I’m quite new to cryptocurrencies, but understand the high level theory, and have never had any need to buy any of the now famous Bitcoins for any reason, however recently I have tried to purchase some Monero (XMR) but wanted to pay in GBP. This has proved more challenging than I first thought it would be! Quite a few exchanges will convert Bitcoin to to XMR, but I couldn’t really find any that would take a direct payment in GBP and convert to XMR, especially at a reasonable rate. So I had to buy Bitcoin in GBP, then convert to XMR. Here is the route I took:

  1. Create an account with Blockchain.info
  2. The maximum you can transfer from your UK bank card will be £200 per day unless you verify your security information (confirm address, send a photo of your photographic ID), so head to the Security Centre to provide these details
  3. Click on Buy bitcoin, enter the amount in GBP and enter your card details
  4. After a short while you will now have some BTC in your account – go to Settings / Addresses and click on Create New Address:
  5. Note this address
  6. Create a new Monero/XMR account if you don’t have one already – I used GetMonero.org and downloaded the GUI program, go through the first time run, note the passphrase safely (!) and under the Receive menu on the left you will be presented with your long wallet ID:
  7. So you now have BTC in your wallet with Blockchain.info and you want to get it into your Monero wallet – head over to shapeshift.io and select convert from Bitcoin to Monero and fill in your Monero address (this is the destination), your Bitcoin refund address (this was created in step 4). Accept terms and next
  8. The next screen will look like the below, and it will sit and wait to receive the Bitcoins. You do not need to specify an amount to receive, it will accept a value between the minimum and maximum:
  9. Now send the Bitcoin payment from Blockchain, and after a short time (~10 minutes for me), Shapeshift will show the confirmation:
  10. Now Shapeshift is waiting for the Bitcoins to be received – you can bookmark this page as this process may take a while (to send the transaction Bitcoins requires 3 x validations). You can check the status of the validation on Blockchain under Transactions / History, just expand the “Sent” payment.  After some time (about 4 hours this time) if you refresh the ShapeShift page, you should see:
  11. This confirms ShapfeShift have received the Bitcoins and have immediately sent the payment to your Monero wallet.  So to confirm, if you go back to MoneroGUI (or wherever you created your wallet), refresh the synchronised blocks (or point to a remote daemon – try https://www.moneroworld.com/#nodes and click on Random Node and point the client to this for the daemon settings):
  12. Done! Now spend them, save them, whatever 🙂

 

Useful Sites

Tracking XMR / USD https://coinalyze.net/xmrusd-price-kraken/

Tracking XMR / GBP https://www.coingecko.com/en/price_charts/monero/gbp

The latest XMR trading discussions on Reddit: https://www.reddit.com/r/xmrtrader/

The latest Monero discussions on Reddit: https://www.reddit.com/r/Monero/

Want to try mining your own instead of buying? This site will help you calculate profitability with hash/power cost calculations: https://www.cryptocompare.com/mining/calculator/xmr?HashingPower=1.4&HashingUnit=KH%2Fs&PowerConsumption=600&CostPerkWh=0.12

 

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