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What is Monero digital currency?

There are many digital currencies, which have recently spread on the Internet, and have become more traded than before, and among these currencies are Bitcoin, Monero, Ethereum, Zcash, and others.


A new cryptocurrency is being created every day, or at least that's what it looks like at this point. However, not all cryptocurrencies other than Bitcoin in 2017 and beyond. Take Monero (XMR), for example, the Monero cryptocurrency that started in 2014, and has provided major privacy and security features.


This article will define what Monero is, explain how Monero differs from Bitcoin, how Monero defends its privacy, the pros and cons of this privacy, how new Monero coins are created, how to trade XMR CFDs, and more!


Monero cryptocurrency
What is Monero digital currency?

Monero coin

Monero is one of the most important digital currencies, which is known for being an open-source cryptocurrency, and it provides extreme privacy for the user, as well as its scalability.


– The first issuance of this currency was in April of 2014, and from that time until now it has gained great popularity due to the innovative method on which the transactions of this currency depend, in addition to that it is considered one of the most popular cryptocurrencies in the world.


Monero is cryptographically based on Source Code, which is based on Blockchain technology with blocks known as Blocks.


What is the currency of Monero?

Monero is a cryptocurrency launched in 2014. It is privacy-oriented and serves as an open-source blockchain concept. Open source means that technology and software are built, tested, and improved through user collaboration. According to Monero itself, more than 240 developers have contributed to the project, and 30 of them are categorized as a "core" group.


Blockchain has the same technology logic used for most digital currencies: it is the basic logic behind cryptocurrencies and provides a public checkbook for all transactions in the network. Last but not least, Monero is known for its peculiarities, as it was created with a deliberate lack of transparency. It is configured to mask the identity of senders and recipients, as well as the amount of each transaction.


What is the currency of Monero
What is the currency of Monero

Monero coin protocol

One of the most important features of the Monero currency is that it relies on a modern and exciting protocol technology, known as Kryptonite, whose white paper was issued in the fall of 2013, and is based on the basis of transaction privacy.


– These Monero currency transactions depend on the developed cryptographic loops, those that work to obscure the size and origin of the transferred currency, by mixing this currency with various other transactions, and this ensures that all purchases, transfers, and others arrive anonymously, making it difficult Frequently verify the identity of the user who is conducting this transaction.


As for searching for account balances using Monero wallets, it is not possible, because when using the Monero wallet, the user’s address is derived one time, money is sent to this address, and the user can derive many addresses.


Features of confidential transactions

Confidential transactions are one of the most important features of the Monero currency rule, which hides the identity of the sender, which makes the Monero currency the best in maintaining consumer privacy at all, and it is worth talking here that this feature is not optional, meaning that the user Once he selects the Monero coin to trade, his identity will be automatically anonymized.


The technical structure of the coin Monero

The average size of the two blocks is about 2 minutes, and the dynamics on which the block size of the currency depends are derived from the average of previous blocks, which means that any spike in all transactions will adjust its blocks automatically, in a reasonable time frame.


Wallets that support Monero coin

Mymonero wallet. This wallet is available on the Internet. It also enables users to store and send currency without the need to use wallet applications. All the user needs is to save his secret sentence before sending his money to the wallet. It also allows the user to Get an account overview, as well as send and receive money with an easy-to-use interface.


Wallets that support Monero coin
Wallets that support Monero coin

There are also many wallets for the Monero currency, including wallets used on the mobile phone, known as Jaxx, as well as wallets that are installed on the desktop in the computer, known as Exodus, as well as several well-known platforms for trading the Monero currency, including Poloniex, Shapeshift, Bittrex, and others.


It is known that virtual currencies need a wallet so that you can deal with what you own with the utmost ease, and the currency of Monero there are some wallets that can be relied upon to deal in this currency, we will mention them:


  • Mymonero Wallet: It is an online wallet that enables users to store and send currency without the need to use wallet applications. All the user needs is to save his secret sentence before sending his money to the wallet. To send and receive money with an easy to use interface.
  • Jaxx wallet, which is on mobile phones, and Exodus wallet, which is one of the desktop wallets, and there are many well-known wallets that support Monero, including: PoloniexBittrex, Shapeshift.

Monero coin price

Recently, the development and progress of the Monero coin have been observed rapidly, especially on the Bithumb platform, and it is reported that it has reached about 101 USD.

Monero coin price
Monero coin price


What are the pros and cons of Monero privacy?

High levels of privacy offer multiple benefits. Each Monero coin or unit is interchangeable, like the coin used at your local store. You simply don't care if you receive Monero X or Y coins, they are the same. You may be wondering: isn't this valid for all cryptocurrencies?


Bitcoins are recorded on a blockchain that displays the history of the transaction. This means that these coins can be linked to specific events, as well as negative events, such as theft. In these cases, these digital currencies can become less desirable.


This is where the Monero coin gives a major difference due to its focus on privacy and security. This means that XMR coins cannot be distinguished from each other based on their transaction history. This at the same time presents a challenge to Monero because its strength in privacy has made it a popular currency for markets suspected of being linked to drugs and gambling.




How are new Monero coins created?

The creation of new Monero coins is completed through the process of "mining", which is the usual way for cryptocurrencies to reward participants for recording blockchain transactions. The time required for a Monero coin to mine (complete) one block is about two minutes. Monero offers the opportunity to mine cryptocurrencies as well, but with some key differences.


How are new Monero coins created?
How are new Monero coins created?


Mining Monero does not require specific hardware and can be applied to all leading platforms, including Windows, Android, Linux, and macOS.3. It uses a Proof of Work (PoW) algorithm that is designed to make sure it can reach a wide range of processors. This means that mining is open to different parties, not just large mining pools that focus solely on mining coins.


When compared to other altcoins: the process can be completed on a standard computer, rather than those that require amazing speeds. You may be wondering what is the reward for mining. Miners are given a “permanent block” reward, which means that there will always be a minimum reward of 0.3 XMR Monero.


The main advantage of mining new Monier coins is simple: it provides an incentive for miners to ensure that a sufficient number of participants participate in the blockchain process. In relative terms, 0.3 Monero coins (XMR) will make up a smaller portion of the total Monero in circulation, which means it is an inflation-free cryptocurrency. By 2022, inflation will be around 1%, and will likely continue to decline from then on.

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