The increase in the popularity of cryptocurrency is taking the future of the finance industry to a whole new level. These digital assets are decentralized and use blockchain technology to trade or spend this asset. Moreover, several digital assets focus on improving privacy and anonymity. Among them, one is Monero, which is known for keeping its privacy feature strictly implicit.
Usually, when we think about cryptocurrency, Bitcoin is the first thing that comes to our mind. It is because it is one of the first coins, which uses peer-to-peer technology for making payments with their coin. However, Monero has received a high level of popularity and acceptance because of its privacy-oriented features. So, if you want to buy monero, let’s move further in the article to know more.
Understanding XMR: Monero Cryptocurrency
XRM, Monero’s cryptocurrency, is an open-source, privacy-focused cryptocurrency launched in 2014.
It is under construction, and the concept is being worked on. This blockchain, which forms the basic technology behind digital currencies, is a public record of participant activity that shows all transactions on the network.
The Monero blockchain is configured in a deliberately opaque way. It anonymizes transaction details such as the identity of the sender and recipient and the amount of each transaction by masking the addresses used by participants.
Apart from anonymity, the Monero mining process is based on an egalitarian concept. It is the principle that all people are equal and deserve equal opportunities. Its developers did not take part in the introduction of Monero but relied on contributions and support from the community to further develop the virtual currency.
Advantages Of Monero Over Bitcoin
Since everyone who uses Monero automatically has privacy features applied to their transactions, Monero has a significant advantage over other cryptocurrencies whose privacy features are only optional. You don’t need to request and then check if the other person has activated the privacy mechanism when sending you money because privacy is always applied automatically to all transactions. In addition, Monero’s always-on privacy feature means that although most Monero users are not sensitive to privacy, they still automatically participate in strengthening privacy mechanisms for other privacy-conscious users.
Other advantages provided by Monero are as follows:
Has Super Mining Algorithm
“Mining” is a term for running programs on computers that examine and process cryptocurrency transactions that other people report to the World Wide Web. We believe Bitcoin creators made poor choices when it comes to their mining algorithms. Bitcoin algorithms run dramatically faster on custom-built mining chips (known as ASICs) than on standard computers and laptops. It means that it is almost useless for ordinary computer users to get involved in the bitcoin mining process and leads to a relative concentration of miners in the countries with the lowest electricity costs. In contrast, the Monero mining algorithm is specifically designed in such a way that ASICs don’t have too many advantages over ordinary computers owned by the general public.
It means that people all over the world run mining software on their home or office computers. Those who do this earn Monero in exchange for running software that processes and verifies other Monero transactions.
Moreover, since no special mining equipment is required, anyone that downloads the monero wallet can simply start their mining on a computer with just a single click.
Adaptive Block Size Limit
When a transaction has appeared on Monero, it appears as a part of a ‘block.’ These blocks are produced on an average of every 2 minutes. Also, it has an automatically adaptive block size limit. It means it will be able to handle future increases in transaction volume by automatically the size of blocks to accommodate higher future transaction volumes.
If you think of buying cryptocurrencies, Monero can be a good investment. Currency prices increased by more than 231% between August 26, 2020, and August 26, 2021. It does not cost much to get started because you do not require any special hardware. You can actually use your own computer’s CPU to mine it, and Monero works with all major operating systems. It will save you a lot of money on tolls and fees. So, buy Monero through a digital or virtual currency exchange or look for one vendor or cryptocurrency-capable ATM.