I recently joined the club
This is the first new crypto I have bought in two or three years. Have never, well not yet, converted crypto back into Fiat and this time bought the XMR with some of my BTC. Have used crypto for things though which accept it.
Did it at https://changehero.io/
not sure if that is the best place to do it but for the moment I just did a very small amount just as a test and for the sake of getting everything installed and working.. Can report that the amount that they charged to do this conversion was just under 8% of the bitcoin amount. Does anyone know if that is a good or a bad rate as these things go? The nice thing was that there was no need to sign up for an account.
Can also report that the bitcoin 'electrum' wallet also charged 6% to send the bitcoin so you could say that 14% of it all disappeared in the transaction. Not sure how the bitcoin charging fee works but suspect it might be more a flat rate than a percentage. Anyway, wanted to ask the forum about these things before doing it again and getting a larger amount of Monero.
Chose the CLI Monero wallet which runs in the Linux terminal. So far so good, but initially had some trouble realising it needs to connect to a node. That brought back nightmares of chewing up hard disk space and internet bandwidth syncing the bitcoin blockchain, so initially tried to connect the wallet to a remote node. Then read too many cautionary things saying not to do that, it deanonymises your transaction, and so I thought if I was going to do it, than rather do it properly..
So another command line utility was run,
, the monero daemon. It took almost two days to sync the blockchain! I used
and plugged in an external hard drive so as not to pollute and mess up my system.
So if your wallet was a centimetre thick with cash, it would be a bit inconvenient to stuff in your pocket, as would a kilo of coins. Carrying around an extra drive in case you need to move Monero feels a bit the same. It detracts from Monero's practicality that it should need a node herding space and bandwidth but everything comes at a price.. At some point may research pruning
it a bit and do that.
Anyway, will be interested to hear any tips and then get some more of it before I forget about it for a long time, unless I need to use some of it.
If you look at this chart
, it's actually not such a bad time to be moving BTC into XMR. Suppose the motivation is as discussed in the other thread, that there is an intensifying witch hunt for conservative thinkers and sometimes one needs to donate or buy something and also as an investment, since bitcoin clearly has a weakness and the day might come when people get spooked by big brother watching bitcoin too much and come across en masse.