5 min read
What is monero
This cryptocurrency was launched in 2014, Monero (XMR) this cryptocurrency is open source oriented to privacy and the way of operating on blockchain, these blockchains that form the technology behind cryptocurrencies, are public digital ledgers, that contain the activities of those who participate this shows all the transactions made.
The Monero blockchain is configured so that the details of the identity of the sender and recipient as well as the amount transferred are hidden to ensure the anonymity of users.
The Monero mining process is based on an egalitarian concept, its ideal is that all people are equal and deserve the same opportunities. At the launch of monero, its developers did not keep any of the profits and invested all their faith in donations and community support to further develop Monero.
Monero, unlike the larger cryptocurrencies, can be done with a computer that does not need powerful or specific hardware, such as video cards or integrated circuits.
Monero supports its miners where people are rewarded for supporting by joining mining pools, they can also mine Monero individually – you don’t necessarily have to join a mining pool.
Where to buy monero
Today it is very easy to buy any cryptocurrency online. There are two main ways to buy Monero, either directly using a credit / debit card or with a bank transfer, or you can exchange it for other cryptocurrencies on different platforms that allow cryptocurrency trading.
Buying it directly with a fiat currency is the easiest way, but not all platforms have this ability since through the exchange you can lose a part due to the handling fees that the different platforms have
Monero can be bought or sold in many markets or on its own page, one of these markets is Bitnovo and to buy it is quite easy. All you need to do is enter here and select how much you want to buy by entering the amount in euros you want to buy in this cryptocurrency, then select XMR that is found in a large number of other cryptocurrencies that you can also buy on our page and then you click the buy button.
Doing this will take you to another page where you will fill in some data that is to link your wallet where the cryptos will be deposited then you will have to enter your Tag payment, telephone and email. Followed by this you will have to select the payment method which you can select whether to pay in cryptocurrencies, credit / debit card or with a bank transfer, you have to solve a capatcha and press the button to continue and that’s it.
When your transaction is completed, the amount of cryptos you specified will be automatically sent to the wallet that you specified, if there is a problem, the communication channels you provided will be used, which would be your cell phone or email
Differences between Monero and bitcoin
Bitcoin works with a protocol that tries to protect the identity of the users by applying the pseudonym addresses. What it does is to generate a random combination of letters and numbers for names.
But this offers limited privacy as both bitcoin addresses and transactions are recorded on the blockchain, leaving them public. Even the pseudonym addresses are published for free access and can be linked to the same address of the owner which makes anyone can know the transactions of a user.
It could be said that another advantage that Monero has over bitcoin is that monero has a peculiarity of fungibility that makes one currency the same as another, which is not the case with bitcoin, it could be said that a 1 dollar bill is the same than others but they differ in their code and Monero coins are like a gold coin, a gold coin is totally the same as another gold coin as long as they have the same weight since they do not have any differential.
The history of all transactions is recorded on the blockchain. What allows them to identify any event of fraud, illegal bets, theft serves so that they can suspend these offending accounts.
Monero with its untraceable transaction history can be much safer for users, but also a bit more insecure as these coins will not be rejected for being blacklisted for doing not so legal things with this cryptocurrency
How much is monero worth
Monero Price $101.89
24h Low / 24h High $101.67 / $112.77
7d Low / 7d High $91.72 / $107.64
Market Cap Rank #16
All-Time High $542.33 -81.2% Jan 09, 2018 (over 2 years)