Monero Review

What Is Monero?

Monero is a secure, private, untraceable currency. It is open-source and freely available to all.

Monero was developed to respond to the growing need for financial privacy. It notes how “we have seen a staggering amount of big corporations, banks, and governments have their records compromised, each time leaking information about their users, their practices, and their balance sheets.”

Monero was developed in order to create a safer financial recluse. It tries to accomplish an ideal degree of “privacy, decentralization, and scalability.”

Their view is that currency needs to retain similar values in order to function in society. Without this aspect, these coins can be tracked.

Aspects of Monero include:

  • Security
  • Privacy
  • Untraceability

And yet it’s open sourced and available for all to use. Its development is based on donation and community.

At Monero, your transactions are invisible to others. “You are your own bank” in the sense that no one can see or control your transactions except you.

Monero is also attempting to reduce other problems in crypto currencies today, including the need for privacy. Firstly, Monero is fighting a battle to create complete privacy in transactions. It attempts to be untraceable. No one but the spender can trace where the funds are being sent and to whom. Contracts can be kept confidential. Monero also attempts to keep the networking infrastructure as private as possible. With a group named “Privacy Solutions,” they are trying to create an i2pm router in the system.

Even though complete privacy is a Monero option, the user can still select increased disclosure or view-only access.

Monero also strives to achieve greater levels of decentralization. They strive to be a different cryptocurrency in certain ways. For one, its energized by Proof of Work only. It uses a mining algorithm which can be employed by billions of devices. With a Smart Mining Program, it means that common folk can mine Monero.

New contributors and community members are always welcome at Monero, too.

In terms of scalability, Monero does not have an imposed limit on its blocks. They therefore question the concept that limiting blocksize creates market value.

Monero also creates a “permanent block reward” in order to motivate minors. The block reward will never be lower than 0.3 XMR

In terms of fungibility, Menoro has “plausible deniability”—you cannot see whether they have been spent or not. This protects them from potential black or whitelisting. All coins are equal. This trait is embedded in the coins.

History of Monero

Monero came about in 2014. It was actually called BitMonero, a combo of Bitcoin & Monero. It was quickly changed to Monero only. It’s part of the Crypto-Note base of Bytecoin. The speed was higher and the block time was, too. They also fixed many errors in previous codes. After Monero came about, the Proof of Work function which is unique to them came out, too. In 2017 Monero increased its aptitude in privacy. Others cannot see transactions or details. This is via the RingCT feature which has since grown in popularity.

How Monero Works

As already mentioned, Monero is based on concepts of extreme privacy. Here’s how it’s done.

For starters, when you buy Monero, you’ll get a special link and a unique key. Scan the key and you will find that the system seeks out your unique code in order to let you know if you have any transactions. This is a private address that’s not connected to your public one.

However, the public address you use to keep your information closeby is confidential. Your actual money is not connected to this address. And when you send money to another person’s Monero account, you only see a newly made up address—never their real one.

So how can you access your account? When you check out your wallet, it will do the job of scanning the whole blockchain–the list of all transactions–to see if any are for you. All in all, no one can see your transactions and you can’t see those of others.

There is an added security feature called “ring Signatures.” This creates something called “Transaction Mixing.” When you send money, others (randomly assorted) are sent too. This way, no one can tell where what’s coming from. This may also give the impression that you are busy with many transactions, when you’re not. All in all, Monero is custom designed to ensure no one can see what you do with your money.

Why Invest in Monero?

  • Wide price fluctuations, which makes it ideal for currency trading
  • It’s totally untraceable–this can be a huge selling point for institutions and political systems
  • As companies adopt other cryptos such as Ether and Ripple for fast large-scale transactions, the anonymity of Monero might likewise be utilized
  • It may appreciate in market value

Monero Cost

Monero has greatly appreciated in value over the past six months.

 

Monero - Date

Monero - Value per USD

July 2014

2.58

January 2015

0.43

July 2015

0.50

January 2016

0.50

July 2016

1.68

January 2017

15.20

July 2017

42.47

How To Invest in Monero

If you’d like to get started investing in Monero, check our brokers page.

How To Invest in Bitcoin

Buying Bitcoins or portions of them is easy. Just check out Bitcoin’s official website. You can also buy Bitcoins via some of the most popular online exchanges, like Changelly and Coinmama. There are a number of ways to store your coins, such as by offline wallets or on exchange sites themselves.

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