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On April 1, 2022, the anniversary 19 millionth bitcoin was mined. And almost 90.5% of the maximum issue size, which is 21 million coins, is currently in circulation. This means that there are only 1.52 million BTC left to mine. Due to the mathematical model governing the issuance of bitcoins, it will take more than 100 years to mine the remaining 9.5%. In addition to mining, the exchange of BTC for other cryptocurrencies such as XMR is also in demand.
If you are new to crypto exchanges and Monero, it is good to have a good understanding of how they work, because you will be investing your entire digital portfolio in this exchange. You don’t want to trade Monero for Bitcoin and then find your account is empty, so make sure you have some space in your wallet. In this cryptocurrency overview, we will help you to figure it out.
The Process Of Exchanging BTC To XMR
Exchanges are useful when you need to convert between different digital currencies. The exchange is an intermediary that provides tools for the process. You can use the service to exchange BTC for Monero or vice versa. So, how to exchange BTC on XMR? The process looks the following way:
- You select a trading platform that supports both cryptocurrencies;
- You decide on the amount of BTC to be converted into XMR;
- You get a platform to do the currency exchange as expected. In this case, the trading platform acts as an intermediate by matching you (who wants to sell BTC and buy XMR) with another trader (who wants to do the opposite).
The process is quite straightforward. The only thing to keep in mind is that you should always check the rates of both cryptocurrencies before you initiate the exchange process. Otherwise, you will hardly benefit from such an operation.
Step 1. Find An Exchange That Supports Monero
You can check on a company’s website to see if they have Monero listed as an option. You can also search on the Monero subreddit for others who’ve used it. Check with other Monero holders as well, and see how they managed their exchanges. If you can’t find a site that lists Monero, then you can go to a digital currency exchange that supports Monero directly. Some of the most popular examples are Changelly, Coinbase, and Binance.
Step 2. Fill Out An Application For Opening An Account
Many USA/EN exchanges require your name, email address, phone number, and other information, and you will need to fill it out to get started. In some cases, additional documentation may be required, and in some cases, there are security questions that you will need to answer before you can proceed. Some will need KYC or know their customer even for an exchange.
You should always read the terms and conditions on the site before creating an account, as they are the ones who control your account, what you can and cannot do with your funds, and what happens to them. You can even see what exchanges have in store for your exchange in the form of their refund policies. The worst thing you can do is create an account on an exchange with an obscure refund policy.
Step 3. Transfer Funds
There are different methods that you can use, but most exchanges have the option of sending funds to an exchange wallet. Some exchanges will have their wallet, but it’s still best to keep the funds in your wallet to avoid losing your funds. After you’ve created your exchange wallet, you’ll need to transfer the amount that you’re going to use for this exchange into your exchange wallet.
Step 4. Make Your Purchase
Now that you’ve put your exchange wallet address into your e-wallet, you’ll be able to buy cryptocurrency. This will start by paying for the BTC that you’re using. Make sure to pay the exchange the right amount, so that they’ll have the funds to exchange. You should see this in your transaction history. At this point, you’ll need to fill out your name, contact information, etc., just like when you were creating an account.
Step 5. Buy Monero
You should see a pop-up on your screen that tells you that you’ve been charged and will be able to see your XMR as soon as it’s done. You should always make sure that you’ve filled out your destination address, otherwise, your XMR will not reach your wallet. You’ll also need to accept the terms and conditions of the exchange to do this transaction. This means that they can change their terms at any time, so be sure to check that it’s what you want to do.
To Sum Up
As you can see, it is quite easy to exchange BTC to XMR. You will only need to find a trusted platform, decide on the amount to be exchanged, and make sure that the rates work for you. The exchange platform will take care of the rest.