Currencies > Monero (XMR)

Monero (XMR)

What is Monero?

Monero is c crypto coin created in April 2014 based on a decentralized blockchain. As for supply, there are more than 18 million XMR coins in use. We can state that XMR does not get as much attention in the community as other cryptocurrencies, but it certainly gained its loyal and devoted fanbase. The first principle of Monero is anonymity – the developers of this currency have truly dedicated themselves to achieving the best results in the field. Due to the algorithms used in Monero, it is incredibly difficult to trace the transactions and find their origins.

What are the Monero features?

  • Every Monero coin has the same value. Unlike many other cryptocurrencies, Monero remains fungible in any circumstances. Usually, blockchain information is public, which allows tracing the origins of funds (whether it was stolen or just retrieved from a Monero wallet). However, with Monero being untraceable, there is no chance to see the place where a coin originated, so the Monero price does not change.

  • Monero focuses on privacy. XMR is as close to anonymous cryptocurrencies as it can get. After the new protocol update and Bulletproofs enabling, it became possible to hide the amounts sent and received. Besides that, the wallet balances are inaccessible, too.

  • Low transaction fees. Besides increasing the levels of privacy, Bulletproofs is also a way to reduce transaction fees. Meaning this, XMR has 97 per cent reduced transaction fees.

  • Monero is more decentralized that other cryptocurrencies. Due to the fact of Monero mining only possible via CPUs and GPUs, XMR is not in control of a selected group of people. Hence, Monero is more decentralized than its competitors in the field.

How to store Monero?

Monero has its Original Monero wallet that is available on the majority of platforms – Windows, MacOS, Android, Linux and others. Also, storage of Monero is possible in Online Web Wallet MyMonero, which is a good option for those who do not mind their wallet balance to be public. Those who want to contribute to the network and run a full Monero client should probably pay attention to a Full Node Wallet that provides the highest level of privacy and is quick and efficient. The only drawback of it is that such a wallet requires quite a bit of disk space.

How to buy Monero?

Besides Monero mining, XMR cryptocurrency is available on various crypto exchanges. However, finding great prices for your deal is challenging. You may always check the most relevant Monero price and Monero price chart on CoinMarketCap.

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