Monero, Kraken allows direct purchase by card
Monero, Kraken allows direct purchase by card

Monero, Kraken allows direct purchase by card

By Alfredo de Candia - 14 Jan 2021

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As Monero itself mentioned in a recent tweet, it is possible to buy the crypto directly with a card, either debit or credit, through the Kraken exchange: 

As many will know, the Monero (XMR) crypto allows almost total protection on any movement made with it, preventing anyone from checking the balance and movements of the addresses, and preventing tracing who is behind or where those funds come from. 

It is precisely because of these characteristics, as it is difficult to trace the owner or origin of the funds, that some exchanges have begun to remove the asset because they may have problems with the risk of not being able to provide sufficient information to law enforcement authorities. From a legal point of view, this identifies the exchange as an accomplice, enabling a criminal to launder money, for example. 

For the time being, the asset is still available on the main international exchanges and some of these are able to provide a service for the direct purchase of this crypto even via credit or debit card.

Kraken, Monero can be purchased using a credit card

Such is the case of Kraken, which offers its customers this possibility, provided that they have a verified profile on the exchange and a Visa or Mastercard that supports 3D security. 

Thus, anyone can obtain this privacy-oriented asset directly and securely, and then move it or convert it to other crypto assets if needed.

However, this is where the question arises as to whether or not it makes sense to buy an asset with a strong privacy-focused nature directly on a platform that requires verification of its users. 

In fact, if it is true that the crypto prevents anyone from checking balances and movements, it only takes one uncovered point in the whole process to nullify the effect of privacy, because by withdrawing funds from the exchange, it would still have the data relating to the transaction: address and amount of everything we have transacted.

Of course one could use this crypto for completely legitimate purposes and as a payment method.

The legislation on this subject may certainly change in the future, even for more problematic cryptocurrencies such as those centred around privacy

The problem could also extend to Zcash, Dash and others, and could lead to the suspension or restriction of the use of these crypto assets by the exchanges.

Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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