Monero is a crypto-currency and payment network focused on privacy. The way that it works is that transactions can be sent to the parties involved with no traceable information. If two different individuals try to send the same amount of coins, two separate transactions will have to be sent. Only the first transaction will ever show up on the block chain, and that means there is no way to trace any particular transaction.
The only way to tell that two transactions have taken place is that at some point during the process, the sender receives the receiver’s public address and a transaction fee, and sends that along with the transaction.
Monero is a cryptographic currency or cryptocurrency. It uses the CryptoNight system to generate a coin of a fixed number of “Hashlets”, called ‘Proof-of-Work’ (PoW).
The entire process is controlled and managed by a ‘Wallet’. Once the verification process is completed, the wallet is destroyed. Monero is a very versatile cryptocurrency. It supports more than 30 different payment platforms such as Bitex, Gatehub, Changelly, Bitfinex, Coinbase and Truebit.
Monero focuses on privacy and security, while also providing its users with a cost-efficient system. It provides strong anonymity, and privacy of transaction data. In contrast to other coins, transactions made in Monero do not reveal any information to the public.
Monero is slowly gaining acceptance in the cryptocurrency community.
Monero is a form of cryptocurrency which operates on the basis of unique cryptography. This means that Monero’s blockchain cannot be tampered with or manipulated by others.
Unlike other cryptocurrencies, Monero has no centralized issuer. Monero’s blockchain is decentralized. It has no issuer which is not required to make any changes in the currency. Monero is neither under the control of any authority nor controlled by any third party.
Monero has no counterparty risk, or risk of any one party losing money due to the action of another. This means that even if the blockchain is tampered with, there is no opportunity for anyone to make a profit from doing so.
Monero is increasingly accepted to be used as a real currency due to the increasing recognition and demand from miners, exchanges and cryptocurrency users.
Why choose Monero as a payment method?
Monero is the most secure currency to use in transactions. Unlike Bitcoin, which is susceptible to hacking and loss of your coins, Monero is not susceptible to external influences, unlike other currencies. With a constantly-growing user base, Monero seems to be the fastest growing cryptocurrency.
The success of Monero as a currency is increasing, and it is becoming difficult to match Monero’s success with the increasing number of miners and merchants in the cryptocurrency space. The decentralized nature of Monero’s supply ensures that supply cannot be controlled or influenced by the miners.
Monero is currently only available on a handful of platforms. The fact that Monero is secure and encrypted, however, makes it an attractive option for online criminals, terrorists, and other individuals who want the rest of the world to hide their identities. This explains the popularity of Bitcoin, which too is not completely anonymous.
Monero is a free form of currency, unlike Bitcoin, which does not carry any harmful features. There is no additional charge or hidden fees for using Monero. It is essentially free money.
Date of last update: 30. May, 2021