Monero Can’t Be Traced – What More do you Need?
Monero Can't Be Traced.
In an age of Vapour Wear Companies, Here is a Real Coin
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, who can’t be traced. He’s only hiding beneath the shadows, however, and among cryptocurrencies, it’s always in frequent trade. In fact, it’s probably one of the most active coins, given uses use on the dark web. It’s difficult to prove this though, because of it’s amazing privacy features that it’s makers endowed it with.
Through the use of ring signatures and stealth addresses (explained below), it manages to stay top dog among privacy coins, even next to useful competitors like zcash. It features unique stealth addresses that work like a second, private wallet to keep your savings anonymous.
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 and the dark web, 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. The Monero protocol will, however, create a random wallet that is viewable to everyone, this is called a ‘stealth address’. The only thing obscured is the amount of XMR 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.
Monero uses a cryptographic ring signature in order to obscure funds by using ‘mixins’, a combination of multiple users funds to send the total to a wallet. Not even the receiver of the funds is able to calculate from which wallet the funds came. This makes it seem like the user is busy continuously engaging in transactions, even when they’re not.
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 recipient’s 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. Anonymity 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