Almost every cryptocurrency claims to be “private”, but is that really true?
Well of course not, as we have spoken about in our previous blog “how to use blockchain explorers”.
However there are some crypto projects that focus a lot on privacy such the pirate chain (ARRR) that will get it’s blog, but today we will talk about monero (XMR).
so what is monero?
Launched in 2014, Monero is an open source that respects users privacy, the blockchain on which monero is built upon is made with the intention to make every transaction fully anonymous.
We can find the definition of monero on the official website as “Private, decentralized cryptocurrency that keeps your finances confidential and secure.”
Wikipedia on the other hand defines it as “a decentralized cryptocurrency. It uses a blockchain with privacy-enhancing technologies that obfuscate transactions to achieve anonymity and fungibility. Observers cannot decipher addresses trading monero, transaction amounts, address balances, or transaction histories”.
Alright now that we know what monero is, another question emerges …
how to get monero?
First you have to have the monero wallet installed in your computer or you can use any other sort of wallet that you desire on the platform that you’re most comfortable with.
You can now buy monero like any other cryptocurrency from an official exchange (binance, kucoin, kraken, bitfinex, DV chain) but this method really breaks the purpose of owning Monero as you have to use banking information to get Monero.
On the official website the creators of monero suggest you use Binq which is a decentralized P2P exchange based on Bitcoin and Tor, or local Monero an online P2P exchange offering person-to-person trades.
You have the choice of using what is called a swap platform which allows you to swap a cryptocurrency for another cryptocurrency, Sideshift.ai, Morphtoken, SimpleSwap, ChangeNow and Godex are mentioned in the official Monero website.
how to mine monero?
You can either mine solo or in a pool, each has its own pros and cons, the optimal way is to use P2Pool.
You may use XMRig or CSminer, both great mining software, you may either use your gpu or cpu to mine Monero
is monero a good investment?
Monero seems to be an amazing long term investment With a market cap of $2,456,675,351 and a Volume of $103,011,576 last 24h (at time of writing) and a price of 139$, it’s all time high was 489$ a record it is moving to break.