In 2012 a cryptocurrency named Bytecoin was created utilizing new forms of private and untraceable cryptography. Bytecoin eventually would hard fork and the coins on the new blockchain were called Bitmonero, and later Monero, after the word ‘coin’ in Esperanto.

Using the CryptoNight hashing algorithm, Monero (XMR) creates superior privacy and security for its users. This type of privacy ensures that the flow of Monero cannot ever be restricted by governments or financial institutions. Users of Monero don’t put trust in a third party, and act as their own banks to secure and store the digital currency.

Because Monero is 100% private it creates fungibility on the coin. This means all Monero coins hold the same value, regardless of their previous use, unlike other coins like Bitcoin which can become ‘tainted’ if previously used for illegal transactions.

While detractors note that these privacy enhancements which create coin fungibility make Monero a likely candidate for black market and other illegal transactions, adherents argue without complete privacy and fungibility digital cash is useless.

HOW TO BUY MONERO

The easiest and cheapest way to purchase Monero is directly through a large exchange with low transaction fees such as Binance or Bitfinex. Sign up for the exchange and deposit fiat currency which you can then use to purchase Monero.