Monero has long been the lost cousin of the top batters in Crypto, Bitcoin, Ethereum, Litecoin and Bitcoin Cash are all more popular to the layman. Monero is the mystery man, hiding beneath the shadows and always in constant trade.
A lot of negative PR has come Monero’s way, with fear uncertainty and doubt constantly being cast its way. The coin itself has a simple but incredibly difficult goal in mind: to become the most anonymous, untraceable currency out there.
It’s not surprising to hear that this goal alone has had it branded as a coin fit mainly for crime. Whilst it’s true that the criminal underworld online trades through virtual currencies, what’s also true is that most organised crime on earth actually uses cold hard cash to pay for services.
Monero is: Truly Private- and that’s Special
Monero is similar to Bitcoin and other Cryptocurrencies in that it sends funds from one wallet to another. However the Monero protocol will create a random wallet that is viewable to everyone. The only thing obscured is the amount in the wallet. Monero is stored in this new wallet, and marked with the recipients private key so that only he may open it.
As Monero users cannot be found on a wallet tracking website, their funds cannot be investigated. No other privacy coin team is as committed to tackling fundamental problems with private transactions nor has any come as far.
If you want to see the difference between a Bitcoin wallet and a Monero wallet, have a look for yourself. These are the two respective blockchains:
Worried about Verification?
Transactions come equipped with one time use transaction keys. This way individual transactions can be found. The key is used along with the recipients address and the transaction ID to verify who sent what.
Further Reasons for Monero
Monero has a fairly low total supply of around 16 million. The supply slowly increases by around 0.2% or 157788 XMR a year. It adds an aspect of steady, predictable inflation which is healthy for a Cryptocurrency.
As investors come into the Cryptocurrency game, they’ll look for more ways to store their capital in an anonymous and private kind of way. Anonnymity is paramount for many kinds of activities, not just criminal kinds. It has a keen, organised community and vocal development team.
The use cases for Monero are huge, and it is set to be a coin that keeps growing. As the world slowly embraces cryptocurrency it’s worth keeping a bag of Monero around, and being keenly aware of the law around Cryptocurrency earnings. If anyone reports you for mysterious earnings, you’ll be investigated. Although Monero is incredibly secure and private, we advise caution when investing seriously in any cryptocurrency.
If you’ve read our article and feel bullish on Monero, then we recommend heading over to Binance exchange. One of the most recognised and secure exchanges on the market. Buy some Monero after signing up here.
Or, if you’d rather mine it yourself then check out our build recipe and arguments for mining Monero here.