What is Monero And How to Deposit, Withdraw And Play With Monero

Monero is a cryptocurrency which claims to be the most secure currency.
In this article we have discussed in simple steps how to deposit, Withdraw and Play with Monero

What is Monero

Money is an exclusive cryptocurrency which is specially focused on private censorship-resistant transactions. This currency promises to keep all your finances secure and confidential. Like all other crypto currency projects monero is also a highly decentralised project.

Monero is different from all other existing crypto currencies. The developers of the monero claim that all the major already existing cryptos like Ethereum and Bitcoin have a transparent blockchain. Which clearly means that the transactions can be traced by anyone. This puts user privacy at risk.

Monero overcomes these disadvantages of all the other crypto currencies by using three important technologies : Stealth Addresses, RingCT and Ring Signatures.

These high end technologies provide monero the ability to hide every single transaction and the address of sender and receiver.

How to Deposit Monero

Before knowing how to deposit monero there are certain things which users should be aware of.

Firstly, The monero transactions are irreversible. Hence once the transactions are confirmed by a miner. The only way to get your money is to ask the receiver to send your money back.

Secondly, The sender will have to bear the transaction fees.

Monero applies a certain amount of transaction fees on every transaction which the sender has to bear. The transaction fee is applied in order to incentivize miners.

Thirdly, The transaction fees does not depends on the amount of money sent

The transaction fees that monero applies depends on two factors:

The network congestion at the time of Transactions.
The data size of the transaction.

With all the important things being known let’s dive into the actual process of depositing monero

We will understand this process in 5 simple steps:

Step No. 1: Visit the Send page.

The first thing which is important for sending money through monero is synchronising your Node and Wallet.

Step No. 2: Entering receiver’s Address

Monero addresses start with 4 or 8. You can either simply mention the receiver’s address or you can send it to the receiver’s address by simply scanning the QR code of the receiver.

Step No. 3: Enter the Amount

Proceed by entering the no. of XMRs. By entering the amount you will see the amount converted into XMRs and you can simply send it.

Step No. 4: Add recipient

You add as many recipients as you want. The sender will need to pay only one transaction fee. The transaction fees will increase as more and more recipients are added.

Step No. 5: Click the Send button

How to withdraw Monero

Step 1. Access your wallet by visiting the Withdraw page.

Step 2. Enter the amount you need to withdraw. This amount should not exceed the balance currency you have in your account.

Step 3. Enter the fund password. This is a different password from your login password. If you forget this password you can also reset it by clicking on Change funds password.

Step 4. Click on the submit request button. This will submit your application form. The amount will be sent shortly.