Monero XMR is a private, untraceable and secure currency. It is open source and available to everyone. Monero is based on the Cryptonote protocol. Monero hides information to protect the user so unlike Bitcoin which is completely transparent every transaction using Monero is completely private. Monero is Fungible let me give you an example of this. If you and I exchange 20 and two 10’s then neither of us lose out. But let’s say that everybody knows that the 20 was previously used in a ransomware attack. Would you still want to exchange? Probably not. But with Monero you do not need to check this you have no worries at all.
Monero was launched in April 2014, it was launched under the name of Bitmonero. After only five days the community opted for the name to be shortened to just Monero. On September 4th Monero recovered from a novel attack which was executed against the cryptocurrency network. Monero is powered by Proof of work, it employs a mining algorithm that can potentially be tasked to billions of existing devices. Monero uses the Cryptonight proof of work (PoW) algorithm which is designed for use in ordinary CPUs. This smart mining allows transparent CPU mining on the user’s computer.
Monero is committed to providing decentralization. This means that with Monero you do not need to trust anyone on the network. By having an accessible PoW algorithm it makes it easy to mine Monero on normal computers, this makes it difficult for someone to purchase large amounts of mining power. Development decisions are very clear and are open to public discussion. Logs from developer meetings are published online and are visible by all.
Pros to Monero
- Monero is a totally private and secure currency
- Easy to mine with a high payout
- No waiting long periods of time for your transactions to be confirmed
- Relatively cheap fees
- Sensible supply curve and no pre-mine
Cons to Monero
- Not enough wallets available at the time of writing this review
- Can be very volatile
- Risk of decrease in value
Monero provides complete anonymity, this is the main reason behind its substantial growth throughout 2016. It has become a favorite on the dark webs black market. This has top show how private it is, if drug dealers are using it to make illegal deals then you can be certain that your details are very private indeed. The use of “Stealth addresses” that generate unique addresses for receiving Monero that are encrypted, means that no one can link that stealth address to the owner. If you use the tool Shapeshift you can change Bitcoin in to Monero to make totally anonymous payments. The fact that Monero blocks are built roughly every two minutes is a major advantage over Bitcoin which produces blocks every 10 minutes. By having an automatically adaptive block size limit Monero will automatically be able to handle future increases in transaction volume. For more information on Monero check out there website here www.getmonero.org
So should you sit on your Monero
Monero has shown that it can be highly volatile, these price fluctuations provide opportunities for traders. Traders can buy Monero using both cryptocurrencies and flat cash. This should encourage traders to buy and sell in a bid to make a profit. I would certainly say that Monero is one to take a look at, the fact that it is totally anonymous has to be a huge selling point for it.