this post was submitted on 11 Jun 2024
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Monero

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This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.

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Unless you enjoy holding paper monero, and letting centralized exchanges get away with fractional reserves, always withdraw your crypto!

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[–] [email protected] 2 points 5 months ago (1 children)

I don't like CEXes and the whole transfer money in and transfer out process and Kraken appears to require an account. and I see a sign in. If ChangeNow or any other instant exchanges that don't require 3D KYC/AML, I'll use it. I haven't purchase XMR in the last few months since I have enough for a major emergency and I can't tie up more money, so I don't know the current state of instant exchanges. But when I do need to buy again, if I can't find an instant exchange with low KYC out there to buy XMR, I know that they still exist for the popular POW coins so I'd go the DEX route. But if those don't exist, I will be more open to explore other options like Haveno or Kraken.

[–] [email protected] 1 points 5 months ago* (last edited 5 months ago)

Regardless, CEX’s are the most convenient way to obtain monero. People should do what you describe, try to dodge as much KYC as you can.

On a sidenote, this is probably why i think Monero is undervalued in the market lol, a large proportion of monero trades happen outside of CEXs, and the market prices come from the API’s of CEXs