What is Monero (XMR)
Monero (XMR) is a crypto coin the best part of which an impeccable system of security and anonymity.
Monero appeared on April 18, 2014, as a fork of Bytecoin (not mix it up with Bitcoin), which was a very popular coin especially on the DarkNet. But when it became known that 80% of the coins had already been issued and even distributed among certain users, confidence in this cryptocurrency was shaken. Therefore, part of the Bytecoin developers separated and conducted their own fork, creating a new currency based on the Bytecoin program code - the CryptoNote protocol. The Monero project started quite successfully, however, after a few months a powerful hacker attack was launched on the network and the consequences of which the developers managed to cope only by the end of 2014: they fixed all the vulnerabilities, launched their own crypto wallet and brought Monero to worlds cryptocurrency exchanges.
Nowadays Montero uses three levels of protection:
- Ring signatures that hide the origin of the sender by mixing his address with the addresses of other group members.
- Ring Confidential Transactions that hide the transaction amount.
- Stealth Addresses that allow hiding the address of the recipient of coins.
In this way, the anonymity of both the sender and the recipient is guaranteed.
What can you do (or buy) with XMR?
By using Monero you can buy all that you can wish for. Today, Monero is actively used in various online stores when buying goods and services, and it is impossible to track payments on the blockchain.
The apogee of glory
Immediately after the appearance, Monero was criticized for anonymity, as it could be used for buying weapons, drugs and other prohibited goods. In part, this criticism turned out to be fair: in 2016, the rapid growth of Monero was associated with its use for transactions in the AlphaBay - large DarkNet market, closed by law enforcement in the summer of 2017.
The take-off rate of XMR from 47 to 144 USD took place in August 2017. The reason for the increase was the news that Monero will start trading with the largest South Korean exchange platform - Bithumb.
Pros and Cons
Among the main advantages of Monero are the following:
- Anonymity. Monero offers true and maximum anonymity among all other cryptocurrencies, which makes it indispensable for confidential transactions.
- Fungibility. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. Due to private transactions, XMR is truly fungible while for example Bitcoin can be tracked by anyone back to its creation coinbase transaction, and suspicious transactions of BTC can be blocked.
- Security. XMR has almost perfect protection from hacking. Hackers who do not have information about account balances are faced with much greater difficulties than in the case of hacking other cryptocurrencies.
Among the disadvantages it should be mentioned:
- The “weight” of a transaction. Compared to Bitcoin, Monero's information block is almost 8 times larger.
- Possibility of illegal transactions. The massive use of coins in suspicious transactions (sale of weapons, drugs, prostitution) leads to the fact that the level of recognition by the general public is minimized.
“Monero as a project takes privacy seriously, and the general commitment to hard forking in new or improved features whenever available has resulted in top-notch privacy overall.” – Bitcoin Magazine
“Monero is undoubtedly one of the best privacycoins available — if not the best one.” - Bitcoin Magazine
“We cannot prevent immoral people from using good technology for bad things, just as hammer manufacturers cannot prevent criminals from using hammers as weapons.” – Monero team
- In 2016, Monero first connected to the AppStore settlement site, then the iTunes Store and other platforms began to accept it as payment. The validity of the asset was confirmed by Oasis Corporation, which manages the creation of e-commerce rules and regulations.
- Monero also claimed a place in the top three among cryptocurrencies (along with Bitcoin and Litecoin) used by scammers. The secrecy of personal data on the Monero platform is very attractive. It is practically impossible to track and control transfers from one account to another, this allows some large shadow corporations to conduct transactions through Monero.
- Monero has unlimited emission of coins. After the initial release of 18.4 million XMR, the subsequent mining will bring 0.6 new XMR for each block. This helps to attract new users.
How to get XMR?
Today Monero is among the top 20 cryptocurrencies in the world by market capitalization. If you already have savings in crypto and wish to invest in XMR, Stealthex will defiantly help you. Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example BTC to XMR.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.