Monero Coin(XMR): Everything You Need to Know

The market of cryptocurrency is expanding on a daily basis. Every now and then New crypto coins are being introduced to the market. The folk of crypto coins is becoming even dense as all are emerging with unique features to maintain their pace in the ongoing competition.

While everyone wants to analyze different crypto coins simultaneously to check out the best one among all. I am pretty sure about you right now. If you are reading this then you must have heard about bitcoins and enthereum and is trying to check out other ones.

But analyzing among 1000+ crypto is quite difficult for you. Right?

Don’t worry because like every time coinscage is here to sort out this time-consuming task for you. Yes, we are here with yet another review of the crypto-coin that is coming on the radar of one of the widely used digital coin.

But before we move ahead with this consider this situation.

How would you feel if someone constantly peeps in your bank account that how much money you have in your account? What amount of transactions are done? And to whom the money is being transacted?

Well! I would be really annoyed and unconfident for not being safe and secure about my transactions. And I am pretty sure that you would feel the same.

While much of the cryptocurrency claims to stay anonymous about the transaction but actually they are not. All the records are given in a public ledger with the information about the transaction.

On the other hand, hundreds of digital coins are being introduced to the market with a varying level of privacy features to achieve a level of success in the eyes of a user and other potential users.

After the release of bitcoins, several digital coins were developed specially to provide users with a greater variability to remain anonymous.

But do you know that world of crypto carries a diverse feature with every new digital coin? Out of the diverse options, Monero is one of the best choices among all. It is one of the cryptocoins that is private by default. So, it has achieved a widespread adoption to remain an anonymous user.

Monero (XMR) has become synonymous with anonymity and secure transactions.

So without any further delay let’s head towards analyzing what actually a Monero is.

What is Monero?

monero main

Monero abbreviated as XMR is an open source cryptocurrency. Monero is secure, private and untraceable cryptocurrency which seeks to be electronic private cash.

It works on ring signature technology which is the key feature of Monero.

With Monero, others can never tell where you have got from, where you have sent it to and what is the amount involved. Not only Monero inherent untraceable feature to protect your privacy, it also provides peace of mind since you don’t have to worry about how you used your Monero privately.

Monero uses a blockchain technology to record all the transactions securely.

A copy of blockchain is maintained by the members that hold Monero coins. It is fungible, meaning that every unit of currency can be substituted by another unit of currency. This makes Monero different from other digital coins that record their transaction in a public ledger like Bitcoin.

Sometimes, Monero is employed by Bitcoin users to break a link between the transactions with initially converting Bitcoin to Monero then after sometime converting it back to Bitcoin and send it to an address that is not used before.

How does it Work?

Ring Signatures: In terms of cryptography, Ring Signature is a type of digital signature that can be functioned or performed by any member of the group that holds Monero each having keys (it is a piece of information that each member holds).

Therefore, a message approved by a Ring Signature is also certified by a people in a particular group. One of the most important security characteristics of Ring Signature is that the sender of the message remains completely anonymous.

The identity of the sender cannot be identified in any way which led to wide use of Monero all across the world and other crypto enthusiasts are also being attracted.

Ring signature

The Ring Signature was invented by Ron Rivest , Adi Shamir , Yael Taumen.

Stealth Address: It enables the highest variability to its users. It helps users to remain completely anonymous and it hide every information from the third party.  It hides all the transactions going in and out of the network of the blockchain.

It grants the level of privacy as traditional bank system which is such a great deal to attract the crowd.

Now, after you know its working let’s move ahead with the guide of how you can acquire your Monero.

How to buy Monero(XMR)?

There are 3 easy ways to Buy Monero:

  1. Changelly
  2. Binance
  3. Shapeshift

 

Changelly

If you have Bitcoin or some other cryptocurrency, then you can quickly get you hands on Monero. You can convert any crypto to XMR via Changelly.

You must follow the complete guide to get your Monero Coins now.

btc to xmr changelly

However, if you do not have Bitcoin, then you need to first buy Bitcoin to buy XMR from an online exchange. Here are the steps that you need to go through.

  1. Buy Bitcoin from Coinbase
  2. Send BTC to Binance
  3. Trade Bitcoin for Monero on Binance

Once you acquire Monero, you can store it on the exchange itself or use MyMonero wallet. You must go through our guide on Coinbase and Binance to get started.

To create your wallet and acquire your Monero follow the guide below;

  1. Go to MyMonero.com
  2. Click Create an Account
  3. Note your private key and store it safely
  4. Re-enter your private key for confirmation

Now, finally, your Monero Wallet has been created.

Now you can send your XMR to the newly created MyMonero wallet.

You can also use, Ledger Nano S which is one of the best Hardware wallets to keep your cryptocurrency safe.

Benefits:

  • Private: No one will be able to see how many coins do you acquire by looking at a blockchain.
  • Fungible: It means all coins have same market value.
  • Decentralized: All wallets are decentralized that provides secure transaction
  • Untraceable: Your transactions cannot be tracked in any way.

History:

Monero was originally launched by Nicolas Van in 2013. It was launched by the name earlier named as BitMonero which is a combination of Bitcoin and Monero.

It was mainly launched in the market in April 2014. Monero witnessed a rapid increase or growth in market capitalization during the year 2016.

Team Monero:

The two known members are;

  • Riccardo “fluffypony” Spagni: Core developer
  • Francisco “ArticMine” Cabañas : Core developer

And as mentioned by Monero. “The Monero Project has had well over 200 contributors over the life of the project. For a complete list, please see the OpenHub contributors page. Below you’ll find some individuals that have gone above and beyond for Monero.”.

Apart from team members, there are other communities that help in the development of Monero.

Other Technical Info:

Code XMR
Plural Monero
Symbol m
Date of Introduction 18 April 2014
Users Worldwide

Monero vs Bitcoin:

bitcoin vs monero

The most critical flaw about Bitcoin is its lack of privacy. If you are giving your address of Bitcoin wallet to someone it simply means your transactions are no more private.

An individual can see:

  • How much money does a wallet hold?
  • How much money have you transacted?
  • How much money have you exchanged with someone and at what time?

So, the one main key advantage of Monero over Bitcoin is that Monero is completely private from every dimension.

Monero is one such great platform to solve your privacy issue by applying techniques to every transaction made. Since Monero has a feature of privacy by default it has a wide use by a large number of the crowd over those crypto coins whose privacy features are optional.

Some other advantages of Monero over Bitcoin which makes it an even greater platform are:

  • Monero is untraceable.
  • Blocks time is estimated to 120 seconds which is around 10 minute for Bitcoins
  • Monero’s superior mining algorithm:

These unique features of Monero make it worth to invest for.

Future:

Monero is all set to continue to grow. It has been paying more and more emphasis on security and anonymous transaction.

In the works is a bigger effort to push adoption by merchants – especially in certain areas of the world where adoption has been slow – and a better platform for developers to build upon.

More importantly for investors, the growth of the currency does not seem to be slowing down. A sudden push of adopters and users could throw the currency over the $200 mark.

Our Take on Monero:

Monero is a great platform for all the users who are seeking for the variability of privacy. The quality development and research of Monero Team are also quite impressive.

The future roadmap involves a variety of development which is going to be fulfilled in near future while the other task that needed to be developed with the functioning has been completed in 2017.

The roadmap of 2018 and upcoming few years involve, as mentioned.

  • Additional MRL research papers
  • Second-layer solutions for speed and scalability
  • More efficient range proofs for RingCT to reduce transaction sizes

This means Monero has a great deal of future too. At the time of writing this, Monero has secured it position on number 7 in coinmarketcap.com with the total supply of 15,345,839  with an increase of change up to 7.95%.

So, this is it for today! Stay tuned to Coinscage.com for more amazing guides about cryptocurrencies.

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