Last Updated on January 13, 2021 by cryptocreed
When we talk about cryptocurrency, Bitcoin comes in our mind because it is the first, most used, and 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 coins 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 (uses CryptoNote technology). But due to 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 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.
The monero mainly focuses on its privacy. With other normal cryptocurrencies like Bitcoin anyone can track the transaction and can find out the read 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 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.
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 possible 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 miner 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 that is useful for CPU mining.
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 from the Monero team, they didn’t say anything on 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 price of monero coin is $112 per XMR coin. If you check XMR price chart, ATH of XMR was $495.84 on 7th Jan 2018 and 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 which matters like project, team, market, 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.
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 hack and you might lose your coin.
Ledger S is the recommended hardware wallet. MyMonero is best for desktop.
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 coin on their exchange because of its privacy.
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 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.
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?
By 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.