Created in 2014, Monero is a cryptocurrency that allows for private, untraceable payments. Monero is designed have a completely obfuscated blockchain. This means that all Monero transactions are private and not publicly accessible. Bitcoin has an publicly viewable blockchain — it does not support for private payments or even private accounts.
Monero hides the sender, amount, and receiver with ring signatures, ring confidential transactions (RingCT), and stealth addresses. It’s the only cryptocurrency that has mandatory privacy for all transactions. The input selection algorithm with ring signatures is the weakest part of Monero, though several improvements to Monero mitigated this concern. Monero is working on Kovri, an I2P router, to hide the transaction broadcast, though this is not complete.
Monero was trading at around $16 USD in January, and is currently trading at $132 USD. It was recently listed on Korea’s Bithumb exchange, and this probably explains the latest upswing in price.
Monero is a open-source project (see the Github repository here). The developers explain the currency this way:
Monero uses a cryptographically sound system that allows you to send and receive funds without your transactions being publicly visible on the blockchain (the distributed ledger of transactions). This ensures that your purchases, receipts, and other transfers remain private by default. Your finances should be private and you should be the only one to know about your finances.
The word Monero comes from the language Esperanto. Monero means “coin” or “currency”, and the plural form is “Moneroj”.
Here is a excerpt from the Monero FAQ:
How do I buy Monero (XMR) with fiat?
- Monero Direct
- Bitfinex (STATUS: This exchange is currently having issues with fiat activity)
How do I store Monero?
- Monero Core
- Monero Core GUI 2 (If you don’t know how to use it, click here for instructions and tutorial)
- Monero Web-Wallet
- Offline Wallet Generator
Does a lightweight wallet exist?
Not yet, but you can use the official GUI with a remote node.
Are there any other ways to store Monero (XMR)?
Yes, there are many mobile wallets out there that allow you to store Monero (XMR). We do not recommend them, because they are not official releases of Monero. If you do decide to use other wallets, please make sure to do your research first before storing any Moneroj in the wallet. Anything used for Monero outside of official releases, will be used at your own risk. Some may be used for scamming purposes. If you still decide to take the risk; do not use them for large amounts. Also keep in mind that there is a high chance that Monero support will not be able to help you if you bump into any problems from applications outside of official releases. Why should you not use non-official wallets? Well would you buy a house and give your only key you have to the builder/management and wait for him/her to open the door to the house you supposedly own? No. Same goes with cryptocurrencies. You should always have possession of your private keys, and your Moneroj. Most non-official releases own your private keys, therefore you do not own the Moneroj.
I want to exchange/trade my cryptocurrencies into Monero (XMR). Which exchanges support Monero (XMR)?
1 thought on “Monero: A Private & Untraceable Cryptocurrency”