Out of a vastness of cryptocurrencies, available at just a click, how will you choose the one/or ones, to start investing in? Well, first of all you must be sure that you really trust this type of activity and market. And if you are not sure about this, we just want to remind you that there are so many individuals who simply got rich on it, in the last 10 years, by standing at their PC.
This is why we are presenting you a very interesting and rooted cryptocurrency, called Monero, and we can tell you, by now, that it is worth your attention.
Who is Monero
There is a wide cryptocurrency world, out there, and almost each day a new one appears. This is a reality especially after 2017, that brought the big cryptocurrency boom. However some valuable non-Bitcoin cryptocurrencies got consacrated and grew solid roots even before that year. This is the happy scenario with Monero (or XMR) who was launched in 2014, as an alternative to Bitcoin, and proved to be quite a long-run competitor. It was designed, and came in the game, with the market asset of confidentiality. Its creators designed Monero to focus on all aspects of confidentiality, so everything around XMR, features, advantages and benefits, issues, all start with confidentiality.
Monero is an open source cryptocurrency based on blockchain transactions, just like Bitcoin. It holds the same technology logic as the majority of cryptocurrencies. The delivery of a public registry for all transactions takes place within the online system. As per Monero representatives, they proudly let everybody know that a group of 240 developers contributed to its design and improvement, in a close collaboration with representatives from the users group.
It was intended to hold back transparency, as we mentioned before, for the privacy of all users, around the world. XMR system hides the expeditors’ and receptors’ identities, as well as the amount of each transaction.
As opposed to Bitcoin, Monerro guarrantees a higher degree of confidentiality, because all its transactions are well hidden. In order to better understand how this is possible, and feel safe on your decision to invest in XMR, we want to remind you the way things go, by comparison. Bitcoin has limitations regarding privacy and intimacy, even if it uses fake names and addresses. Because all this data is recorded in the blockchain, which makes it traceable and publicly available. This means a vulnerability of data risk to be linked with the real name of somebody.
And here comes the Monero asset, which hides its transactions by encryption. Thus it ensures the protection for all addresses and amounts that are being transferred. Practically you will deal with fully XMR hidden transactions, thus integral privacy when choosing this cryptocurrency.
How to Make Money on Monero
If you choose on giving Monero and your earnings a chance, you will enter the fun, fascinating world of cryptocurrency mining.The same operation with the most cryptocurrencies out there. For this action you have at your disposal a wide range of cloud systems that will rent you computing services and protection in your dealings with cryptocurrency.
XMR mining does not require a specific hardware equipment, you can do it from your usual computer. It works with all platforms: Windows, Android, Linux and macOS.
Just like Bitcoin, it uses a Power of Work (PoW) algorithm (which requires validations from all nodes in the network). It is versatile and accessible to all types of miners, either big mining centers, or individuals. This system does not require a high processing speed, so any standard computer will do. This is one of Monero’s advantages as compared to others.
The compensation for mining XMR is a so-called „permanent reward”. This means that you will always be rewarded a minimum of 0,3 XMR even if you don’t get results. Then this reward increases as per your mining success. As XMR has a PoW algorithm, in order to be rewarded you have to be the first to solve tha hash (the digit code).
The high confidentiality levels make Monero a cryptocurrency with many benefits on the market, weather you are a professional player intending to get rich on it, or a hobbist who aims at getting extra earnings.
· Unlike other cryptocurrencies, one unit XMR is interchangeable to any other. Yes you might be surprized, but this is nolt actually the case for all cryptocurrencies. It doesn’t matter what Monero coin you will get, there are all the same. To clear this issue even more, please find out that Bitcoin units are registered on a blockchain that shows transaction hystory and they can be associated with certain events, either positive or negative. Thus, in case of Bitcoin, but not limited to it, there is the possibility to have some units less valuable than others. On the contrary, due to its hidden/confidential blockchain technique, nobody can make a distinction between one XMR coin or the other.
· XMR has a fast time respone. It generates one block in arround 2 minutes. (Which is far better than the 10 minutes required for Bitcoin). So your mining productivity and your gain will substantially increase.
· XMR is a cryptocurrency with a limited amount of units, thus it is inflation-proof.
Will Monero increase its value?
XMR had a slow and equally low start. It reached only a 0,25 USD in 2015, however it really blossomed in 2017, went up to 65USD and then, finally to 475 USD at the end of 2017. It stabilized around the value of 200 USD and it remains at this level, still.
As XMR is a deflationary cryptocurrency it can benefit a lot from the network effect, thus its price has high chances to go up, due to increased use.
What is my future with Monero?
So far Monero really kept on strengthening its position as a queen on the niche of confidentiality, within cryptocurrencies market. This provides it with the best forecasts there is. It is stable, safe and very robust on the market. Though it may not generate boom moments, it is recommended for a long run, having a quite stable pace.