The Monero is one of the 10 cryptocurrencies with the highest capitalization in the world. What is the Monero cryptocurrency and how does it work? Let’s try to understand it together what this cryptocurrency is and how it works. Currently the number of quoted cryptocurrencies continues to increase, and there is more and more the confusion of the choice, in a market that today can count thousands and thousands of different cryptocurrencies. Let’s see how it is now possible to do online trading in detail, looking first of all at how easy it is to make online trading in Monero cryptocurrency in a simple and safe way.
What is the Monero?
The Monero is a completely open source cryptocurrency that was created during April 2014. It is a cryptocurrency that was launched a short time ago, which managed to reach very high levels in a very short time. The Monero was then launched during 2014 through the name “Bitmonero” by merging the words “BIT” and “MONERO”. It is a word that derives from Esperanto, meaning currency. The Monero was released with some particular differences. The main difference was that it is a coin with a block creation time that decreased significantly, from 120 to 60 seconds. The rate of issuing currency through mining was also reduced by about half. The update that we believe to be the most important was that of the Monero, which during the year was incredibly updated, thanks to Gregory Maxwell’s “Ring Confidential Transaction” update. This was an extremely important update that was used to improve the security of the platform.
The main features of the Monero are that it is an open source cryptocurrency that works like many other cryptocurrencies using the classic proof-of-work model, used by many other platforms. It has a software that works on Windows, Mac, Linux and many other platforms. Monero emission curve is of 18.4 million coins, which in 8 years will be issued through mining. Surely one of the factors that most characterized the Monero over the years is privacy. This is one of the cryptocurrencies that takes privacy to heart, managing to guarantee the highest possible level of security.
Here are the features, how the Monero works:
- Signature blurred in the address
- RingCT which obfuscates the sender’s address, making the total of the transaction anonymous
- Address that gets the address of the transaction
2016 was a very important year for the Monero, which then saw in 2017 its true affirmation. The Monero had a significant increase in value during the year 2016, to then begin an extremely high climb during 2017. It is a cryptocurrency that appears to be, like all other cryptocurrencies, extremely volatile and anchored to the price of Bitcoin. This means that if you want to make an investment in the Monero, it is always important to consider the news coming from the world of Bitcoin and other cryptocurrencies. The Monero (XMR) has had a fairly high volatility in recent years, and it is therefore absolutely mandatory to pay some attention when investing in this financial market
The Advantages of Monero
The Monero has numerous advantages, which make this cryptocurrency extremely different from the competition. We therefore see the main advantages. Security: security with the Monero is at the highest levels. Monero is a decentralized cryptocurrency, which means that it is extremely difficult to hack and steal funds. Transactions are confirmed by a distributed agreement, and therefore immutably registered within the Blockchain. Third parties do not need to be trusted to keep your Monero safe. Privacy: Monero uses “ring” signatures and anonymous confidential transactions to obfuscate the amounts, origins and destinations of all transactions. Monero gains all the benefits of decentralized encryption, without any standard privacy concessions. Traceability: the sending and receiving of addresses and amounts are obfuscated by default. Transactions on the Monero Blockchain cannot be linked to a specific user or to an identity present in the real world.
How to Invest in Monero
Investing with the Monero could become an absolutely profitable activity over time, very simple to complete. The advantage of investing in the Monero is the fact that it is a cryptocurrency with a still very low unit price compared to the more famous cryptocurrencies like the Bitcoin, even though in reality this cryptocurrency can still have a lot of room to increase in terms of price. One of the main advantages of the Monero is security and very high privacy. It is also important to state how with this cryptocurrency it is possible to have the possibility of replacing one currency with another. If you want to work with Monero to use cryptocurrency instead of currency or consider it for speculative reasons, you need to know how to get alt coins.