Viewpoint why bitcoin is going gangbusters and why it matters
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There are many ways to buy Bitcoin. Two semi-reliable companies at this time are Xapo http: The process will involve uploading your personal identification State ID, Passport, etc. Verify their reputation on Reddit before making a large purchase. Xapo should be faster than Coinbase. Coinbase also allows small "instant" buys via a debit card but adds a large fee for this option.
Once you have purchased Bitcoin, you are ready to convert it to Monero! Download the paper wallet generator at: Unzip and open the paper wallet generator monero-wallet-generator. Monero Public Address The public address is used to receive funds to the wallet. You give this to anyone who will be sending funds to your wallet.
Monero Mnemonic Seed The mnemonic seed is a method of storing the entire wallet that is easily recognizable to humans. This is all you need to restore your wallet at a later date. Monero Private View Key The private view key is to view transactions entering the wallet. Commonly this is used to setup a view-only wallet which can see incoming transactions live on the blockchain as they are sent to a cold storage wallet. At this point you have many options.
Most likely you will want at least two or three copies, stored securely in different locations. If storing digitally, encrypt everything with a strong password. If storing on paper, do not show the wallet to anyone else who can memorize your 25 word key, or take a picture of the wallet without your permission.
Sending someone a picture of the wallet is the same as giving away all of your funds. Whichever method you chose, be sure there's no copy of the Monero wallet left over on the device you used. You may need to securely delete the Monero wallet if you saved it to a disk, or make sure your printer does not save a copy in memory. You wont be able to recover them! Option to encrypt an XMR mnemonic seed: Switch to your internet connected computer and go to www.
Choose "Deposit Bitcoin" and "Receive Monero" quick. But wait, since your Monero Public Address is on an airgapped computer right? Refund Address Bitcoin Public Address you can receive funds at Enter a Bitcoin address that you control where a refund can be sent in case there's a problem with the transaction.
It's very important that you enter a Bitcoin Public Address you control or can receive funds at. At Xapo and Coinbase this is called a Receive Address and it may change periodically. Go to your Xapo or Circle account, and find a Transfer or Send button.
Paste the Bitcoin Deposit address into the Destination field and enter the amount of bitcoin you would like to have converted to Monero. Press Send and authorize the transaction, if required. This may be minutes or hours. You can check if the payment has been sent by looking up the Shapeshift. Your transaction to Shapeshift. When your Bitcoin transaction has been confirmed, Shapeshift. This can take minutes to hours. If there's an issue, contact Shapeshift. They have good support.
Because the Monero blockchain is private and untraceable, you won't be able to lookup your Monero Public Address and confirm that the funds have arrived like you might with Bitcoin.
This is good for privacy, but bad for convenience. To securely verify the funds have arrived at your wallet, you will need to setup a View Only wallet. This is where that view-key comes in. To create a view-only wallet see the entry: To verify the funds are still in your wallet and have not been spent you need to create a Cold Wallet with your mnemonic key all your funds on an airgapped computer with an up-to-date copy of the Monero Blockchain.
When finished you will have to securely erase the wallet or connect it to the internet and it becomes a Hot Wallet. Team Hangouts Sponsorships Merchants. How to purchase Monero and securely store it. This is a guide to purchase and securely store Monero as of June Buy Bitcoin There are many ways to buy Bitcoin. Download and create a Paper Wallet on a secure and air-gapped computer. Your paper wallet will have four important items: Monero Private Spend Key The private spend key is used to send funds from the wallet.
Convert your Bitcoin to Monero and have it sent to your Monero Paper Wallet Switch to your internet connected computer and go to www. Agree to the Terms and hit the slider to make this a "Reusable Address". Notes and How to Verify Funds Because the Monero blockchain is private and untraceable, you won't be able to lookup your Monero Public Address and confirm that the funds have arrived like you might with Bitcoin.
View Only Wallets To verify the funds are still in your wallet and have not been spent you need to create a Cold Wallet with your mnemonic key all your funds on an airgapped computer with an up-to-date copy of the Monero Blockchain.