MONERO (XMR) – A BRIEF INTRO FOR INVESTORS
A truly private and secure digital currency, Monero cannot be restricted by governments or financial institutions.
- Forked from the Bytecoin blockchain on April 18, 2014
- Australian users can pay loans, bank accounts, or any invoice using Monero
- Block reward will never drop below 0.3 XMR
- Monero blocks are mined every 2 minutes, with block size being adjusted appropriately according to the blockchain transaction volume
A total of 18.4 million XMR will be in circulation until the middle of 2022. After that time 0.3 XMR per minute will be added to the total supply on a continuous basis in perpetuity. This is used as an incentive to miners to continue mining Monero blocks even as the supply schedule slows down.
Without a pre-set block size limit, Monero creates an economic incentive to keep block sizes consistent with growth by enforcing economic disincentivization for miners who clog the blockchain. Ring signatures are used to mix in a set of decoy signatures that make tracing a transaction extremely difficult.
If transaction information on a blockchain such as Bitcoin is public, its records can be traced and account information obtained by third parties. Monero eliminates this issue with a combination of Ring Signatures, Confidential Addresses, and Ring Confidential Transactions.
A core development team of 30 members from Monero’s research lab is supported by a system of 240 contributors to the project. No organization runs Monero and all developer meetings and notes are made public.
The untraceable nature of Monero make it the ideal cryptocurrency for transacting across a global network that fulfills the three most important requirements of a digital currency: electronic, decentralized, and private.
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.
EXCHANGES WHERE YOU CAN BUY MONERO (XMR)
|EXCHANGE||COIN PAIRS TRADED|
|Bittrex||XMR/, BTC, ETH, USDT|
|Cryptopia||XMR/USDT, GBP, BTC|
|Exmo||XMR/USD, EUR, BTC|
|Kraken||XMR/USD, EUR, BTC|
|OKEx||XMR/USDT, BTC, ETH|
|Poloniex||XMR/BTC, USDT, LTC, ZEC, DASH|
|SouthXchange||XMR/USD, BTC, BCH|
|Upbit||XMR/USDT, KRW, BTC, ETH|