The world of cryptocurrencies is evolving, but one thing remains a constant – privacy. It still is a paramount concern for many users. While Bitcoin and Ethereum offer a degree of transparency through public ledgers, it can sometimes also compromise anonymity. This is where protocols like Monero (XMR) step in.
However, acquiring or swapping Monero has become very challenging. This is because of regulatory pressure. Many traditional centralized cryptocurrency exchanges have already delisted privacy coins such as XMR. This has left users searching for a secure private platform to manage their assets.
StealthEX emerges as a solution for those who wonder how to exchange their digital assets for XMR. It offers a simple, secure, and entirely private gateway for swapping cryptocurrencies without compromising the very anonymity that makes the protocol valuable.
How Does Monero’s Privacy Mechanism Work?
For those who might be new to Monero, it is very helpful to understand the way it achieves complete financial privacy. Unlike Bitcoin, where wallet addresses and transaction amounts are visible to anyone who explores the blockchain, Monero obscures transaction details.
To do so, it uses a combination of Ring Signatures, Stealth Addresses, and RingCT. This makes it fungible, meaning every coin is identical and cannot be tainted by previous transactions.
What is StealthEX?
StealthEX, on the other hand, is an instant cryptocurrency exchange that allows its users to buy or swap one digital asset for another quickly and without having to worry about handing custody of funds. Unlike traditional centralized venues, which often require registration and KYC, StealthEX is designed to reduce friction in the swapping process.
Undoubtedly, central to its operation is the non-custodial model. This means that StealthEX does not store your assets in an exchange wallet, while you wait to trade. Instead, the service facilitates the exchange process, while the swapped coins are sent directly to the user’s wallet address.
Another important aspect of StealthEX is that it is oriented toward privacy. The platform doesn’t require registration for the more standard swaps, and users don’t have to create an account or go through a KYC.
Moreover, StealthEX aggregates liquidity from a range of different centralized and decentralized sources. It pulls rates from different providers, which allows it to offer competitive exchange options while also keeping the process fast and efficient. It supports more than 2,000 cryptocurrencies, and Monero (XMR) is one of them.
How to Swap Monero (XMR) on StealthEX
The following is a step-by-step tutorial on swapping XMR on StealthEX.
Step 1: Select your trading pair
All you have to do is navigate to the homepage and select Monero from the left drop-down menu.
Step 2: Enter the exchange amount
Here, you will need to type in the amount of BTC you would want to swap. The platform will immediately calculate the estimated amount of XMR that you will receive based on the currently available market rates.
Step 3: Provide your Monero address
Once you click on “start exchange,” you will have to enter the recipient address. This is basically the personal Monero wallet address where you want to receive your newly swapped XMR. Make sure to double-check that address.
Step 4: Review details and deposit
Once you make sure that everything is reviewed and you agree with the outcome, you will have to send the exact amount of BTC (or any other chosen deposit crypto) to the provided address. You can also use the QR code.
Step 5: Receive your XMR
That is pretty much everything you need to do. Once your deposit is confirmed, StealthEX will process the swap automatically in the background. The transaction will be completed in a matter of minutes, and you will receive your XMR to the designated address.
Conclusion
Using StealthEX to swap Monero does come with some benefits, such as enhanced privacy, security, and convenience. It’s also very versatile because it supports thousands of cryptocurrencies.
This is important, because Monero remains one of the most recognized privacy coins in the industry, but finding a convenient way to swap XMR might be quite the challenge.
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