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Table of Contents:
- What is Monero?
- How does Monero ensure the privacy of its users?
- Monero and Bitcoin - differences
- How to mine Monero (XMR)?
- How much is Monero (XMR)?
- Monero (XMR) - on which exchanges is it available?
- Which cryptocurrency wallet to choose for Monero (XMR)?
What is Monero (XMR)?
Monero (XMR) is a cryptocurrency targeting confidential and private transactions. This virtual coin differs from Bitcoin (BTC) or Ether (ETH) in that its blockchain is not public. Nobody can trace the transaction history on it or gain access to public addresses, as is the case with most other cryptocurrencies. Operations carried out through Monero become undetectable thanks to advanced cryptography solutions.
What functions does this cryptocurrency perform? As we mentioned above, it is peer-to-peer (P2P) electronic cash that allows for fast, cheap and confidential transfers of funds from one person to another without any time or border barriers.
How does Monero ensure the privacy of its users?
This cryptocurrency is based on the so-called ring signatures and hidden addresses that allow you to secure the data of the sender and recipient of the transaction. The user cannot be associated with the public address in this case, since the ring signatures combine the user's key with other keys in the Monero blockchain. In this network, all XMR coins are simply mixed together when making transactions.
Such high privacy has its advantages and disadvantages. This cryptocurrency is most often used by people who value the confidentiality of transactions. The negative response that appears around Monero, however, is that XMR, due to its strengths, can be used by criminals on the black market or used to circumvent the law.
Monero and Bitcoin - basic differences
The XMR cryptocurrency differs from BTC in many ways. While Bitcoin is usually credited with anonymity - in fact, it has nothing to do with it. BTC blockchain, the so-called blockchain is public. This means that each user can see when, from what public address, where and how much money has been transferred. Due to the fact that most cryptocurrency platforms have to comply with the KYC and AML policies, it is easy to get to a ball along the thread. In other words, if the stock exchange is subject to verification, the company knows who the public address belongs to and, if necessary, is obliged to provide information to the relevant law enforcement authorities.
The situation is completely different in the case of Monero. Although this cryptocurrency is not as popular as BTC, it gains an advantage when it comes to the level of transaction privacy. Of course, this is not the only difference between the two coins. See the table below for more details!
Monero uses a concept known as "bulletproof." This technology reduces the transaction size; hence more transactions can fit in a block; therefore, Monero charges less than Bitcoin. Bitcoin's transaction fee is around 39 cents, and Monero's is 2 cents.
Monero and Bitcoin - basic differences (data as of August 25, 2020)
|Creator||Nicolas van Saberhagen||Satoshi Nakamoto|
|Year of creation||2014 year||2008 year|
|Market capitalization||$ 1,631,612,925||214,924,824 $ 287|
|Place in the CMC ranking||17||1|
|Price for a coin||$ 92.30||$ 11,636|
|Maximum supply||No data||21 million BTC coins|
|Consensus mechanism||Proof of Work (PoW)||Proof of Work (PoW)|
|Average transaction fee||$ 0.025||$ 2.8|
|Reward for a block dug||0.3 XMR (Fixed Award)||6.25 BTC (variable prize)|
How to mine Monero (XMR)?
The XMR cryptocurrency, as well as BTC, is mined in the process of the so-called mining. Mining Monero, however, is much simpler. Special equipment is not needed for this process, so XMR is also open to smaller users - this is one of the main advantages of this coin.
Cryptocurrency miners can mine XMR on regular computers, they don't need specialized cryptocurrency miners for this. For each block they excavate, they receive a fixed reward of 0.3 XMR.
How much is Monero (XMR)?
The current market capitalization of this cryptocurrency is USD 1,631,612,925 (as of August 25, 2020). Currently, this coin is on the 17th position in the CoinMarketCap ranking. Its ATH, i.e. the highest price level, was recorded on January 7, 2018 (during the cryptocurrency bubble), it was then $ 495.84 per coin. The current price of XMR is around $ 92.30.
Monero (XMR) - on which exchanges is it available?
The XMR cryptocurrency is a subject of much controversy due to its high privacy. For this reason, at the turn of the last few years, many platforms had to give up its listing. Don't worry, this coin is still available on the largest cryptocurrency exchanges, for example, users can buy Monero in pair to Bitcoin (BTC) or Tether (USDT) on Binance.
Examples of exchanges where Monero is listed (XMR)
|They are traded only through cryptocurrencies|
|They are traded both through cryptocurrencies and fiat currencies|
Which cryptocurrency wallet to choose for Monero (XMR)?
To invest in Monero, the user must have a special cryptocurrency wallet. We can divide them into two main categories: cold wallets (functioning in the offline mode) and hot wallets (constantly connected to the Internet). These, in turn, are grouped into subsequent subcategories.
Is it worth knowing before choosing the right wallet? First of all, be aware that it does not function in the same way as a bank account. In the event that a user loses their private key, they will not be able to access their funds - so keep this in mind!
What cryptocurrency wallets support Monero (XMR)? Examples are listed in the table!
Examples of cryptocurrency wallets for Monero (XMR)
Cold Cryptocurrency Wallets for Monero (XMR)
Paper wallet for XMR
|You can generate it from a dedicated website, and then write down the public and private addresses on a regular piece of paper. NOTE: it's a good idea to do this offline. This wallet is free.|
Hardware wallets for XMR
|They come in physical form. The user should only order them directly from the manufacturer, so as not to be cheated by the intermediary. They are not free, you have to pay for them, costs vary by company and model.|
Hot Cryptocurrency Wallets for Monero (XMR)
Desktop wallets for XMR
|You can install them on your own computer or laptop. They work on operating systems such as Windows or Linux. They are free.|
Browser wallets for XMR
|These are websites where you can register and then log in using your nickname and password. They are free.|
Mobile wallets for XMR
|These are phone applications. You should only install them from the official store. They are free.|
Umieść na swojej stronie kalkulator Monero, a także wykres XMRPLN wykorzystując poniższe widgety.
Aby uruchomić kalkulator lub wykres na swojej stronie należy:
- Skopiuj kod wybranego widgetu oraz wklej go w odpowiednie miejsce na swojej stronie
- Możesz także skonfigurować widgety według potrzeb modyfikując parametry:
- data-crypto="" - wprowadź listę kryptowalut, które będą dostępne w kalkulatorze kryptowalut. Wprowadź shortname kryptowaluty. Możesz dodać wiele krypto, np. BTC,ETH,TEO. Listę dostępnych kryptowalut znajdziesz tutaj. Aby dodać wszystkie kryptowaluty - pozostaw znacznik pusty.
- data-fiat="" - wprowadź listę walut FIAT, które będą dostępne w kalkulatorze kryptowalut, możesz wybrać wiele walut wpisując np. PLN,USD,EUR,GBP. Aby dodać wszystkie waluty FIAT - pozostaw pole puste.
- Parametry są konfigurowalne w przypadku kalkulatora kryptowalut. W przypadku wykresu nie ma możliwości dodania wielu parametrów (krypto bądź fiat).
- Aby używać widgetów, należy zamieścić na swojej stronie link wskazujący źródło. Link jest zawarty w powyższych kodach widgetów. Link nie powinien zawierać parametru rel="nofollow".