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Monero: Everything you need to know

XMR

Source: CoinMarketCap

Over the past couple of years, the crypto industry has been able to dominate the entire global payment system and has had a surge in its overall growth and popularity recently. Not just that, the crypto world has successfully managed to make a name for itself in the global marketplace and has marketed its presence worldwide, thus helping it to reach greater heights!

Having said that, I believe, most of you are already familiar with the basics of the industry but, if for some reason whatsoever, that is still not the case, let me help you with that first.

For starters, a cryptocurrency is simply a form of online or virtual currency which can be made use of for several purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over crypto exchanges online.

In other words, crypto is a blockchain-based decentralized platform that, being decentralized, becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interference as well.

Though you might already know this by now, unlike when the industry was first released in the global marketplace, there is an entire pool of cryptocurrencies for you to choose from today, with newer ones still coming in with each passing day and tons of new investors joining in every hour.

XMR

Source: YouTube

Speaking of a lot of currencies available today in the marketplace for you to choose from, some of the most prominent ones worth investing in includes Cardano, Ethereum, Binance Coin, Polkadot, EverGrow Coin, Bitcoin, Dogecoin, Baby Doge as well as PancakeSwap to name just a few of course.

Since we have now established as to how far the industry has come since it was first introduced, it is also worth noting that, some of the major contributing factors for the industry being such a huge success that we know it to be today includes its ease of use, high-profit margins, intuitive nature, the convenience it offers, negligible response time, portability as well as the volatility of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Monero. To know more, I suggest you read further!

Everything to know about Monero (XMR)

XMR

Source: Blockgeeks

Monero or as commonly referred to as XMR is simply a cryptocurrency that is entirely focused on privacy and is known to use a proof of work consensus algorithm in order to issue new coins and secure transactions on the network, which as a matter of fact, cannot be traced or tracked.

In other words, Monero is a platform that aims at allowing transactions to take place with utmost anonymity as well as privacy, and even though it is commonly thought that Bitcoin (BTC) is able to conceal a person’s real identity, it is often significantly easier to trace back payments to their original source as blockchains are more or less transparent.

However, XMR is defined such that, it is able to obscure senders as well as recipients alike with the help of the use of advanced cryptography. Before moving any further, it is probably worth noting that, while creating Monero, there were seven developers involved initially, five of whom decided to stay anonymous and there has been a lot of rumors in the industry that, XMR was also created by Satoshi Nakamoto, the supposed founder of the most popular cryptocurrency out there, Bitcoin, about seven years ago, back in the 2014 model year.

XMR

Source: CryptoMode

Speaking of XMR, it is also the native utility token of the Monero platform, which as a matter of fact can be used for a variety of purposes on the platform itself and know that, XMR’s origin can be traced back to Bytecoin, which was nothing but a privacy-focused and decentralized currency that was introduced in 2012.

According to the team behind Monero, security as well as privacy are two of the biggest priorities for the platform, with ease of use and efficiency coming second of course. As mentioned, Monero is said to aim at providing protection to all its users, that too irrespective of how technologically competent they are. Basically, XMR allows payments to be made inexpensively and quickly without having to fear about censorship.

In addition to this, as talked about earlier, Monero is an open-source, privacy-oriented virtual currency that is known to have an opaque blockchain, which makes all transaction details and their respective amount anonymous by simply disguising the addresses used by participants.

Also, Investors on the platform can mine Monero via their very own CPUs, which means that they don’t need to pay for any special hardware of sorts. Having said that, all of these privacy features do make Monero extremely easy to use for illicit activities and for use on the dark web too.

What makes Monero special?

XMR

Source: Finance Magnates

Talking about what is it that makes Monero stand out as and when compared to others in the marketplace is not just one particular reason but a series of them. To begin with, one of the biggest goals of the platform is to achieve the highest level of decentralization possible, which means that, a user will not have to trust anyone else on the network. Furthermore, privacy on the platform is achieved with the help of a few distinctive features actually.

Think of it this way that, while each Bitcoin in circulation has its very own serial number, helping to monitor its usage, XMR is entirely fungible. By default, only, the details in respect to the senders, amount, and recipient are transferred as obscured, while Monero advocates say that this offers an upper hand when it comes to rival privacy coins including Zcash, which are selectively transparent.

For some of you wondering as to how is Monero able to achieve this? Allow me a chance to explain. Obfuscation is achieved through the use of ring signatures, where past transaction outputs are easily picked from the blockchain and act as decoys, which means that any outside observer cannot tell who signed it.

In order to ensure that transactions can’t be linked to one another, stealth addresses are developed for every transaction that is only used once. Now, all of these distinctive features have led to XMR being increasingly used for illegal transactions apart of Bitcoin, especially on darknet markets. lastly, governments all across the globe, especially the United States, have also managed to offer hundreds of thousands of dollars to anyone who is able to crack Monero’s code.

Now that we have talked much about Monero, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in Monero (XMR)

XMR

Source: Financial Times

As of today, the price of Monero is about 177.07 US dollars with a twenty-four-hour trading volume of 113,997,526. Not just that, in just the past twenty-four hours, the value of Monero has been up by 4.93 percent, and with the current market cap of 3,200,517,484 US dollars, XMR is currently placed at #45 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Monero is 18,074,993 XMR coins, but unfortunately the maximum lifetime supply of the token is not yet available. In just the past week alone, the price of the platform has risen by 24.25 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Monero is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Monero can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said or sure!

XMR

Source: Binance Academy

If still not convinced, see it this way that, if say you buy Monero worth a hundred dollars today, you will receive nearly 0.564 XMR. According to the analysis done by experts on the field, after five years of your investment, the return is expected to be about +294.13 percent and thus, your current hundred-dollar investment will be nearly 394.13 US dollars in 2027.

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Monero does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Monero? Let me help you with that. Currently, Monero is available on all major crypto exchanges but, some of the popular exchanges that have XMR listed on them include Mandala Exchange, Binance, Huobi Global, OKX as well as Bybit to name a few.  

In conclusion, what are your thoughts on Monero? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: SafePal: Everything you need to know

 

 

 

 

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