What Is Monero And How To Use It
Monero is a secure, private and untraceable Cryptocurrency. It’s different from other cryptocurrencies (Bitcoin, Ethereum) as they have transparent blockchain. This means that anyone in the world can verify and trace that transaction. It also offers you total anonymity and it uses state of the art cryptography to shield all transactions.
Other top cryptocurrencies, i.e., Bitcoin and Ethereum have transparent transactions, so merchants or buyers can check and find the trace. Your currency can become tainted and they can avoid to buy it. That is not the case with Monero, as its transaction are totally private so people will always accept it without the risk of censorship.
Monero was launched in 2014 with the name of BitMonero, but a few days later it was renamed. There were 7 developers, and only 2 of them came out openly in public; 5 of them are still anonymous.
Now let’s come to the value of this cryptocurrency. Since it started, Monero has seen the rise of 1300% in its value. Its initial value was 1.41 USD in 2014, 60 USD in May 2017, and in Sep 2017 – 95 USD. It also has the market cap of 1.4 bln. USD.
Here are the reasons why you should use Monero:
- Monero is working on “Invisible internet project” which will get more privacy. So if someone is monitoring your network, this protocol will enable you to stay anonymous, and your network snooper can’t tell even you are using it at all.
- There is a team of 240 developers including the 30 core developers that are working on Monero, so you can expect great things in the future.
- Monero uses “Adaptive block size limit.” Its system produces blocks every two minutes which means your transaction can’t be delayed. Bitcoin produces block every ten minutes, so if you want to do a transaction, you will have to wait or make the extra payment to the network to be included in block promptly.
Now you know the reasons why you should use Monero. Here is how you can buy and how to use it:
- The first step is to buy your Monero Wallet, you can choose any wallet you want. You will use the wallet to store your digital coins.
- The 2nd step is to acquire the coins. You can get them in 2 ways. The 1st way is to purchase them; you can purchase them on an exchange with flat rate or using other cryptocurrencies. The 2nd way to acquire it is using mining. Mining is a long and complicated project in which you use the computers to do the mining. In mining, transactions are recorded in the blockchain.
- Now you have the Monero, you can store them in your wallet or use them for buy, sell or trade.
Monero has great future, and with the privacy, its offers will allure the more people to it.