What Is Monero Coin?
Monero (XMR) is a decentralized, open-source digital asset that provides privacy and full transaction anonymity for all users.
Monero Brief History
The currency originated as a fork of Bytecoin in 2014. The decision to re-release the cryptocurrency under the new name Monero was made by the community based on the information that 80% of all Bytecoin coins have already been distributed. Monero had no pre-mining. The project got its name from Esperanto.
After the launch, the developers released a program allowing users to mine Monero on video cards. In September 2014, hackers carried out an organized attack on the system, which proved fruitless. Still, experts believe that the attackers carefully delved into the algorithm and source code of the project.
Is Monero A Good Buy?
Those who are thinking of how to invest in Monero should know about these features:
- Decentralization. No one manages the currency alone, there is no center. There are no regulatory servers and supervisory bodies, the Monero network is regulated by an open network society. So, decisions on the development of the cryptocurrency, the implementation of new rules, even logs of developers are openly published.
- Safety. Monero gives a high level of security, none of the existing digital currencies gives more protection.
- Privacy. The anonymity of users is put above anything else. In this case, developers have implemented their own developments, the main ones being ring signatures, closed addresses and interchangeability of digital assets.
How To Mine Monero?
In 2019, XMR moved to the RandomX protocol, optimized for computing on processors. This is a Proof-of-Work algorithm optimized for GPUs and CPUs. The main feature of the innovation is the execution of different parts of the code in random order.
Those who want to be aware of how to mine XMR should know that this protocol can run in fast and light modes. The first one is used to mine XMR, and the second one is for validating new blocks on nodes with less productive hardware.
What Is The Current Price Of Monero?
Current XMR price is 230.83 USD.
Where To Buy Monero?
Several years ago, users could buy Monero on all popular exchanges. But after some significant regulatory changes, rules in some states got tougher. As a result, many exchanges removed the coin from their listings.
Yet, users who want to know where to buy Monero (XMR) can find this asset on exchanges that don't fall under these regulations, and StealthEX is one of the most reliable platforms providing such services. After that, they can store their assets on web and mobile wallets.
Pros And Cons Of XMR
The main benefits of the asset are:
- The anonymity of transactions is achieved by using ring signatures and ring transactions.
- Interchangeability makes one coin fully replaceable by another, which is achieved by the fact that the XMR sending history is untraceable.
- Unlimited issuance. The main volume of mining is 18.4 XMR.
- Short block time. With this token, it takes only 2 minutes to form each block. That's five times less than in the Bitcoin blockchain.
But there are some disadvantages of this digital currency:
- Heavyweight transactions. The use of circular signature technology is the reason why the average block size in the Monero network is 8 times the average block size of the Bitcoin blockchain.
- The possibility of viral mining. Simplicity of cryptocurrency mining has a downside. Unscrupulous website owners embed a Coinhive script into the code that runs viral mining on the CPU of the user who visits the website.
The Monero price has all chances to expand. The team is constantly improving the project. In 2021, they want to present second-layer solutions for speed and scalability. They are currently working on an open-source hardware wallet and logarithmic-sized linkable ring signatures with apps.
“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
XMR is a digital asset providing complete anonymity. Yet, it is not only an advantage but also a disadvantage, as XMR can be prohibited in particular states. Yet, If the anonymous currencies won't be forbidden, XMR has all chances for long-term growth.
How To Buy Monero?
If you are looking for where to buy XMR coin, we will show you how to buy Bitcoin cryptocurrency for another crypto using the StealthEX exchange platform. It’s a super-friendly, non-custodial and limitless cryptocurrency exchange platform. So if you already have savings in crypto and wish to invest in Monero coin, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to XMR.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your Monero coins.