What is Monero?
Monero is a privacy-focused cryptocurrency released in 2014. It is an open-source protocol based on the CryptoNote application layer. It uses an obfuscated public ledger, meaning anyone can send or broadcast transactions, but no outside observer can tell the source, amount, or destination. This means that while one can trace a transaction back to a person or company, they cannot see the original source. Monero's creator, a 28-year-old Romanian programmer, recently joked in a Reddit AMA that with a little bit of botnet-influenced spamming, it wouldn't be hard to make the entire world run Monero, making it "trivial to compile it into a large scale attack" that could make even the most secure computer (a firewall and antivirus) easily compromised.
History
The concept of a cryptocurrency similar to Bitcoin came about in 2009, under the name Darkcoin. The following year, the Cryptocurrency Darkcoin 2.0 was created. Though the term "cryptocurrency" was not in widespread use, this was considered the beginning of a trend in making a currency completely anonymous. In March 2010, the second Darkcoin was created and renamed BitcoinDark. Some say BitcoinDark was a continuation of Darkcoin, but it was completely different. BitcoinDark had intended to remain anonymous by default, but Bitcoin introduced a feature in 2012 that made it possible to send payments without revealing the sender. Later in 2013, the Darkcoin development team went on hiatus, but new cryptocurrency projects were launched under the name BitcoinDark.
Technical Aspects
We list here some of the technical aspects that distinguish Monero as a cryptocurrency: Long Untraceable Numbers: Unlike Bitcoin, Monero is programmed to generate long numerical keys like MD5. This is a signature-less signature, which means that no verifier can positively verify the transaction. In Bitcoin, for example, a hash of all the previous transactions is run to compare it to the transactions coming after. This is because every transaction must be verified to check if the amounts being spent are correct. With long keys, no such hash has to be run, so there is no means to directly check a long numerical key is valid. As a result, it is impossible to prove Monero is sent by who it claims to be, but it is impossible to prove it is a fraud.
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How to Buy Monero
Monero is a relatively new cryptocurrency, with a total circulating supply of 8,754,600,000 coins. Because of that, you’ll have a hard time finding it for sale online. You can start the purchase process with a local exchange like Coinbase, Poloniex, or Kraken. But keep in mind these are highly regulated entities, and, if money laundering is a concern, these may not be your best options. Instead, a site like Coin ATM which offers no-charge cryptocurrency exchange is my preferred choice. Alternatively, you can buy it at your local Bitcoin ATM. You just scan a QR code and place money in your wallet to complete the transaction. This type of ATM is available in many locations around the world, including some locations near where I live, so I’m not too concerned with finding one.
How to Store Monero
Monero is one of the easiest cryptocurrencies to use, because you can create as many private keys as you like and use them to manage your cryptocurrency without ever divulging that information. That means you can change the address of a wallet and buy or sell without having to reveal your real identity. Additionally, Monero wallets can be encrypted and can require no confirmation before sending funds to another user. This eliminates many of the potential vulnerabilities associated with online bitcoin and blockchain wallets. The fastest, simplest way to get your hands on Monero is to use a peer-to-peer exchange. There are several popular ones, such as LocalBitcoins, CoinExchange, and OKEx, which lets you send and receive Monero.
Conclusion
Everyone is talking about cryptocurrency now. No one can deny the fact that cryptocurrency has got a place in today's world of technology. People around the world are experimenting with this cryptocurrency by buying them, mining them, trading them and even buying them to use on websites. However, what has caught everyone's attention is the latest craze which is going around called Monero (XMR). Monero is a privacy-focused cryptocurrency released in 2014. It is an open-source protocol based on the CryptoNote application layer. It uses an obfuscated public ledger, meaning anyone can send or broadcast transactions, but no outside observer can tell the source, amount, or destination.