2008 is the year when cryptocurrency hit the market’s highest capital. With giving the currency a whole new meaning it began its journey. Starting with Bitcoin today we have more than 1600 cryptocurrencies active. Some of them are token base and some of the coin. The amount of growth in the last 10 years pretty much explains the need and the fame of cryptocurrency.
Monero Basic Beginners Guide
From $0.05 Bitcoin reached the highest price of all time $19,783 and right now has a market value of around $4000. That is how valuable digital money is these days. As always today I am going to explain about one cryptocurrency with a bright future. The name of that cryptocurrency is Monero. So this is Monero Basic Beginners step by step Guide.
Monero Official Website Link
Beginning of Monero?
Monero was created in April 2014. Its first name was BitMonero but it did not last long. A Bitcointalk forum user forked the codebase of Bytecoin into the title BitMonero. In the forum, his name was thankful for today. But his concept was just the same as bitcoin and the community did not like it at all. After being avoided by the community thankful for today disappeared. Then another group of users including Johnny Mnemonic as their leader decided to take over the project. And later they did and changed the name to Monero.
What is Monero?
Monero Basic Beginners Guide means what is Monero? A cryptocurrency! well, that is obvious. Jokes apart, Monero is a cryptocurrency where security matters. It is open source. The main feature of Monero is its privacy and fungibility. Monero supports decentralization. With its best security level, Monero uses a proof of work network. That way miners can issue new coins and secure the system and confirm transactions.
Best features about Monero:
Monero is open-source, which means anyone can use it with any device. But the main thing is, Monero is untraceable. Every cryptocurrency is planned to give users better privacy. Monore’s privacy system is totally different from others. Most of the cryptocurrencies store your transaction details in the blockchain. Because they need blockchains and other cryptocurrency methods. But Monero does not have any third party. It can protect your money itself.
The transactions are always secret in Monero. The default setting of Monero obscures the transactions, the destination, and the amount of every transaction. So no one can actually find out anything about the users or transactions. Famous cryptocurrencies like Bitcoin and Ethereum use transparent blockchain. Anyone with the internet can track down and see the list of any user’s transactions.
Almost all the merchants who accept Bitcoin also accept Monero. This gives you a huge area to spent your Monero currency. Starting with renting apartments and online stores, even some jewelry shops accept Monero.
Do you need this type of privacy?
Mostly time, Yes. You need privacy for almost everything. Mainly when it comes to money and deals, privacy is a must thing to have. For example, imagine you using Monero to buy something from someone.
The benefit is the seller cannot see who you are dealing with or who are the other sellers you have in your transaction list. Or if you are in a country where the crime rate is high. You can buy things from all around without giving sellers your address or identity.
If you are hiring people to do some work and make the payment with Monero. They simply cannot see how much you are paying the other workers. So you do not have to negotiate the fees with them.
Can you mine Monero?
The first Monero coin is Monero XMR. It is a proof of work cryptocurrency. That means you can mine Monero XMR. There are no special chips or systems to mine Monero. You can mine it with a computer like bitcoin. But mining is a competition these days.
People are using warehouses, supercomputers, and lots of money in these mining games. So this means you also need to make your computer powerful enough to get blocks. Monero XMR mining is based on the CryptoNote algorithm. It uses less electricity than any other crypto mining. But still, it is better if you can find a place with lower electricity costs.
Before you spend a big amount of cash on mining rigs make sure to research more details about mining. And use a mining profitability calculator to make sure your system can get you any profit.
How to buy Monero?
Monero is kind of like Bitcoin but with more upgrades and more features. the price of Monero was $2 when it came out and today its value is around $45. After the huge price drop of 2017 Monero is pretty much balancing its value.
This is one of the reasons to buy Monero. You can buy Monero with Bitcoin or Ethereum. You can also buy Monero via bank or wire transfer. It is possible to buy Monero with a credit or debit card. You definitely need a Monero wallet to store them after buying.
Where to store your Monero?
You need a safe place to store all your Monero coins. Monero is focused on privacy that means you also need to find a wallet that gives the best security. Monero GUI is Monero’s official client. It is available for Windows, Linux, Mac, and some other OS. It is one of the best-performed wallets in Linux distros.
Offline wallets are more secure these days. Where you can use your online wallet just to complete your daily transaction. Offline wallet to store the big amount.
Before you decide to use any other platform check the review by the users. Do not forget to check the quality of customer support. Your wallet is also one of the layers to protect you. Do some research before you choose a platform.
Is Monero safe for future investment?
As Monero is holding 14th position in the crypto market. Surely it is there for a reason. People who need a cryptocurrency that can give them privacy. Monero is the best one for them.
The value is great the balancing is good. The security layers are good enough to attract developers and companies. It is the best for its anonymity and this cryptocurrency has a great future ahead.
The company just needs to keep things updated and it will hold its position. You can also check Top Cryptocurrency List.