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XMR

Monero (XMR) Price Index

$ 121.57 Ƀ 0.00235607
  • MarketCap
    $ 2,209,881,061
  • Volume
    $ 48,665,312
  • Change
    2.43%
moneroMonero
$ 121.57
$ 121.57
2.43%
112,33
XMR
Monero (XMR)
$ 121.57
XMR
Monero (XMR)
author
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
By Marcel Deer
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
on January 02, 2023 | 4 min
Updated on Nov 30, 2023

Overview: What Is Monero (XMR)?

The central idea behind blockchain technology is to maximize transaction transparency. This is the foundation upon which the vast majority of cryptocurrencies rest. This makes it much simpler to track down the origin of a transaction.

However, unlike Bitcoin, Ethereum, and several other cryptocurrencies, Monero was created in 2014 with a singular focus: protecting user anonymity with cutting-edge cryptographic methods. It’s an open-source, decentralized cryptocurrency that is secure, private, and untraceable.

Monero was one of the first cryptocurrencies to offer significant privacy and fungibility improvements over other alternatives. Monero allows users to send and receive transactions without revealing this data on its blockchain.

Monero’s origins are similar to Bitcoin’s, starting with a small online tech community that grew over time as the project gained credibility and market share.

What Makes Monero (XMR) Unique?

Monero’s unique selling points have always centred on privacy and anonymity. It is designed to keep wallets and transactions completely anonymous. Not even network members, developers, and miners can be privy to the source of the transaction.

Monero uses ring signatures to mix the digital signature of the individual making an XMR transaction with other users’ signatures before recording it on the blockchain. This makes it harder to identify its users.

Monero (XMR) History

Monero (XMR) was launched in April 2014 as a fork of Bytecoin, the first real-life implementation of CryptoNote in 2012, a technology that forms the basis of several privacy-focused cryptocurrencies.

Bytecoin, however, generated a lot of heated debate because 80 of its coins were pre-mined, meaning they were made before the public launch of the cryptocurrency. This raised concerns about fair distribution and decentralization.

To address this, anonymous developers forked the Bytecoin blockchain to create Bitmonero, later renamed Monero.

The new Monero blockchain generated a block every two minutes, similar to Bytecoin but without the coin’s signature premise. The decision was made to promote decentralization and ensure a more even distribution of coins, two principles at the heart of most digital currencies.

How Does Monero (XMR) Work?

Monero (XMR) uses a peer-to-peer consensus network called a blockchain to record transactions. Unlike most transparent cryptocurrency blockchains, Monero’s blockchain is public. Still, it uses three mechanisms to conceal and keep the user’s identity anonymous.

  1. Ring Signatures: Monero mixes the digital signature of the XMR transaction maker with other users’ signatures before recording it on the blockchain using ring signatures. This ensures transaction anonymity by making it appear that any signer sent it.
  2. Ring Confidential Transactions (RingCT): This feature hides the transaction amount involved in any transfer.
  3. Stealth Addresses: These are one-time addresses created for each transaction on behalf of the recipient. With stealth addresses, only the sender and receiver can determine where a payment was sent.

Monero relies on proof-of-work mining to achieve distributed consensus. Like most other cryptocurrencies, mining can be done solo with hardware or by joining a mining pool. Each verified transaction is awarded XMR. The amount of Monero is infinite, meaning there is no maximum supply limit.

These features make Monero transactions untraceable and unlinkable, providing complete privacy to its users.

What is Monero Used For?

It is designed to enable fast, private transactions between any two Monero wallets and currency users worldwide.

It allows anonymous cryptocurrency transactions at users’ convenience without government or malicious actor monitoring.

While less public than other cryptocurrencies, it is still based on the blockchain and developed through open source and community input.

Monero facilitates user-controlled transparency. All users have a “view key” that can be used to access an account with the corresponding private key.

What Gives Monero Value?

The secrecy and anonymity offered by Monero are what most users find valuable.

XMR coins cannot be traced, so businesses cannot blacklist them for alleged illicit connections.

Investors who think that demand for privacy will rise in the future, raising the price and total market cap of XMR, may find value in Monero in addition to its use as a medium of exchange.

How Is the Monero Network Secured?

The Monero network is currently protected by thousands of miners using ‘regular’ computers. This results in a network that is much harder to attack, with no miner having a significant advantage over other miners (they all use more or less the same hardware).

What is the Daily Trading Volume of Monero (XMR)?

As of September 9, 2023, USD 61,048,222 worth of XMR had been traded within 24 hours. This is also close to its average daily trading volume.

Where Can You Buy Monero (XMR)?

For as little as $10, you can purchase XMR from various brokers.

Binance also offers four Monero trading pairs: BTC, USDT, BNB, and ETH. You can also check CoinMarketCap for a complete list of places to purchase Monero and the currencies you can use to obtain it.

Most frequently asked questions about Monero

Is it worth investing in Monero?

The truth is that investing in any cryptocurrency (including Monero) is always risky. However, Monero has a strong use case, an active community, and a strong team behind it, making it an appealing investment over several other cryptos.

Is Monero a safe coin?

Monero has an incredibly secure blockchain, much like Bitcoin, and a “hack” of the network is impossible. Perhaps a quantum computer can test its limits.

Who is behind Monero?

Seven developers were initially involved in creating Monero, five of whom decided to remain anonymous. However, Riccardo Spagni and Nicolas van Saberhagen are the two very popular names.

Why could Monero be considered the best cryptocurrency?

Monero’s focus on privacy means it will continue attracting users despite regulatory challenges. Its unique features make it stand out among other cryptocurrencies.

What are the weaknesses of Monero?

While fully anonymous transactions attract attention from regulators, this could limit the asset’s growth and lead to delisting from some exchanges.

Who are Monero’s competitors?

Other privacy-focused cryptocurrencies, such as Zcash (ZEC), Horizen, Verge, Grin, and Zcoin, are considered competitors to Monero.

How much will Monero be worth in 5 years (2028)?

Due to the unpredictable nature of the cryptocurrency market, accurate price predictions are difficult to make. However, some sources predict Monero could reach as high as $1008.94 in 2028.

 

author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
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