What is the meaning of the term Monero?
Monero Coin (XMR) is a decentralized digital currency that came on the market in April 2014. This is not a simple copy of Bitcoin, but rather an alternative cryptocurrency that is easy to implement, and results in the complete anonymity of transactions.
This protects the privacy of individuals better than Bitcoin. Furthermore, the mining difficulty and the block size are constantly being adapted. The term “Monero” comes from the artificial language Esperanto and means “currency” but also “coin”.
Monero Coin: Facts and figures
The value of XMR (Monero), like many other digital currencies, increased significantly in 2017. While the value of the coin at the beginning of 2017 increased from 12 to 14 euros, it rose sharply in the following months. At the end of November, the price was over 150 euros.
In December, a rapid upturn took place once again. On December 21, 2017, the value was 390 euros. Thus, the price has risen by more than 30 times in just under 12 months.
The market capitalization of the currency amounts to over 7 billion euros, making this digital coin one of the most highly capitalized digital currencies.
The daily trading volume is $535,740,000 and there is currently $15,504,909 in circulation. In the ranking of the mineable coins at coinmarketcap.com, the currency XMR is in a respectable 11th place.
Properties of Monero Coin
The code of this cryptocurrency is very different from the codes of other digital currencies. It is based on the CryptoNote protocol, whose algorithm works with stealth addresses and ring signatures, and where block size can be adjusted as needed, resulting in greater scalability. There is no “Rich List” to look at the size of wallets.
A special feature of the currency is its anonymity – transactions are not only encrypted, but they cannot be traced by a blockchain analysis. In order to achieve this complete anonymity, ring signatures are used to ensure it is impossible to see what amounts have been spent.
This makes it virtually impossible for purchases and sales to be clearly assigned to specific individuals. In these transactions, the sender, the recipient, and also the amount of the transaction remain completely anonymous.
No one can figure out how many coins the sender or recipient of a transaction owns. Optionally, however, a transaction can be made transparent, with a view key that can be passed on. The currency is faster than Bitcoin, as blocks are currently created in two minutes, while Bitcoin takes up to 10 minutes.
The mining difficulty is continuously adjusted. The newly generated digital money per block is called a mining reward. This mining reward falls continuously from block to block on the Altcoin XMR. Since there is no upper limit for this Altcoin, the currency will overtake Bitcoin from 2040 onwards.
The expansion of the money supply is reminiscent of the traditional fiat currencies. XMR mining can be done with processing power from a CPU or GPU. There is currently no special ASIC software, which means that anyone with a computer and sufficient resources can mine XMR.
AMD graphics cards are great for mono-mining, but an Nvidia GPU or CPU can be used as well.
How to acquire Monero
First, a wallet must be created, which can be set up quickly and easily via mymonero.com. The online wallet is secured with a private login key that is best written down and should not be lost.
There are numerous platforms where you can buy the Altcoin quickly and inexpensively. Attention should be paid to the speed and security of transactions, and the low trading fees.
It is also advantageous to use platforms with a high trading volume for a smooth flow, and because of the different deposit options, including Kraken.com, Anycoindirect.eu or Litebit.eu. The verification of personal data is required and may take some time.
The degree of verification partly depends on the amount you want to use. For example, with Anycoindirect.eu, the use of up to 100 euros can be done simply with a telephone confirmation that can be carried out quickly.
The future of Monero Coin
It is not easy to forecast the development of the coin. Together with the rapid development of Bitcoin, many Altcoins have gained in value. If you follow the development of the digital coin XMR in 2017, you can see that some very good returns could be achieved.
Bitcoin often has a strong impact on other digital currencies, which of course has negative consequences. So if the Bitcoin should fall, it is likely that many Altcoins would also lose value.
The potential of this currency lies in its fast and secure algorithm, as well as in the complete anonymity of the transactions made. Unlike Bitcoin, Monero Coin has no upper limit, so devotees of cryptocurrencies can invest without barriers in this Altcoin.
It may not be very common yet, but there are excellent information opportunities on the Internet to help investors familiarize themselves with Monero. With increasing awareness, the price could rise even further.