Monero is a private Digital Currency which is secure and traceable. It is open-source and is available to all. Monero has become one of the most popular cryptocurrencies due to its excellent privacy. Monero was launched in April of 2014 initially under the name BitMonero. Monero uses a particular kind of cryptography to ensure that all of its transactions remain 100% unlinkable and untraceable.
What is Monero?
Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts. Most existing cryptocurrencies, including Bitcoin and Ethereum, have transparent blockchains, meaning that transactions are openly verifiable and traceable by anyone in the world. Furthermore, sending and receiving addresses for these operations may potentially be linkable to a person’s real-world identity. Monero is fungible, most important peculiarity. Monero will always be accepted without the risk of censorship. It runs on Windows, Mac, Linux, and FreeBSD. Monero is developed by a group of Developers. Monero experienced rapid growth since the year 2016. The price of Monero is marked today as $420.60. It has a current circulating supply of 15,529,037 XMR and a volume of USD 246,424,000. The market cap value is shown as $6,531,451,034.
Features of Monero
Fungibility is an important function of currency; it’s considered by many to be an extremely important aspect of the future of cryptocurrencies. Monero is regarded by most in the cryptocurrency community as a genuinely fungible coin. Monero’s blockchain protects privacy in three ways. Ring signatures enable the sender to hide among other transaction outputs; stealth addresses hide the receiving address of the transaction and RingCT hides the amount of the trade. The public-view key feature is what separates Monero from any other privacy solution. You can share your public-view key so other people can see your transactions. It gives banks total transactional secrecy plus complete openness with the regulators via the public-view key. Monero has a Limited supply of Coins. This ensures that the value of Monero cannot be diluted by endless money creation. Another feature of Monero is its Scalability. And that means as more people use Monero, it will be able to overgrow.
Mining of Monero
Monero (XMR) is a Cryptonote algorithm based cryptocurrency; it relies on Ring Signatures to provide a certain degree of privacy when making a transaction. The mining of Monero is profitable venture due to its cryptographic algorithm. So, anyone with a CPU or GPU can mine for Monero. Download the mining software. Extract the .zip file. You need to hit Ctrl + right mouse key. By doing this you’ll be given an extra option “open command window here“, click it and a command line window will appear. Then enter the Wallet address. Now you are mining Monero.
MyMonero – Monero Wallets
MyMonero is the only web wallet for Monero. MyMonero is a service providing free hosted Monero accounts. MyMonero provides secure, hosted Monero accounts to provide easy access to funds for those that would prefer not to run a full Monero client themselves, or for those on devices with limited resources. MyMonero only encrypts your keys and stores the data on its servers. It cannot access your funds. The best and only Monero desktop wallet is the official client which is a full node.
How to buy Monero?
If the purchase of Monero is directly on a Monero trading exchange such as Kraken means the fees will be lower. If you are in a rush to buy Monero, you may prefer to purchase Bitcoin first and then instantly convert your Bitcoin to Monero. It can use other cryptocurrencies like ether. You can use your debit card or credit card for the purchase of Monero.
Monero’s current value and its price make it one of the top 10 cryptocurrencies by market cap, and it is increasing by the day. As more people become aware of their lack of privacy online, Monero could become a very important cryptocurrency in the future.