy to just buy btc or eth and swap it for monero within the same app

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  • [–] [S] 1 point 2 days ago (1 child)

    Is Cake considered to be one of the most popular / trustworthy wallet apps?

    I saw an interview with the founder but haven't got around to watching it yet. Saw some other people talk about it as well.

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