Anonymity of mining and use is the main value of any cryptocurrency, including Monero. It is impossible to track it, just like other cryptocurrencies, since it is decentralized.
However, Monero has got one more peculiarity
After the main emission, which is 18.4 billion XMR, each miner will continue to receive 60% of the coin in two-minute block. Developers took care of the system, which would continue to work even after the main release of cryprocurrency.
Nowadays Monero ranks alongside with Bitcoin and Litecoin. According to the FBI, scammers require payments only in these currencies.
Great demand for Monero is due to the highest level of its security, which is ensured by:
• CryptoNote protocol ring signature. This means that each transaction sent has a couple of digital signatures, which makes it impossible to track down and find the author.
• All addresses are one-time-use. And each recepient has got several of them at the same time.
• “Pedersen Commitment”. If somehow it became possible to track down the sending, it would take forever to find out what amount was transferred. This is because each amount is also encrypted using complex algorithms.
In 2016, a high security degree of Monero attracted AppStore developers, who added the cryptocurrency as a means of payment for applications. Today, a lot of applications and devices running iOS work with Monero. But the highest recognition of this cryptocurrency’s security degree is its use in online casinos.
Monero is becoming increasingly popular, and the desire of hackers to steal it grows too. One of the theft methods is hacking a wallet. However, Monero wallets are encrypted with special algorithms where only the creators know the code.
Three interesting facts about Monero:
• Algorithms turned out to be so significant, that today they are used in
• Only one more cryptocurrency in the world uses ring signatures, and that is Ethereum.
• It will not cease to exist even after full emission.
Those who are interested in Monero can start mining it. Today, as in the very beginning of cryptocurrencies appearance, the main type of mining is with a graphics card.
Although the Crypto Night Monero algorithm itself allows you to mine them using a processor. In this case the technology of the symmetric block cipher algorithm Randal (Rijndael) is used. No hardware for mining Monero has been invented so far.
The main difficulty of Monero′s first miners was that the only possibility to manage the wallet for storing coins was only through the command line. But not anymore. The graphical interface appeared just recently and it simplified the work greatly. Non-overloaded and easy graphics allows you to synchronize quickly. And since the Internet speed is not always high, this method allows you to stay in the node.
It is not yet possible to buy Monero directly using your fiat currency, but it can be exchanged for bitcoins. Changelly is one of the main Monero exchange platforms. But it is very expensive to buy it here. The easiest way to proceed is to buy bitcoins (this can be done using your fiat currency on any exchange in the world), and then make an exchange.
Does it make any sense to exchange bitcoins to Monero?
Experts believe that it does. Taking into account the high investments in the promotion of the cryptocurrency with the highest security degree, anonymity and increased demand, its success is just around the corner. At the present moment, when the Monero exchange rate is low, it makes sense to invest your free money in it.