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Monero Review: How To Buy, Price, Arbitrage, and Wallet

by cryptocreed
written by cryptocreed

When we talk about cryptocurrency, Bitcoin comes to our mind because it is the first, most used, and most famous coin. The main concept of cryptocurrencies was decentralization, transparency & privacy. Every coin comes with its own unique feature and uses cases. No doubt Bitcoin is the most used coin but here Monero wins the race in privacy.

In this Monero review, we will take a deep dive into the Monero coin.

What Is Monero Coin?

The Monero is formerly known as BitMonero which was first introduced in April 2014 by BitcoinTalk user thankful_for_today, It was the fork of Bytecoin (which uses CryptoNote technology). But some controversial changes were planned to implement which the community doesn’t like.

You can read all the original posts on the forum. After that core team did a fork and implemented community-guided changes.

Most coins do some pre-mine or instamine but Monero coins didn’t mine any coin and did not allocate any coin to the dev.

Features of Monero Coin

Monero is known for its privacy. It is a Secure, Decentralized, and Private. Here are the main features of Monero cryptocurrency.

Privacy

The monero mainly focuses on its privacy. With other normal cryptocurrencies like Bitcoin, anyone can track the transaction and can find out the real sender or receiver but this is not the case with the Monero.

Are monero transactions traceable? If we believe in some reports and authorities then yes, they found out the method to track XMR transactions. I will explain this to you that later in this article.

Coin using RingCT, which was first introduced in the year 2017 in block no. 1220516. RingCT is the upgraded version of Ring Signature.

Ring signature allows us to hide the transaction and that makes it untraceable. Check the below image to understand how it works.

RingCT monero

Stealth Address makes privacy 100% secure. The stealth address allows the sender and receiver to keep transaction details between them.

Monero wallet lets the user create a new and one-time usable XMR address through which he or she can receive XMR. Hence it is one-time use only and has no footprints it is almost not impossible to track any activities done on that.

RingCT and Stealth Address makes possible the part of the hiding profile of the sender and receiver.

Proof Of Work (PoW)

With Bitcoin, it is not profitable to mine BTC using CPU and it is only profitable using GPU which requires a huge amount of expenses, it means only those people can mine BTC who has a huge amount of money in their pocket.

Monero is different, it is based on RandomX which is useful for CPU mining.

Block Size

Another unique thing is Monero doesn’t have a fixed block size. So there will be no maximum block size and each block will be created every 2 minutes.

Is Monero Traceable?

Till mid-2020 it was not traceable, but in mid-2020, CipherTrace introduced Monero or XMR tracing tool for US regulators.

“CipherTrace delivers Monero tracing tools to the U.S. Department of Homeland Security to support investigations of crimes.”

So now can monero be traced? If we follow CipherTrace then yes it is traceable but the Monero team didn’t say anything about this yet. So saying most untraceable cryptocurrency, for now, is Ok till the team does not disclose anything further.

XMR Monero Price

At the time of writing, this article’s price of monero coin is $112 per XMR coin. If you check XMR price chart, the ATH of XMR was $495.84 on 7th Jan 2018 and the ATL Monero XMR price was $0.212967 on 14th Jan 2015.

Will Monero Price Rise

According to history and the project team, it is highly possible that the price will rise. The above price prediction tool can help you to understand if the price will rise or not.

Monero Price Prediction

Predicting the price of any cryptocurrency is very tough because many things are there that matter like projects, teams, markets, and others.

It is estimated that the price of XMR in 2025 will be $1200 and it was predicted that the price of Monero coin in 2020 should be $150 to $200 and it is around that.

Monero ROI

If you have invested in XMR in their launch, you should get 4,443.23% now.

Best Monero Wallet

I suggest using hardware wallets for better security. For daily security, you can use a desktop or mobile wallet. Never ever use exchanges to store your coins because they can get hacked and you might lose your coin.

Ledger S is the recommended hardware wallet. MyMonero is best for desktops.

How To Buy Monero And Where To Buy Monero?

To buy XMR you need to have access to a cryptocurrency exchange, it is trading on almost all high and known crypto exchanges. But the problem is that there are some exchanges that don’t like to add XMR coins to their exchange because of their privacy.

Currently, it is trading on more than 60 crypto exchanges. You can buy Monero from Binance, OKEx, or HitBTC.

There are many other exchanges where you can purchase XMR but I recommend the above one only because they are highly trusted and safe.

Buying Monero is not hard, you can just create an account on any exchange and purchase it. You can also buy Monero with a Credit Card.

Why is Monero not on Coinbase? Coinbase works with regulators and Monero is such a coin that is not traceable hence they didn’t list it.

Monero Crypto Arbitrage

If you are planning to do arbitrage trading for XMR then I suggest using KoinKnight. They do support more than 30 exchanges.

How Monero Mining Works

To mine Monero you need to have a CPU or your own Monero Mining Rig. Which you can get from Amazon or from any other online seller, or else you can build your own by purchasing its parts.

Which Monero pool to use? You can use either NanoPool, MineXMR, or any other XMR pool. They all are the best and most trusted.

How much Monero can I mine per day? It depends on the device you are using GPU can mine more XMR than CPU.

Can Monero be mined with GPU? Yes, it is possible to mine it with GPU plus with CPU.

Monero Team

According to their official website, only two team members revealed their faces and the other five decided to remain anonymous. There is a total of seven main developers and other developers who helped to improve the coin.

Some rumors say that Satoshi Nakamoto is behind the Monero coin, who knows?

Frequently Asked Question

Can Monero Scale?

Using RingCT makes it less scalable than Bitcoin and any other cryptocurrency.

When Is Monero Fork?

The fork was planned for October (according to the community) but later it was canceled.

Will monero replace bitcoin?

No, it can’t replace BTC. Both coins are different. You can’t purchase things using XMR but you can do that with BTC. So Monero can’t overtake bitcoin.

How I can get free monero

There are some faucets through which you can get free XMR, one of the known faucets is earncrypto.

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MONERO MINING
AltCoinBeginner’s GuideReviews

Monero Mining Tutorial For Beginners: How To Start Monero Mining

by cryptocreed
written by cryptocreed

Having touched above the 100-dollar mark, you can’t deny that Monero is a cryptocurrency with potential. The cryptocurrency’s main goal was to provide even more privacy than Bitcoin offers and as that is what most crypto-users (besides the trader population) want, it’s not really a surprise that Monero is a top player in the crypto markets.

Although there are cryptocurrencies that are currently more valuable than Monero, mining Monero instead of other altcoins carries a great advantage to it: CPUs still works great on it! It’s a rare case where CPUs can actually compete with the GPUs. If you look at Bitcoin, it’s pure ASIC mining. Even a GPU won’t be able to touch the terahash level of mining that the ASICs have passed long ago already at Bitcoin. Bitcoin’s small, but lethal, rival, Ethereum, has proven to be incapable of keeping CPU mining worthy as well. Although ASICs are not dominating Ethereum (yet), CPUs just don’t stand a chance against the power of GPUs.

Monero is different. Monero isn’t dominated by ASICs nor by GPUs. Both CPUs and GPUs work great for mining Monero, which allows for a wide variety of mining devices to join the playing board. In this article, I will be providing more information about Monero Mining, how to do it yourself, and some recommendations.

Cloud Mining: Forget it

“Get 1% daily” This is one of the most standardized examples of a Cloud Mining advertisement. Believe me: These are not worth it. Anything offering you 1% daily is a scam. There may be exceptions, but it’s impossible to know what is legit and what’s not. Besides, what company would give you 1% daily if they could just use it themselves?

Some Cloud Mining companies might be legitimate companies, which also offer far fewer profits. One of these companies is Genesis Mining. HashFlare is another example, although there are some doubts about both of them, especially on the latter.

In five simple words: Stay away from Cloud Mining.

Real Monero Mining: Rewards for your effort

Although the real mining process takes a bit more effort than the simple Cloud Mining opportunities that are crowding the internet, it’s also much more rewarding. Not only would you remove the fee the Cloud Company is charging you automatically because they obviously want to stay alive and have to pay their personnel, but they also carry a large risk with them.

Also Reward: Monero Review – Know Everything About Monero

As you see, real Monero mining is definitely worth it a lot more than Cloud Mining. In the rest of this article, I will be explaining more about mining Monero.

Hardware

In how to build an ETH mining rig, I gave a detailed explanation of how to build an Ethereum mining rig and what hardware to choose. For the Monero mining rig, mostly the miner itself (CPU/GPU) is different. As I will only give advice about CPU/GPU here, I recommend you check that previous article out as well, for advice about other necessary components of a good mining-rig, which include the motherboard, memory, etc!

Now to the miner itself, the CPUs and GPUs. Although GPUs often have a (much) higher hash rate, the power consumption and price of CPUs is often far lower. A good site for performance comparison of different Monero Miners is https://monerobenchmarks.info. As you see, there are great GPU/CPUs in the list, although you must consider that they might’ve been overclocked to have reached that result, might cause unexpected maintenance costs, have a high power consumption and the price could be quite high if they are popular.

Monero CPU mining is still profitable if you have a high-quality device. And yes Monero GPU mining is profitable than CPU.

A great example of this, is the runner up of the CPU list, the Intel XEON PHI 7200. It has a much lower hash rate than the best GPU, the Sapphire Vega 64, but because of its low energy consumption, the Intel XEON PHI 7200 beats the Sapphire Vega 64 in Hash per Watt. The Sapphire Vega gives 8.8 hashes per Watt, whilst the Intel Xeon gives almost 50% more, with a whopping 12.9 hash/watt.

Now that doesn’t mean the Intel Xeon is 50% better, but it does mean that it will give you more profit if you buy so many of them that you achieve the same hash power as its rival. It’s important to notice that some of the miners listed on https://monerobenchmarks.info/ also have some issues causing them to cost extra money due to bugs, maintenance costs, extra electricity costs, or simply a lower hash rate.

In simple words: I recommend you look for a cheap CPU, look it up in the list on the link I shared earlier, and calculate your profits in comparison to other CPU/GPUs you can find. It’s the best way to find your ultimate piece of hardware.

Click here to check out Monero Mining Calculator.

Software

You can find the name of the software you’ll need on the list at https://monerobenchmarks.info/ as well. Now you got the name of the software you need, you only have to download it. The download links are available at https://getmonero.org/get-started/mining/.

Monero Mining Pool

Maybe you like gambling and you don’t mind inconsistent earnings, but most miners love to earn the most they can. To do this, they often join mining pools. Although these mining pools (almost always) charge fees, they are definitely worth it, as you will always get your share, eliminating the luck-factor.

Some great mining pools are listed here: https://moneropools.com

I personally recommend joining a large pool (most consistent earnings) with a low fee (more profits).

It’s time for profits!

Now you’ve bought the hardware you need, downloaded & installed the software and configured it to your likings, and joined a mining pool (or not), there’s only one thing left to do: Pure Monero profit collecting.

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