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How To Buy Monero (XMR) on LocalMonero.co

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LocalMonero

Unlike what mass media may tell you bitcoin is not anonymous. All bitcoin transactions can be viewed of the digital currency’s public ledger called the blockchain. Hence, for digital currency users who rate transaction privacy and anonymity highly bitcoin is not the best option. Instead, users who want to be able to have complete personal financial sovereignty are starting to adopt monero (XMR), the leading privacy-centric cryptocurrency.

What is Monero?

Monero is an open source, secure and private cryptocurrency that offers untraceable financial transactions. Launched in April 2014, its default privacy feature has appealed to users who are concerned with mainstream digital currencies becoming less anonymous due to regulatory pressures. Monero is based on the CryptoNote protocol with one time keys being used to ensure transactions between individual parties are unlinkable and remain private.

Users details are shielded from outside observers by leveraging ring signatures and stealth addresses to hide the details of transacting parties. Ring signatures work by mixing a user’s account keys with public keys from monero’s network to design a “ring” of signers making it difficult for anyone to view your balance on the blockchain. Another privacy-enhancing feature would be the use of stealth addresses which are one-time addresses, generated randomly for each transaction on behalf of the buyer. This makes it near impossible to link the transaction to any of the parties published addresses.

Monero has no block size limit and thus is able to handle a large volume of transactions per seconds. It can be purchased through exchanges like Kraken, Poloniex, and Bitfinex. However, one exchange that is slowly gaining traction in the monero community is the new peer-to-peer exchange Localmonero.co.

Buy Monero anonymously using LocalMonero.co

LocalMonero is a Hong Kong-based cryptocurrency exchange that was launched in August 2017. Similar to LocalBitcoins, the platform allows users to purchase monero using fiat currencies. However, it differs from Localbitcoins and other traditional platforms by laying emphasis on the privacy of its users.

To begin with, the exchange does not require users to provide ID and address verification. The company also doesn’t retain any IP logs and trade chat logs are stored for 180 days only for the purpose of dispute mediation. The logs and any attachments uploaded in the chat are encrypted to prevent unauthorized use. The platform also allows users to buy and sell monero offline at a place of their choosing and is available worldwide.

How to Use the Exchange

Signing up to the platform is free and straightforward with requirements being a username and a password. Users have the option to register using their email address or not. Once a user has logged in he will view a list of people buying and selling XMR and their locations. Currently, there a number of active trades on the platform, indicating there was a need for the platform in the market.

LocalMoneroUsers can select any of the listed ads showing buy and trade orders and execute trades. It would be advisable to filter the search results using the “buy” and “sell” tab on top of the page by inputting the country, local currency and preferred mode of payment. This way users can concentrate on offers that meet their criteria. Alternatively, if nothing looks appealing you can scroll to the bottom section of any trade and create an ad. For the ad to be visible you need at least 1.000000000000 XMR in your LocalMonero wallet. Advertisers on the platform are charged a 1% fee on any completed trades. The exchange allows users to deposit funds in their accounts through bank transfers or via other conventional means.

Africans seeking to purchase XMR on LocalMonero will find the site flexible as users can contact the buyer or seller directly, request a meetup and most importantly, make use of the variety of payment options like Paypal, cash and even, “cash by mail”.

If you buy monero on the exchange the cryptocurrency will appear in your LocalMonero wallet and, thereafter, send it to your personal Monero wallets. The reverse will happen when you want to sell as you have to top up your LocalMonero account with monero from your other wallets. Sending or receiving Monero to your LocalMonero wallet should take about 10-60 minutes.

All online trades are protected by an escrow to ensure both transacting parties fulfill their obligations. Users who have issues with a trade, or payment for the matter, can dispute the trade and it will be resolved in a day or two by the LocalMonero team.

If you want to access LocalMonero while hiding your IP address, you can use Tor or I2P to do so to make your monero purchase anonymous and very hard to trace.

Presently, the price of monero (XMR) is currently at around $90 and the cryptocurrency has a market capitalisation of $1.3 billion. LocalMonero offers a direct and hassle-free way to trade fiat currencies for XMR that is secure and ensures users remain anonymous.

Altcoins

South African Cryptocurrency Exchange Introduces Tether (USDT) Trading

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AltCoinTrader
Image by AltCoinTrader.co.za

In a move to attract foreign investors and drive down bitcoin’s price in South Africa, AltCoinTrader, a Johannesburg-based cryptocurrency exchange has introduced Tether (USDT) trading.

BTC/USDT on AltCoinTrader

AltCoinTrader introduced the trading pair BTC/USDT in July. Tether (USDT) is a cryptographic asset that is backed by US dollars and thus acts as the equivalent of “cash” in the cryptocurrency markets. USDT is a particularly popular asset during a bear market as it can act as a safe having when other cryptocurrencies are losing value. Moreover, USDT allows investors to hold de facto dollars but in digital format, which adds liquidity to the markets.

Richard de Sousa, a partner at AltCoinTrader, said:

“The trading pair is quite important because it allows people to buy bitcoin without using rands.”

Due to the dynamics of supply and demand, bitcoin tends to trade at a six to seven percent premium in South Africa. The exchange is expecting the valuation gap to narrow over time by giving opening the market to foreign investors through its USDT introduction.

USDT Trading May Drive Down High BTC Prices in South Africa

Image by AltCoinTrader

Image by AltCoinTrader

South Africa has very tight currency regulations, which make bringing money into the country and, even more so, taking money out of the country very difficult. This is also felt by bitcoin investors who want to purchase bitcoin on South African exchanges.

Thanks to the USDT option, however, non-South African investors can now also take part in BTC trading on South African exchanges, which should lead to a decline of the high premium that South Africans currently pay for buying bitcoin due to the arbitrage opportunities that are now available to international cryptocurrency investors.

AltCoinTrader’s De Sousa added that although it would take a while to catch on, investors who will see the arbitrage opportunities and take them could profit. This, in turn, should benefit everyone, including “the man in the street”, because the price of bitcoin in South Africa would drop closer to international prices.

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EOSToolKit.io – Your Complete EOS Tool Suite

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EOSToolKit

The EOSToolKit is an all-in-one suite that allows the EOS community to gain access to the unique features available on the EOS Blockchain. We have rolled our many great features to the community over the last two months. We have gathered more feedback from the EOS community and added even more features to suit your needs. You Spoke and we listened! 

Now you can also enjoy these new functions on the EOSToolKit with a slick new GUI makeover as well.

GenerEOS

Existing Features:

  • Balance Check
  • Account Creation
  • Premium Name Bidding
  • Name Auction Tracking
  • Proxy Setup
  • Staking/Unstaking
  • RAM Buy/Sell
  • Permissions Management
  • Transfer EOS

EOSToolkit.io is a web-based application developed with Scatter signing so you can trust that your private key is kept safe and secure at all times. If you’d prefer to review the code yourself you can find Scatter here and the EOSToolkit here.

New Features:

  • Airgrabs
  • Testnet Support
  • Referendum voting
  • Voting Portal
  • Proxy Integration
  • Account Information Bar

Airgrabs

The Airgrab featured on our EOSToolkit allows users to manually register for airdrops.  This allows dApp developers to save costs associated with RAM by allowing users to use their own RAM to claim airdrops. 

GenerEOS

  1. Head over to http://eostoolkit.io/
  2. Attach Identity with Scatter (see here for tutorial)
  3. Enter your creator account name and account name (usually the same) – this can be found in your scatter identity.
  4. Click the Airgrab tab on the left-hand side of the toolkit.
  5. Select the token you would like to Airgrab.
  6. You will need to make sure that you have enough RAM in your account to perform the Arigrab action.
  7. Airgrabbed tokens are not instantaneously received.  You will need to wait for the issuer to airdrop the tokens depending on the date they have specified.

Testnet Support

Now that the Testnet is supported on the EOSToolkit you are able to switch networks and test smart contracts before you deploy them on the mainnet. 

  1. Head over to http://eostoolkit.io/
  2. Attach Identity with Scatter (see here for tutorial)
  3. Enter your creator account name and account name (usually the same) – this can be found in your scatter identity.
  4. Select the Scatter dropdown
    EOSToolKit
  5. Select Change Network
    EOSToolKit
  6. Review the networks and endpoints and select the one you want
    EOSToolKit
  7. Approve the new network on Scatter (if you haven’t used it before)
    EOSToolKit
  8. If you haven’t used this network before, add new identities in Scatter and attach them like you normally do
  9. Confirm you are on the new network
    EOSToolKit
  10. Enjoy using the EOSToolKit with your Testnet account!

Referendum Voting

EOSToolKit

We have also included in our toolkit an added function to allow users to submit proposals and vote on-chain. This means that community members can submit proposals on the EOS blockchain and conduct votes on them. This is a vital component in bringing referendum voting to the masses and we will continue to build out this portal to make it easier for all users in the ecosystem.

Voting Portal

EOSToolKit

We are also excited to release our voting portal which will now let you vote for your favourite Block Producers on the EOS Blockchain. Currently, we have arranged them based on their vote percentage. With our Portal, you are able to vote for a total of 30 Block Producers Candidates. We encourage the community to vote for an entire 30 to support their trusted Block Producer candidates. 

  1. Head over to http://eostoolkit.io/
  2. Attach Identity with Scatter (see here for tutorial)
  3. Enter your creator account name and account name (usually the same) – this can be found in your scatter identity.
  4. Be sure that you have EOS staked (You need this to vote)
  5. Select the Vote Producer Tab.
  6. Select your trusted Block Producer Candidates and hit Vote

Proxy Integration

EOSToolKit

We have added a Proxy Information Table to allow proxies to register their accounts and provide some background information about themselves. You can then select your favourite proxy from the table and assign your vote to them directly from the toolkit.

The Table includes the following details:

  • Account name
  • Proxy Name
  • Proxy Slogan
  • Proxy Social Media Accounts
  1. Head over to http://eostoolkit.io/
  2. Attach Identity with Scatter (see here for tutorial)
  3. Enter your creator account name and account name (usually the same) – this can be found in your scatter identity.
  4. Click the manage voting tab and select Proxy Information
  5. Carry out research about the proxy by checking their account, social media, and background information
  6. Select the Proxy that you would like to vote on your behalf

For more information on proxy voting check out our article explaining how to become a proxy.

Account Information Bar

We added an account information bar to allow users to quickly access their current account details. This includes a brief summary of their EOS and token balance as well as RAM, CPU, NET, and Refunding. Once connected onto scatter your account details will be auto-populated on the top bar of the EOSToolKit.

EOSToolKit

More updates coming soon!

We are also working on an Airdrop turnkey table which will allow anyone to send us a token.  This will allow us to immediately list it on our database so that the community get find all the airdrops in once place.

Remember to use these great features you must install Scatter with your desired EOS Account. We hope the EOS community enjoys these tools and allows them to perform actions on the EOS Blockchain much more easily.  We would love to receive feedback on the features within the toolkit or suggestions on the features you would like to see added. We value your feedback and will keep working hard to be the number 1 online EOS Wallet.

This guest post was contributed by Tom Fu, a partner at GenerEOS.

*Readers should do their own due diligence before taking any actions related to the mentioned company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this guest post.*

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“Bitcoin Gold Wants to Bring Mining Back to the People as per Satoshi’s Original Vision” – An Interview with BTG’s Community Manager for Africa

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Bitcoin Gold Africa

Bitcoin Africa had the pleasure to interview Richard Boappiah Asamoah, Bitcoin Gold’s community manager for Africa, via Telegram to find out more about Bitcoin Gold’s efforts on the continent.

Bitcoin Gold (BTG) was created in late 2017 as a hard fork of bitcoin (BTC) with the aim to “make bitcoin decentralised again” through the enablement of GPU mining. The digital currency has a market capitalisation of over $400 million and one BTG coin is currently worth around $25.

What is bitcoin gold’s plan for Africa?

Bitcoin Gold Africa

There are several initiatives underways. One that I can publicly share at this point is e-commerce. BTG has grown fond of the idea of expanding the current state of the African economy through the promotion of digital payments by establishing BTGpay. Basically, payments with bitcoin gold.

We also plan on promoting blockchain-related programs through local partnerships and want to expand our ambassador program. BTG plans to support this by providing sponsored meetups and local development proposals led by various appointed ambassadors across Africa. Hackathons, scholarships for students, developer conferences and other meetup events are on our list for this.

Is the focus of bitcoin gold on creating wealth for its users through GPU mining or does the BTG community aim for its currency to eventually replace bitcoin?

Bitcoin gold is a friendly fork and has no intention of replacing bitcoin but instead aims to develop itself in its own way to bring mining back to the people as per Satoshi’s original vision.

How do you tell bitcoin gold’s story to the masses who are just now getting accustomed to bitcoin?

We inform people that bitcoin gold is a fork of bitcoin, which means that bitcoin gold’s developers took the code base of bitcoin and developed it in more friendly direction by making mining decentralised again.

Why bitcoin gold? Like all other cryptocurrencies, BTG is built on a technology known as the blockchain, which allows transparency for day-day transactions as well as providing us with low fee digital payments and a secure way of paying and getting paid without any geological restriction. Also, bitcoin gold is planning to implement the BTG lighting network, which will tackle issues of blockchain scalability providing millions of transactions within seconds.

What countries in Africa are your efforts primarily focused on?

At the start of the ambassador program, we plan to target crypto hotspots who are well versed in digital payments. This includes the likes of Kenya, Ghana, Nigeria, South Africa, Uganda. Subsequently, we plan on conquering the continent as a whole.

The ambassador program is scheduled to start soon.

How can Africans interested in BTG get involved in the bitcoin gold Africa community?

Africans interested in joining the bitcoin gold community can get involved by linking up with us on Telegram, on Twitter, and in the bitcoin gold forum.

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