What is Monero?

MONERO Bitnovo
7 min read

Monero is an open source, privacy-oriented crypto currency, which was launched in 2014 by seven crypto currency developers, who sought anonymity as a differentiating element.

The Monero block chain is configured so that the details of the identity of the sender and recipient, as well as the amount transferred, is private and anonymous to ensure the anonymity of users.

In the ecosystem crypto is considered the currency that provides more privacy, in constant competition with ZCash.

History

Believe it or not, Monero was born on April 9, 2014 in the Bitcointalk forum, where a user posted the creation of a crypto-currency called BitMonero.

Although it was originally conceived as a bifurcation or hard fork of Bytecoin, the community would modify certain features and rename it as Monero.

Because of its focus on privacy with the use of the CryptoNight algorithm, Monero experienced unexpected growth and new improvements came to the project. Among them, in 2017, a new algorithm was implemented to make transactions even more private thanks to the work of Greg Maxwell, based on the recommendations of Shen Noether. This algorithm was called Ring Signatures. Shortly thereafter, Ring Confidential Transaction was included, one of the great advances introduced by Monero, which allows so-called confidential transactions.

Another major reason for the adoption of Monero was its multi-platform capability and ease of programming. However, it has also caused certain problems such as the use of Coinhive to exploit Monero from web pages using the users’ device without their authorization.

Even with some problems, Monero has managed to position itself as a pillar currency in the crypto ecosystem and one of the most admired by all users.

How to mine Monero?

Monero, unlike other crypto currencies, can be mined with a computer that does not have powerful or specific hardware, such as video cards or integrated circuits. You only need to have the Monero extraction software.

The hardware that the Monero program uses to extract crypts can be either the CPU or a GPU. Whenever you’re looking to build a computer to extract any crypto you’ll have to look for the most powerful ones, but with Monero you can look for the ones that save the most energy so you don’t have such a big bill when paying for electricity and have more benefits when extracting Monero.

After this we need to download a Monero mining software. One of the best known for now is XMR-STAK-CPU, after installing it, you just have to join a group of miners, and voila, this is the only thing you have to do to start mining Monero.

If we choose the GPU route is practically the same only that we would have to download another program since the previous one is only for the CPU, we would have to download XMR-STAK-AMD that uses the power of the graphics card instead of the CPU.

This is a more expensive option since the price of the graphic cards that are normally used to extract crypts are between 400 and 600 dollars, unlike if they are extracted with the CPU they are between 50 and 150 dollars.

To the program it is necessary to add a wallet where the Monero crypts are deposited, there are not many options when choosing a Monero wallet. Therefore, below we will distribute the Monero Wallets more reelevantes.

MONERO WALLET Bitnovo

Monero Wallets

  • MyMonero Desktop Wallet: is the wallet recommended by Monero. This is the most popular wallet to store XMR. Being a wallet published by the same developers of Monero that is also based on open source, this allows the wallet to be considered reliable and secure. MyMonero Desktop Wallet stores the private keys locally on the user’s computer and not on the servers.
  • Monerujo: this is an open source Android wallet for Monero. It’s perfect for anyone looking for an easy way to do XMR transactions. It has a light and nice interface, plus a scanner with QR Code for easy payments.

  • Cake Wallet: Another reliable Monero wallet option, available for both Android and iOS. This open source, lightweight and intuitive wallet has integration with 3 crypto currency exchanges in its interface, allowing exchanges between XMR and other large crypto currencies with a few touches on the screen.

    If you want a hardware portfolio instead, you can use the already recognized Trezor or Ledger that allows to store your XMR with maximum security.

What is the price of Monero?

At the time of writing this article, the price of Monero is USD $154.62 per unit.

XMR has reached $495.84 USD on January 7, 2018, along with the historical boom of all crypt coins. In March 2020 its price reached just USD $30 and now we see an incredible recovery.

Looking at its historical maximum or ATH we can intuit the wide range of Monero ahead and how cheap its price is today.

MONERO XM Bitnovo

Where to buy the Monero crypto coin?

It is normal that at this point you wonder where to buy XMR, the Monero crypto coin, and let me tell you that you have it very easy. In Bitnovo you can buy Monero online in a very simple and fast way. Our website is designed so that even the most beginners can do it.

Simply click on the link in the previous paragraph and there you will see a panel that will automatically calculate how much you will receive from XMR crypto currency depending on the amount of Euros you want to exchange.

Once you have chosen the amount, we will ask you about your means of payment (such as buying Monero by credit card, buying Monero by bank transfer, etc). You will see that it is a very intuitive process that will allow you to have your XVG available in a matter of minutes.