– 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 investments.
– Monero is a fungible currency, meaning if someone used it for some illegal activity, there’s no way anyone can trace it.
– There is no transaction trail for Monero, so you have to be very careful while buying or selling, as it is tough to come to a price conclusion.
– Yes, you can mine your own Monero for trading, but if you plan to do so, remember that if the NBS is more than the M100, the block reward will get reduced. So you must avoid creating spam blocks of Monero. Usually the maximum block size that is allowed is 2*M100 and block size lesser than or equal to 60kB is always free of any such block reward penalties.
– The Monero Blockchain has a public view key, a private view keys, a public spend key and a private spend key. The public view key is used to form the stealth address, and the private view key is used to scan the blockchain by the receiver to find the money being sent to him. The public spend key is to verify the signature of the key image via the sender. The private spend key enables the sender to create a key image so as to send transactions.
– Also remember that the Monero Blockchain does not have any block limit.
– Never share your Monero passwords or private login keys with anyone. The transactions that are made with Monero can never be traced back once made, so it is not advisable to share any information as it’s an invitation for fraudsters.
– Monero can be a bit more complicated to understand for novice traders. It might be advisable to start cryptocurrency trading with traditional crypto like Bitcoin, or must employ an online consultant for help in the beginning.
– In case you require giving someone access to your Monero transactions, you can share only the private view key.
The Monero Downside
Like any other cryptocurrency, Monero also comes with a few problems:
- Although it is decentralized, about 43% of the hashrate remains with just three mining pools.
- If the transaction has the same two outputs, it means the receiver and sender are the same person. However, it might get easier to decode the privacy of the transaction with an expert hacker. Therefore it is advisable not to do such transactions with Monero.
- The numbers of compatible wallets are quite a few as of yet.
Monero is gaining more and more popularity with each passing day and that only adds to the excitement of the digital currency. Its three features of anonymity, electronic and decentralization are what is taking Monero to become a hot favourite for investors, especially the ones looking to manipulate the law to their own benefit, or the ones looking for tax exemptions. No one gets to know where you spend and how much you spend with Monero.
So if you are a cryptocurrency investor, or trader, this is a good time to jump on board with Monero as well, as the future is a promising one for this particular currency. Limited wallet compatibility still remains an issue with Monero, but with its rising popularity, financial analysts are starting to believe this problem would also be soon sorted out.