☰ Crypto Library

Monero (XMR)

Monero

Officell webbplats: https://web.getmonero.org/

Monero was created in 2014 by a group of seven developers, most of whom have chosen to remain anonymous. It is a community-driven project, which mainly stands out to protect anonymity. The project's origins come from an early crypto project called Bytecoin, which later became Bitmonero and eventually only Monero ("Coins" in Esperanto).

The project uses ring signatures to hide who sent XMR to whom. Not even the sum is public or can be seen in retrospect. This means that an XMR is always an XMR. In the case of Bitcoin, some BTCs can be considered tainted due to their origin. But here there is no origin to consider.

In the beginning of the crypto world, Bitcoin was used extensively for illegal activity. Today, Monero is believed to be used for this type of transaction instead of realizing that transactions thereon are highly traceable.

Unlike most other cryptocurrencies of their kind, they have a model where the block size is dynamic and adaptable. This has to some extent solved the problem of scalability that Bitcoin has. Even if you do not have problems with scalability today, it is still not believed to work if the currency was used to a much greater extent than it does.

Advantages

  • Anonymous transactions - something that will be in great demand in the future. Especially when nations begin to ban the use of cryptocurrencies.
  • Strong community and clear area of use.
  • Dynamic block size.
  • Good and driven core team with its own research lab.

Disadvantages

  • Accused of making illegal activities easier and impossibile to trace. For example, Coinbase does not seem interested in selling and trading the currency for fear that the US government will demand to know who bought what.
  • Even though the network is decentralized, a large portion of the validation of transactions is controlled by four mining pools, which creates a certain degree of centralization.
  • Relatively high transaction fees due to the heavy encryption.
  • The usability of wallets is deficient and quite technology-intensive.
  • Even though the project is technically good, there are many alternatives now that increase competition significantly, for example Beam and Grin.

Buying

They can buy BNB (Binance Coin) with a credit card on itBinance and then buy XMR for these.

Current price (CoinGecko)