|Circulating Supply||18,270,421 XMR|
|Monero Price||155.73 (25th April 2023)|
Monero is the most private cryptocurrency allowing all the features that make a cryptocurrency fully private. Users get the utmost level of anonymity using this p-2-P decentralized cryptocurrency.
You can simply call it an improved version of Bitcoin’s blockchain (in terms of privacy and anonymity.). If you have already decentralized your finances, then you can take it one step further using the anonymous technology of Monero or XMR.
What Is Monero?
BTC was supposed to conceal a user’s identity. However, due to the blockchain being transparent, anyone can run a chain analysis. As a result, any third party can trace back to the sender or the recipient, making the BTC senders and recipients easier to track on the Blockchain.
That is why the Monero coin was developed in 2014. This is a cryptocurrency built around the concept of anonymity and privacy. Monero or XMR was improved upon the technology of BTC to obscure both the sender and the recipients using new and different cryptography. The developers of the Monero coin made privacy their first priority and ease of use, and the coin’s efficiency the second one.
This coin makes privacy and security available to all users, irrespective of their skills, to conceal their transactions using other means. In short, this private cryptocurrency makes fast transactions while keeping the transactions private, inexpensive, and away from the fear of censorship.
Who Founded Monero?
It seems that there is a mystery involved in the creation of most of the cryptocurrencies. Satoshi Nakamoto, the widely accepted creator of Bitcoin, is also said to be one of the seven co-creators of the Monero Cryptocurrency. Five of the creators chose to remain anonymous.
The origin of this cryptocurrency dates back to 2012 when another privacy-based cryptocurrency was being developed.
But Monero was developed by one of the members of the Bitcointalk forum who forked the codebase of the BCN. There were disagreements regarding some controversial changes to Bytecoin. However, there is popular consensus regarding hundreds of developers being connected to the development of the XMR cryptocurrency.
Monero Cryptocurrency Features
Aside from the common features of non-private cryptocurrencies like BTC, Monero has some additional features. Here are some of those features –
User’s Authority Over Their Coin
The Monero crypto tokens remain confidential in your wallet, and they cannot be traced back. Users are in control of their own money. Both the transactions and the history related to the transaction remain confidential in your wallet. Users have full authority over their money.
XMR tokens are fungible, meaning they can be interchanged with items of the same type. Indeed Bitcoin is valuable. Since BTC is an open ledger, it is transparent, and everyone on the network can see the data regarding its transaction.
So, if your BTC was used for any unlawful activity, it will mean that your Bitcoin was tainted. The tainted coins are not seen as clean and not fungible enough. However, XMR or Monero coins are fungible, and no one can see what you used it for.
Bitcoins are restricted to self-imposed block sizes of 1 MB. In the early stages, there were no block size restrictions on Bitcoin. However, it was later imposed to stop spammy transactions.
But, for Monero, there is no block size restriction. This is helpful. But, on the other hand, it also means that malevolent miners can potentially jam the system with large-sized blocks.
Monero is an ASIC-resistant private coin. This means that there is no need for any special machines to generate Monero. This anonymity-based crypto makes use of the RandomX hash function and the protocol named CryptoNote to generate new blocks. Miners can mine this coin using both GPU and CPU.
Monero is known for its perplexing features, which include multiple keys. Cryptocurrencies such as Ethereum or BTC offer you only one Key. But Monero offers users multiple keys (one public and one Private.)
How To Mine Monero
The privacy-first approach of Monero Cryptocurrency has generated interest of the miners from different parts of the world. There are different ways of mining the Monero XMR cryptocurrency. Solo miners, Mining pools, and cloud mining are the different ways of mining Monero Cryptocurrency.
However, if you want to mine Monero on your own, then you have to follow the solo mining method of the cryptocurrency. Here are the necessary steps for that –
- First, set up your Monero Cryptocurrency wallet.
- Now, you need to download and install hashing software based on RandomX.
- For the next step, you need to set up the mining software.
- Now, you are ready to start mining and monitor the mining.
Where To Buy Monero
Both in terms of its price and privacy features, Monero has been attracting cryptocurrency investors for a long time. So, if you are interested in buying this private cryptocurrency, you need to look for the best exchange apps in your region that allow the trading of Monero XMR cryptocurrency.
What Makes Monero Valuable?
The most important value of the Monero Cryptocurrency is its anonymity and secrecy. Thanks to these features, people can conduct their transactions using XMR at any time they please.
There is also no fear of being watched by any governing eyes like the government of the banks. Also, since they cannot be traced back, the XMR coins cannot be blacklisted by the business.
Also, in the future, the number of users who demand privacy the most will rise. As a result, it will have the value it has now and might even increase in value in the future.
Monero currently has a good value on different cryptocurrency exchange platforms. Aside from its anonymity and privacy features, Monero is also good as an investment option. However, you should also keep the volatility factors of cryptocurrencies in mind if you are planning to invest. I hope that you have found all the necessary information on these cryptocurrencies. If you have any additional questions, please reach out to us in the comment section.