Monero C – An information resource for Monero
Welcome to MoneroC, a website dedicated to talking about the history of the most secure and trusted alt coin, Monero. This site is dedicated to discussing all features and improvements that Monero has seen over the past few years and where the future is. With the markets being so erratic, how does that impact Monero? And does it hurt Monero moving forward? We will discuss all of that on this information resource.
When we talk about cryptocurrencies, there are far too many to list, and yet, each one tries to have its own unique selling point. One cryptocurrency, Bitcoin, is known for coin stability and its user base; while Ethereum, is known for its smart contracts and easy use platform. Monero is another open-source cryptocurrency, and since it was launched in 2014, its unique privacy features have enabled the digital currency to gain popularity very quickly. What Monero is most known for is its ability to provide anonymity and safety to the investors who deal with the digital currency and their transactions.
How Was Monero Formed
Monero stemmed from Bytecoin (2012) and was originally known as BitMonero. However, Bytecoin was split into two currencies, and one of them was Monero, which was very different from Bytecoin (2012). Like Bitcoin, Monero was also released as a peer-to-peer currency; however, it’s more of privatized cash. It is an open-source crowd-funded network, formed by a group of 7 developers.
What Made Monero So Popular
Anyone within the system can make transactions, however tracking details of transactions is impossible to anyone outside the system. The amount of the transaction, along with the destination and the source will not be traced or tracked, and it’s this feature which has made Monero quite popular in the digital currency scenario. Most of the cryptocurrencies lack in this feature; while Dash and Zcash are the two main competitors of Monero.
However, it’s vital to remember that addresses cannot be identified or tracked by any public user. Monero works on a cryptographic hash, which is unique to every transaction even for the same parties involved, and as such, no one can know who traded or how much. With link and traceability growing day by day, it’s great to have a personal bank like Monero, where you can trade without anyone knowing how much you withdrew, sold or held onto. The transactions made there are absolutely untraceable.
- Monero offers a secure wallet for investors and traders alike. Despite the wallets being a little more expensive, you can store your passwords offline, adding an extra step to your security. - Monero is a cryptocurrency suitable for both long and short term...
How to Trade Monero
Investors and businessmen and women like to trade in Monero for its complex nature. If you want to know how the Monero algorithm works, it is based on the CryptoNight proof-of-work hash algorithm. While that sounds confusing, Monero is still a cryptocurrency and can be used to trade with. Exchanges like Kraken, Binance, and LocalMonero allows for Monero trading as well. However, as with other cryptocurrencies, you have to buy Monero for other currencies and can place a sell order for the same price, just ensure it’s within the terms of Monero Cash. So you need an exchange, an exchange wallet and some technical know-how about cryptocurrencies.
If you wish to buy online, you can follow these simple steps:
- Download or buy some Monero Wallet hardware or software. MyMonero is one example to choose from.
- Obtain your Monero address.
- Register with an exchange. This may involve handing over some personal details and deciding how each financial transaction will take place.
- Deposit Fiat money and buy some Monero Cash, XMR. You could use Kraken to buy Monero Cash; however if you wanted to use your Bitcoin account, you would need another exchange such as Binance. Look at your options as a whole and find an exchange which suits your requirements. HitBTC, Bithumb, Bittrex are some more options.
- Move your Monero to your Monero Wallet. Always transfer coins from the exchange to your wallet so that you remain in control of them at all times.
- Place a sell order whenever you want to sell XMR, partially or completely.
- You can also try some online exchange if you need additional help over your transactions.
Who Can Trade Monero
Anyone and everyone can trade Monero. However, in order to actually gain as a Monero trader it’s wise to master the following:
Know the market well, as Monero requires even more expertise and experience for trading. This is due to the reason that the stealth addresses make the Monero blockchain impossible to decipher. You cannot know what transactions were made between what parties, and so you cannot determine the cash distribution of Monero among investors and traders. This is the foremost point that makes trading in Monero quite a challenge.
You must know about Ring signature payments and the RingCT protocol. This enables you to know why and how your signature is overridden by a number of other signatures, to hide your identity as a sender. Also as a receiver, you have a confidential address to hide your identity as a recipient.
Do not compare Bitcoin to Monero when you are comparing cryptocurrency platforms. Both platforms are very different from each other, and at the same time, quite similar to one another. The decision whether to trade in Bitcoin or in Monero must be made based on other requirements, like how much privacy you need, how much time you want to hold an investment for and many other factors.