What is Monero

Over the past few years the increase in cryptocurrencies has increased dramatically. Many of the users and investors of these virtual currencies seek some kind of anonymity to protect their identities when they make the purchase.

A lot of electronic currencies do not offer this option of anonymity. A fairly new digital currency that goes by the name of Monero provides the solution to this anonymity problem, and was released with the objective of helping the users to protect their identity.

This project was released back in April of 2014 and during its first days, it went by the name of BitMonero. Later, its community decided to change it and name it “Monero” only 5 days after its release.

This is a cryptocurrency that is completely anonymous, which allows users to perform private transactions and allows payments at an international level that completely protects the  identity and location of its users.

This privacy is possible thanks to the platform which hides the sending and receiving addresses and the amount of the transaction, protecting them through cryptography. The problem is, this feature could give the option for people to use Monero for many purchases that may not be approved by a regulation or by the law.

Unlike the world-famous Bitcoin, Monero is much more private and widely used in black markets around the world. Although the cryptocurrencies have their origin in the Deepweb, the BTC is not seen with good eyes by the communities that navigate through the dark side of the internet.

Its network always seeks to be independent and decentralized so that the user never has to rely on third party groups.

Which are its main characteristics?

This virtual coin gives the opportunity to constantly increase the value of the account. This is a big difference between Monero and other cryptocurrencies in the market, since the size of the blockchain, in this case, has no limits already pre-set. Other systems have a specific number predisposed.

All of these qualities have given Monero a good position in most exchange houses, so that users have the freedom to swap or use it at will. It is important to emphasize that big companies such as Jaxx and Microsoft are allied with this coin and help it to increase their portfolio within the market, mainly by making long-term investments.

Among other features we can mention the following:

  • It is based on a protocol known as CryptoNote.
  • It has a PoW: CryptoNight algorithm.
  • Is dynamically scalable.
  • Creators programmed it to generate 1 block every 2 minutes.
  • An infinite amount of coins will be generated.

How can I use Monero?

If you are looking for an immediate privacy, Monero can provide you with many purchase windows without you being tracked by anyone. If you are interested in investing, or wanting to be part of a mechanism that offers this cryptocurrency, there are many platforms that are dedicated to the sale or exchange of this digital money. Once registered on any of these exchanges you can buy it using bank transfer, credit card or by trading it for Bitcoins.

Another method to obtain Monero is through mining it. Individuals need to have to have a suitable computer so they can obtain Monero through this system. It must have a very powerful computer with good processors. The cost of this process will be high, as it is necessary to leave the computer on for as much as you can to reach the desired results.

When you finally get the Monero, it is important to have a secure Wallet to store them. It is advisable to install on your mobile or computer a wallet that the community has developed to safely save you money.

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