The world has seen great advancements in the field of cryptocurrencies and many new ones have launched in recent years. Some of those focused on improving anonymity and privacy to keep these features strictly implied. On the other hand, some cryptocurrencies took privacy as optional and allowed public viewing of all transactions.
The Monero (XMR) is one of the cryptocurrencies that has achieved a high level of acceptance and popularity due to its privacy-oriented features. This is an unbiased review of Monero and we will try to cover the main aspects of this popular cryptocurrency. You will also get the idea how to invest in Monero as well as how big is the Monero blockchain.
What is Monero (XMR)?
Monero (XMR) was launched on April 18, 2014. It is a secure, untraceable, and private cryptocurrency. It provides you with full control of your privacy as well as funds and transactions. Neither you can see someone else’s transactions or balances, nor anyone else can see yours. Monero allows you to become your bank as it is cash for a connected world. The questions are how to cash Monero, how to earn monero, how to mine XMR, and is there any privacy issue with XMR?
As no one can trace your transactions, you can spend safely. How do I buy Monero coin with such amazing safety features? Monero (XMR) achieves such a level of privacy while issuing new coins or making any transactions by using a proof of work consensus algorithm. To enhance privacy, Monero uses unique ring signatures, ring confidential, and recipient addresses.
It has the features of View key and Spend key. You can share the View key if you are interested in revealing your transaction to someone else. It is useful while reporting to the tax authorities. However, this View key doesn’t allow anyone to transfer money from your account, so it is secure.
Monero (XMR) — Benefits/Features
The following benefits make Monero (XMR) unique compared to other cryptocurrencies:
- Monero Provides High-Level Security
Monero is secure due to its high level of security features. A network of users operates this secure digital cash as it is a decentralized cryptocurrency. The distributed consensus confirms the transactions and the blockchain records them immutably. However, never trust any third-party to keep your Monero account and transactions safe.
- Monero Is Private
Monero complicates and disguises amounts, origins, and destinations of the transactions by using ring signatures, stealth addresses, and ring confidential transactions. Monero doesn’t allow any privacy recession and provides all the benefits and features of a decentralized cryptocurrency.
- Monero Is Fungible
As Monero is private, it is fungible. Neither the vendor nor exchanges can blacklist the units from Monero due to their association in previous transactions.
- Monero Is Untraceable
As stated above, the transaction amounts and all the details are confusing which brings untraceable cryptocurrency features to Monero. According to Monero, transactions can’t be linked to any real-world identity or a particular user.
- Low Transaction Fee
Despite adding more levels of privacy compared to the other cryptocurrencies, the transaction fee of Monero (XML) is low. The transaction fee of Monero is reduced by 97%, which is great.
- More Decentralized
As Monero mining is possible only with the help of GPUs and CPUs, Monero is not controlled by any specific group of people. These features make Monero more decentralized than any other cryptocurrency and its competitors in the field.
How to buy, sell & trade XMR on ChangeNOW?
Monero is unlike other cryptocurrencies, which is a digital currency that provides full privacy and secrecy by using a different type of cryptography. The question is where to buy Monero? You can send monero to binance but ChangeNOW is a great trading platform offering the best Monero exchange rate as well as the awesome services on the market. To make any Monero exchange or make any transaction on ChangeNOW, you don’t need to share any kind of personal details or information. ChangeNOW always tries to keep Monero exchange rates as low as possible.
The good news is that beginners, as well as experienced traders, are welcomed by ChangeNOW. All kinds of traders can check out Monero price GBP predictions on ChangeNOW. They also have an easy to understand and effective step by step tutorial for those who want to exchange from BTC to XMR, XMR to BTC, or XMR to LTC. Hence, ChangeNOW offers many benefits of Monero exchange.
How to get a Monero wallet?
The Original Monero wallet is the best wallet for XMR. It is available on all the major platforms such as Windows, Android, Linux, MacOS, and many more. Monero storage is another great option that enables you to store Monero in the Online Web Wallet MyMonero. For those who don’t mind showing the balance of their wallet publicly, that’s a good option for them.
There is also an option to have a Full Node Wallet that is efficient and quick as well as provides you with the highest level of privacy. So, those who want to run a full Monero client and contribute to the network should go for this wallet for monero coin.
Why ChangeNOW is the best option?
The XMR cryptocurrency is available on many other crypto exchanges along with Monero mining. However, it is challenging to find great prices for your deal. You can use flat currency such as debit or credit card to buy XMR tokens on ChangeNOW site. Monero price charts are also available to be checked. You can convert XMR to BTC for amazing Monero to Bitcoin exchange. Additionally, you can also make Bitcoin to Monero conversion as well as Monero coin price prediction.
ChangeNOW is here to get your Monero buying job done easily. The best rates for Monero transactions are offered by the leading non-custodial cryptocurrency exchange. You have many options as you can buy XMR with BTC (Bitcoin), LTC (Litecoin), ETC (Ethereum), and more than 150 other cryptocurrencies listed. Yes, ChangeNOW offers the best ways to exchange or buy the crypto to Monero (XMR) as well as take advantage of Monero USD converter.
What is the difference between Monero and Bitcoin?
The following factors will show how much is a monero better than Bitcoin:
Bitcoin vs. Monero
Bitcoin is considered to be one of the most popular cryptocurrencies. The randomly generated combination of numbers and alphabets are called pseudo name addresses. Bitcoin works on a protocol that tries to shield the identity of a participant by using these pseudo name addresses. However, Monero offers more security and protection to your details compared to Bitcoin. Additionally, you also have options to exchange BTC for XMR or exchange BTC to XMR. The following are the differences between the 2 of the best cryptocurrencies:
As both Bitcoin addresses, as well as the transactions, are registered on the blockchain, this method used in Bitcoin offers limited privacy and causes these transactions to open to public access with Monero public key. Even the pseudonymous addresses used in Bitcoin transactions are not fully private. This is not the case with Monero (XMR). We have already stated in this article how Monero offers the best privacy options.
Another drawback of Bitcoin is that a few transactions made by a participant over some time can be linked to the same address. This allows the public, family, friends, or government to become aware of the owner’s trends and identity. Again, Monero wins here as it provides more security and protection features that are already stated above.
This is another advantage of Monero over Bitcoin as two units of a currency can be mutually substituted with no difference between them. While two $5 bills are equal in value, they are not fungible as each carries a unique serial number. However, two pieces of 3 oz. of gold of the same grade are fungible as both pieces don’t carry any distinguishing features and they have the same value. Using this correlation, a Bitcoin is the $5 bill and Monero is the gold piece.
Blockchain records the history of every Bitcoin transaction. This allows someone to identify Bitcoin units that can be linked to certain events such as theft, fraud, or gambling. This causes the suspending, closing, or blocking of the holder’s accounts. For example, you received a few Bitcoins a few days back. Those might have been used by gamblers in the past and it might lead to a loss if they are banned in the future.
On the other hand, Monero offers participants a much safer network with its non-traceable transaction and Monero price chart history. There is no risk of running the danger of having their held units blacklisted or refused by others. So, the future of Monero coin is quite bright.
The benefits and features of Monero (XMR) made it one of the largest cryptocurrencies in the world. Monero (XMR) offers amazing benefits such as high-level security, fungibility, privacy, low transaction fee, non-traceability, and decentralization. So, you can buy Monero with credit card on ChangeNOW. Additionally, you can also buy Monero debit card.
Due to its privacy-rich attributes, you can trade in Monero on leading cryptocurrency exchanges like Poloniex, Bitfinex, or Kraken. However, ChangeNOW is the best option to choose from as they offer the best rates for Monero transactions and offer a leading non-custodial cryptocurrency exchange. The upcoming days may decide how high will Monero go. However, its future is looking bright. So, what are you waiting for? Visit the ChangeNOW website today and have fun!