You’ll always wish you had started with Monero cryptocurrency sooner, so start right now.
Everyone’s talking about Bitcoin right now, but what I’m really interested in is Monero.
The problem is Monero is hard to get started with right now. It took me a few hours to figure all of this stuff out, but you’ll be able to get started in a few minutes because of this guide. I had to piece together many guides across the web. That’s inefficient, so I thought I would make one single comprehensive guide with everything you need to know.
Part of my goal as a web game designer and developer is to find new ways to monetize our games, and I fully believe it can be done with cryptocurrency. For the following reasons, I’ve chosen Monero as the first one to start working with.
What is Monero?
- Monero is the leading cryptocurrency with a focus on private and censorship-resistant transactions.
- Monero transactions are confidential and untraceable.
- Monero is a grassroots community attracting the world’s best cryptocurrency researchers and engineering talent.
- Monero is electronic cash that allows fast, inexpensive payments to and from anywhere in the world.
- Read more here.
I don’t want to waste a lot of time. This is a fast and easy guide, after all. Here’s what we’re going to to do today:
- Set up a Monero wallet (so we have somewhere to keep it).
- Buy ~$100 worth of Monero (and get $10 of Bitcoin for free).
- Learn how to sell Monero (but we’re not going to yet).
- Learn how to transfer Monero (in case you need to).
- Start mining our own Monero (it’s practically free money).
Let’s get started:
How to Set Up a Monero Cryptocurrency Wallet Fast and Easy:
First things first, there are two ways to get wallets:
- Set up a safe and secure Monero wallet on your computer hard drive.
- Set up an online Monero wallet, which is somewhat safe and somewhat secure if you go with a reputable source.
We’re going to do the second one because it’s faster, easier, and that’s what this guide is all about.
Don’t worry about the safety and security part — we’re using the one officially recommended by the Monero website.
It is advisable that you may want to keep some in your online wallet for easy spending, and transfer the rest to a hard drive wallet for safe keeping. This is what I do, and we’ll talk about that later in the guide, but the real point of this guide is to be fast and easy. Let’s focus on the fast and easy wallet for now.
Go to MyMonero.com and sign up for an account.
Your account is going to be a long string of words like “bumble cart fast clean tissue bottle paper desk”. Don’t lose that! If you do, you will not be able to log back in and get your Monero.
You’ll see your dashboard once you’re logged in. In the image below, I have removed information such as my Address and a transaction ID. You will be able to see those in your dashboard.
The Address is important — that’s where you’ll tell people and services to send your Monero.
And now you’ve got a Monero wallet! That was easy, right? Now it’s time to buy some Monero.
How to Buy Monero Cryptocurrency Fast and Easy:
Buying Monero isn’t super easy. In fact, it took me a couple hours to figure everything out for this guide. That’s why I decided to make this guide. There needed to be a complete and comprehensive guide all in one place.
We’re going to be using two different services to get this done. One is called Coinbase, and it’s a digital wallet as well as marketplace to buy and sell Bitcoin, Etherium, and Litecoin.
The link I’m about to give you is a referral link, but it’s a referral link that benefits both of us. If you sign up for Coinbase through this link, you’ll get $10 of free Bitcoin the first time you buy $100 worth of any currency they offer. I will also receive $10 as my bonus for referring you.
Go to Coinbase.com (that’s my referral link; you must use it to get the free $10 of $BTC) and register for an account.
Once you’ve created your account and logged in, your dashboard will look something like this:
This guide is about Monero, but if you’re interested in also collecting Bitcoin, Ethereum, and/or Litecoin, this is a great place to monitor the prices. It also has your portfolio, which is how much you have of each of the three in your Coinbase wallets at the time, and any recent activity such as purchasing or transferring.
Next, you need to go to Settings, then click on the Accounts tab, and there’s a blue button that says “Link Accounts”. Click on that and we’re going to add your credit card or bank account.
I recommend adding a Credit Card because it’s the fastest way to get your cryptocurrency. There are four options as you can see, but credit card is the fastest.
The bank option is probably the best, but it requires a few days for your approval, which means you won’t be buying any coins today.
Put in all your credit card information and follow the instructions the site gives you.
The site also may require you to upload a photo of the front and back of your ID, plus a picture of yourself. I did it all through my web cam and I didn’t even put a shirt on.
Once all that’s done, you’re ready to buy some Litecoin.
Wait, I thought we were buying Monero.
We are. We have to buy some Litecoin, first. Then, we transfer it to Monero using another service.
The reason we use Litecoin instead of Bitcoin or Ethereum is because with the latter two, we frequently get an error that says:
The Ethereum and Bitcoin network are currently experiencing significant congestion, transactions may be delayed hours.
Litecoin almost never has any issues. So, that’s what we use.
In the top navigation, click on “Buy/Sell”.
Select Litecoin, your preferred Payment Method, and put in $100 for the amount. You can buy other amounts, but we want to do the $100 so you and I both get our extra $10BTC for free. Then, click the purchase button.
Once the purchase is complete, go back to the top navigation and click on Tools. Under the Addresses tab, there will be a drop-down menu that is probably on “BTC Wallet”. You’ll need to change that to “LTC Wallet”. That will have your LTC wallet address, which we’ll need in the next part.
You’ll want to keep this tab open, and open another tab with your MyMonero account on it, and then a third tab with ShapeShift.io on it. This is the service that is going to turn our Litecoin into Monero.
At ShapeShift.io, select the currency you want to trade from (Litecoin) and to (Monero). Select “Quick” because we’re trying to do this quickly, and then “Continue”.
Sometimes, ShapeShift.io won’t have the liquidity of the currency you’re trying to transfer. While Litecoin is the better of the three we can get from Coinbase, it still has problems sometimes and you’ll see something like this:
The only options you have in this care are to find a different exchange service, or wait it out.
Hopefully, though, there will be no issues.
On the next page, you’ll see something like this:
Put in your Monero address, which you get from MyMonero.
Put in your Litecoin address, which you get from Coinbase.
And finally put in your Payment ID, which you’ll get from MyMonero after clicking on “Receive” in the top navigation, and filling out the form on the page.
Select “I agree to the terms” and then push big blue “Start Transaction” button. It’ll take a couple minutes, but after that you will have Monero in your wallet!
How to Sell Monero Cryptocurrency Fast and Easy:
This section of the guide is not ready yet.
How to Transfer Monero Cryptocurrency Fast and Easy:
This section of the guide is not ready yet.
How to Mine Monero Cryptocurrency Fast and Easy:
There are lots of ways to get started mining, but this way is of course the fastest and easiest way I’ve figured out. We’re going to use a service called Coinhive to allow us to mine it in our browser using CPU.
This may be quite a bit slower than many other mining options, and of course Coinbase gets a cut (about 30%, I think), but again…this is the fastest and easiest way to get started. Consider those fees as speeding tickets to your future success.
First, go to Coinhive.com and sign up.
Once you’re signed up, you’ll see a dashboard that looks something like this:
Go up to the top and click on “Settings”.
On the Settings page, click on “Sites & API Keys”. We have to set up and generate some code. Don’t worry; we’re not doing anything with the code so you don’t need to know how to code or even what it means.
On the Settings & API Keys page, click on “Create A New Site”. We’re not going to be building a website or anything — we can run this right in the browser.
You can name this “site” anything you like. I gave it the real generic but descriptive name of “Browser Mining 001” since I’m not going to be placing the code on any particular sites, and instead just running this in the browser.
Once you’ve completed that, your list of “sites” will update. Locate the “site” you want to start mining from, and click the blue “Open” link on the right of the table.
Your miner will open in a new tab, and once you click on the start button on it (looks like a triangle in a circle), it’ll start mining and it looks like the above.
You can increase and decrease “threads” and “speed” based on what your CPU can handle. This will vary widely across the millions of different computer set ups out there, so I can’t really offer any specific advice here. Play around with it and see what works for you.
Congratulations! You have now started collecting Monero Cryptocurrency!
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