Monero Cryptocurrency (XMR)

Monero Cryptocurrency (XMR)

What is Monero cryptocurrency

XMR cryptocurrency is a fully anonymous decentralized digital coin, founded in 2014 as a result of a fork of the cryptocurrency Bytecoin. But, originally, Monero had the name BitMonero, which translates from the dead language as "bitcoin coin," but as a result of rebranding it was decided to change it to Monero. The developers of Monero made the decision to build on Bytecoin's code, which at its core uses the CryptoNote protocol, which makes the cryptocurrency code more convoluted, making it more difficult to disclose user data.

The life of Monero cryptocurrency was far from sweet, because at the beginning of its way to the cryptocurrency was committed quite a powerful hacker attack, which Monero overcame with pride. This fact helped Monero cryptocurrency gain users' trust, which as a consequence led to the growth of popularity and value of Monero.

Read more: What is Blockchain?



Technical features of the Monero cryptocurrency

The Monero cryptocurrency is based on the CryptoNote protocol, which in addition to the CryptoNight algorithm allows the network to mix user transactions so that Monero is the most anonymous cryptocurrency. Due to the network's use of Stealth addresses, in which there are 2 keys, transaction information is completely hidden.

 

Monero exchange rate. Where to buy Monero (XMR)

At the moment, the rate of Monero cryptocurrency, according to the HitBTC exchange, is $154. In addition to HitBTC, Monero coins can be bought on the exchanges Binance, Gate.io, Poloniex and mostly for BTC. The value of Monero (rehc vjythj) varies from exchange to exchange, so check out the most favorable rates before you buy yourself these coins.

For a long time, the exchange rate of Monero was almost unchanged, but in 2017, against the backdrop of certain news, the value of Monero rose sharply. The first jump occurred from May to August 2017, and the second, from November until today. The maximum value of the Monero cryptocurrency reached $476 per coin.

 

Advantages and disadvantages of Monero

Monero, like any other cryptocurrency, has a number of disadvantages and advantages. So, it would be correct to look at both sides of the Monero "coin", and let's start with the bad.

Disadvantages. The disadvantages of Monero include the size of its transactions, which compared to other cryptocurrencies is almost 10 times larger. This fact significantly increases the load on the cryptocurrency blockchain, so sometimes there may be delays in transfers. The second disadvantage of Monero, is its anonymity. It seems to be present, and it is enough to hide users data, but nevertheless it is not absolute, like in Zcash for example.

Advantages. This cryptocurrency is much safer than most other cryptocurrencies, which is what made it in demand, which further allowed it to be in the top 10 by capitalization. But, the emergence of two forks of bitcoin, displaced Monero to 13th place.

 

Monero Mining

Due to CryptoNight technology that we mentioned above, Monero can only be mined using CPU and GPU. As a consequence, mining with Asic Miner is prohibited. While CPU mining may be supported by the network, it is not relevant. At the moment, the most profitable type of mining Moner is mining with video cards (GPUs).

Read more: What is mining?

If you mine Monero on the Linux operating system, its efficiency increases. The minimum amount of XMR coins that can be mined is 0.01 XMR. When the maximum number of XMR coins mined is reached, Monero mining will still be relevant. The reward for solving one block will be 0.6 coins, with an average block generation time of 2 minutes.

Read more: Block in blockchain

 

The price of Monero. Prospects for its growth

At the moment, the cryptocurrency Monero is one of the leaders among anonymous cryptocurrencies. If the Monero cryptocurrency development team will popularize it and implement it in other projects, as well as the market will enter a growth phase, the price of XMR in 2019 could reach $1,000 per coin. Don't forget the fact that every year, there are fewer and fewer unproduced blocks, which in turn increases its value.

 

Monero cryptocurrency wallet

To store Monero cryptocurrency, you can use a wallet on the exchange where you buy coins or a native Monero wallet. Download the wallet, you can on the official website getmonero.org in the tab "Downloads". The main criterion for installation of the wallet is a 64-bit operating system. After installing Monero Wallet, you will need some time to synchronize with the system. It is the Monero Wallet is considered the most reliable place to store coins. If you don't want to install any additional software on your computer, then use the online wallet, which can be found here.

 

Conclusion

To summarize, Monero is a suitable cryptocurrency for most users, which will evolve in the future. It is also attractive for users who invest in crypto in order to earn money, because it has the potential to grow (at least to the price of Dash). To assess all the charms and benefits of the network, you need to take advantage of it, there is no other way to evaluate it.

When it comes to conducting anonymous transactions, the first thing that comes to mind is Monero. We devoted several articles on our website to this project, one of them is above. Well now, we will give you a brief extract from the article, which will be the main technical features, as well as the possibilities of this network.

XMR cryptocurrency is an anonymous decentralized payment system that allows users to make hidden transactions to other users. Anonymity is provided by CryptoNote hashing algorithm, which is also found in some other systems.

Within the monero payment system there is its own payment unit called XMR. The maximum XMR price was set at $475. At that time, the capitalization of Monero reached $7.4 billion.

We hope that in the article published above and this hood, you got all the information you need to answer the question "What is a monero".

We believe that cryptocurrency monero is one of the most promising payment systems based on blockchain offering users to make anonymous payments. In the article above you found out what technologies lead to anonymization of transactions on the net.

But if we make a forecast for monero, it is worth noting that unfortunately, at the moment, the cryptocurrency market still looks like a kind of bubble, which is inflating and deflating evenly on all fronts. After all, there are no projects that can grow in a falling market, or fall in a rising market, as this will be the exception to the rule rather than the rule.

Therefore, Monero's rate depends solely on how quickly bitcoin becomes a global internet currency and regulators start filtering out false projects that do nothing but siphon money from the public. When these two steps are taken, we can expect a healthier atmosphere in the cryptocurrency market. And when this domino principle in the market is over, xmr will take one of the leading positions in the industry.