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The term monero means “currency.” Today, this concept from Esperanto (language designed to be a universal language), gives its name to one of the most private cryptocurrencies whose acronym is XMR. Discover Monero: what it is and how it works. If you end up interested in this active crypto, we tell you where to buy monero (XMR). Take note!
Monero: What is it?
As already noted, Monero (XMR) is a cryptocurrency with high privacy. But this is not all, this altcoin has many other distinctive features and also generates some doubts. For this reason it’s important to go step by step.
Who created monero? 7 are the developers who created the project that today is Monero (XMR), although only the identity of two of them is known: Riccardo “fluffypony” Spagni y Francisco “ArticMine” Cabañas.
Shortly after the technical document describing the CryptoNote protocol (2013) was published, the Bytecoin digital currency arose tried to improve the security and privacy issues of the Bitcoin network.
This cryptocurrency generated several controversies related to its previous mining and distribution, among others, which ended with the departure of several project developers.. It was then that these developers decided to make a Bytecoin hardfork as an independent project under the name of Bitmonero and finally it became Monero.
Since then, Monero (XMR) has experienced a rapid growth thanks to the algorithms introduced to improve the privacy of transactions.
How monero works?
While the vast majority of cryptocurrency transactions are verifiable and traceable, all addresses (sender and receiver) and the amounts sent are hidden in Monero.
To understand how Monero works, firstly is essential to understand some of its elements.
- CryptoNight PoW is the name of Monero’s famous mining algorithm (XMR) and is designed to work on ordinary CPUs, on computers without graphics cards or specialized hardware. This ensures the decentralization in mining of the Monero blockchain because the reward obtained by the miner, using advanced equipment, doesn’t compensate for the consumption of electricity.
- Ring Signatures: A cryptographic system that mixes the sender’s address with other addresses to hinder its tracking. At the same time, this technique provides security to the system since the probability of identification and falsification of a signature is very low, helping to prevent XMR thefts.
- Stealth Addresses, another important element within the Monero network to ensure the privacy of the recipient. This feature requires the sender to create unique random addresses for each transaction on behalf of the recipient. Thus, payments issued should be directed to addresses that cannot be linked to the published address. Only the sender and the recipient can know the real destination of a payment.
- Ring Confidential Transaction: This mechanism is used to hide the amount transferred. In this way, all the information about the parties involved in the transaction and the amount of XMR sent is hidden.
Where to buy Monero (XMR)?
The high levels of security, privacy and decentralization of Monero (XMR) make it a very particular cryptocurrency. There are many users who want to know where to buy Monero (XMR) and it’s important to clarify that, despite being qualified as a “mysterious” crypto, its acquisition is very simple … With Bitnovo!
From Bitnovo it is so easy to buy Monero online or, if you prefer, in cash from thousands of associated physical stores. Take note.
Option 1: Buy Monero Online
Access to Bitnovo.com and select “Buy cryptocurrencies”.
Among the extensive list of cryptocurrencies available in Bitnovo, select Monero (XMR) and enter the amount you wish to buy.
You only have to confirm the latest data (wallet address, email, etc.) and receive your XMR in minutes.
Option 2: Buy Monero in cash
A very comfortable alternative thanks to all the associated physical stores where you can find the Bitnovo vouchers to buy cryptocurrencies in cash. Yes, you can also buy Monero (XMR) in cash. Discover the nearest cryptocurrency selling points from the Bitnovo website or from the app.
You already know the origins of Monero and its most relevant characteristics, you even know how and where to buy XMR but do you know where is Monero accepted?
The usability problem affects many cryptocurrencies. Luckily, there are very popular alternatives among crypto-lovers users such as cryptocurrency cards.
Specifically, this altcoin can be used on the daily life thanks to Bitsa Card because it admits XMR as a top-up method. So, you no longer need to know where monero is accepted because this prepaid card automatically converts your monero to euros to pay in all places that accept Visa. In this way you can make all kinds of purchases and transfers with your XMR funds.