Monero (XMR) is used for private transactions. The coins are fungible and completely anonymous, meaning no one can trace these transactions back to you. Monero has become popular among developers and people who value privacy online. It was launched in 2014 with the goal to be completely anonymous, unlike Bitcoin. A key differentiator is fungibility, each coin is similar to another. This is different from Bitcoin as each BTC has a unique identifier. Monero transactions cannot be traced back to you as the blockchain is privacy-enhancing.
A Bit About Monero
The origins of Monero can be traced back to a 2013 white paper called CryptoNote. It pointed out the critical flaw in Bitcoin that makes it traceable. The ideas in this paper would be used to create a coin called BitMonero, which would be forked to form Monero. The founders of the coin, as well as the core development team, chose to remain anonymous. This makes it hard for the coin and blockchain to fall under government regulations. It is also worth noting that no one has submitted proof to show that they have successfully hacked the blockchain to date. This is in spite of the fact that the IRS and other organizations have offered generous bounties to anyone who can provide support on investigations of Monero.
Monero is a famous, private and decentralized cryptocurrency.CryptoLists.com
Monero uses stealth addresses to promote privacy. That means senders can create random one-time addresses for each transaction on behalf of the recipient of the funds. This way, transfers cannot be linked to the public wallet of the recipient. Monero also uses ring-signature technology to make transfers harder to trace. In this case, every transfer gets a ring signature with a group of crypto users, and these include the actual sender of the funds. Another technology used to guarantee anonymity is RingCT or Ring Confidential Transactions. This technology encrypts the transaction amounts so that the sender and recipient are the only ones who know how much was transferred.
Utility of Monero?
Monero is primarily used to buy and sell goods and services on the internet. Its anonymity has made it popular among cybercriminals as they are confident that they can never get caught. On the positive side, Monero also makes it difficult for governments and banks to deprive individuals of financial freedom for voicing unpopular opinions.This is because institutions can never access your transaction history. It's important to always store these coins in a secure crypto wallet since centralized exchanges have the ability to freeze your funds.
Monero Price details
Advantages of Monero+ It is fully decentralized.
+ The coin has an active developer team with over 30 members.
+ You can use it for confidential transactions.
+ People can mine the token.
+ Monero is listed on many crypto exchanges.
Disadvantages- It isn't great for beginners.
- Many popular wallets aren't compatible with this coin.
- Buying Monero can be risky. In the worst case, your bank account can be blacklisted.
- XMR uses the proof-of-work consensus mechanism.
- Its link to cybercrime hinders its growth.
Costs▪ Rated at 10/10
The lowest transfer fee ever paid on this blockchain is 0.000006 XMR, which was equivalent to $0.001. The median fee recorded so far is around 0.000006 XMR, which at the time was equal to $0.0010. To date, the highest fee has been 0.005816 XMR or $0.9682. In comparison, the highest Bitcoin transfer fee has been around $144, and the lowest recorded was around $1. Monero has an adaptive block size, meaning you will usually not need to increase the transfer fees to raise the priority of your transaction.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
Monero has been around since 2014 and is used in various communities on the internet. It currently has a large developer community, and this is made up of anonymous individuals. One thing that has hurt the reputation of the coin is its association with cybercriminals and a perceived over-focus on anonymity. Some reputable crypto institutions and businesses distanced themselves Monero because of this reputation. Most users of XMR hold discussions on Twitter. The community on this social media platform has grown to more than 481,000 followers.
Which company is behind XMR?
This is a private cryptocurrency that doesn’t even have named founders. The developers are also anonymous. Since there is no company behind it, it is very difficult for the government to regulate or control it.
Is Monero 100% anonymous?
As a private coin, XMR is meant to be completely anonymous. It uses a set of technologies to hide the identities of the senders and recipients of the funds. Monero also hides the transfer amounts. However, even with these measures, no payment option can claim to be 100% anonymous. It is just extremely difficult to track.
Which are the best crypto wallets for Monero?
When choosing a crypto wallet for a private coin, you will usually have to make compromises between privacy and convenience. Some of the wallets you should consider using are Monero GUI, MyMonero, Cake Wallet, Ledger Nano S, and Monerujo.
How can I acquire Monero coins?
Since Monero blockchain uses the proof of work consensus mechanism, you can mine this token. You can also purchase it on exchanges like Coinbase, KUCoin, Binance, WazirX, and Kraken.
Can Monero blockchain be hacked?
Monero uses the proof of work consensus mechanism, and this technology has proven to be extremely secure. So far, it has never been hacked.
History of Monero
Summer 2012 - Its predecessor Bytecoin was launched as a private coin and alternative to Bitcoin.
April 2014 - The Monero blockchain was launched as a fork of the Bytecoin cryptocurrency.
November 2019 - Monero was hard forked to implement RandomX, an algorithm that removed ASIC support permanently, replacing it with CPU support.
September 2020 - The United States Internal Revenue Service's criminal investigation division (IRS-CI) posted a $625,000 bounty for contractors who could develop tools to help trace Monero and other privacy-enhanced cryptocurrencies like the Bitcoin Lightning Network.