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What is Monero?
While most cryptocurrencies are advertised with the impressive level of privacy which they offer, they can hardly compete with the practically untraceable Monero. This open-source decentralised currency system uses a special method of cryptography which hides the receiving and sending addresses in a transaction which makes this cryptocurrency remarkably anonymous. In addition to that, even the exact transacted amounts are fully shielded.
XMR uses two main strategies to provide its users with complete anonymity. The first is called Ring signature and it basically mixes one transaction with other Monero transactions by moving it across the blockchain. The second privacy technique which this cryptocurrency uses is one-time addresses. Each Monero transaction is redirected to such an address making the transaction untraceable.
Monero is yet another cryptocurrency which is run by blockchain technology. This is why it can be mined. It has a blocktime of two minutes and its max supply is infinite.
The history of Monero goes back to 2013 when the protocol used for the creating of this altcoin was first released. During the first few days after its launch, this cryptocurrency was known under the name BitMonero. However, five days after it first saw the light of day, it was renamed to Monero which comes from the Esperanto word for “coin.”
Due to the unprecedented privacy which it offers, Monero became unjustly associated with the dark web market. Even though this cryptocurrency is generally untraceable, the developer team behind it has shown a desire to work with authorities when necessary.
Monero’s benefits over Bitcoin
The first and possibly the greatest advantage which Monero has over Bitcoin is the notorious privacy which it offers. While Bitcoin transactions can be easily traced, those that involve the Monero cryptocurrency are fully anonymous. XMR’s fungibility, one-time transaction addresses and its Ring signature technology all contribute to the currency’s unmatched security and privacy levels.
Monero also has a great appeal to miners since they do not need to use specialised mining equipment. XMR can be mined with any GPU and CPU which is why this cryptocurrency has a stable popularity among miner communities. In the early days of Bitcoin, direct mining with GPU and CPU was possible but those days are long gone and now only ASIC miners can enjoy some ROI.
Another benefit which Monero has over Bitcoin is that it is faster. As it was already mentioned, it has a blocktime of two minutes. Therefore, Monero transactions are five times faster than Bitcoin transactions.
Does it have any disadvantages?
Monero does have a few cons as well. The biggest of them is that it is often viewed as the preferred choice of a cryptocurrency in the dark web since it offers complete anonymity. But this also means that it can offer extreme security when it comes to regular banking activities and everyday business transactions. This is probably why Monero is yet to take off on major markets. However, its legitimacy has been improving which may be a sign that Monero may soon reach new heights and get more recognition.
Original developer: Nicolas van Saberhagen
Top Wallets: MyMonero, Official Monero Desktop Wallet
Release date: 18 April 2014
Things to consider when buying Monero
You can buy Monero both from an exchange and from a broker. The latter option, however, is the one you should always go with, at least when it comes to cryptocurrencies like Monero. Exchanges are vulnerable to hack attacks and buying from them can be very risky. Even though Monero is the most private and anonymous cryptocurrency, you can buy it from a broker. What is more, this is the most secure way through which you can get this particular digital currency.
Characteristics of a top Monero online broker
Not all crypto brokers provide quality services to their users. Therefore, it is very important to always research your options carefully before you choose an online broker. That is the only way you can make the most of cryptocurrency trading.
Active customer support
Most crypto brokers offer customer support but some of them are not available 24/7. You should avoid brokers who lack non-stop client care services since you will have a harder time getting in touch with them in case of an emergency.
Unless you want to be constantly bombarded with some additional fees, rely on a broker that has a transparent fee policy. Also, it is better if you are using brokerage with flat fees instead of such that have percentage fees. That will help you make more profits when buying and selling Monero.
Trading Monero with an unregulated broker will make you more vulnerable to scams, frauds and cyber attacks. On the other hand, if you rely on a crypto broker that is properly regulated by authorities, you will receive a service that works in accordance with all safety and market rules.
Great user experience
When it comes to cryptocurrency trading, you will also need to rely on some third-party services, such as a wallet, for example. If your broker does not offer smooth integration to such third-party platforms, the overall user experience will be very sluggish.