3 Reasons To Invest In Monero (XMR Monero Analysis) How to buy Monero?
Everyone wants to find huge profits and get the coin that increases the amount invested by ten or one hundred times. But if we look at what is happening on the crypto market from a certain distance, then what has already emerged is madness. Many strategies are still in the concept and cannot show a working product yet, but huge sums are being invested in their coins. Sure, part of our wallet should support small plans and give us tending giant returns in exchange, but it's also important to support them that are big, already work and that are easy to sleep with. Monero XMR is one such coin and is believed to be one of the most popular cryptocurrencies for years to come. So it's time to take a look at what Monero is all about. 3 Reasons To Invest In Monero (XMR Monero Analysis) How to buy Monero?
In a nutshell, Monero XMR is a crypto money. This digital money can be used anonymously and reaches the recipient quickly and reliably. So far, so good, so unspectacular. But that is exactly the point. Bitcoin has turned into an object within the last year, the value of which fluctuates strongly while it is being sent and which is expensive and slow to use. 30 dollar processing fee and a few hours waiting time within which the transferred money decreases. The blockchain, which was formerly created for its decentralization, is on ever-growing mining platforms and as soon as the place of a wallet is known, its entire payment history can be traced.
Sure, this criticism of Bitcoin is a bit unfair, because after all, Bitcoin was the first cryptocurrency and does very well for it. But why shouldn't we just choose a currency that has gotten all Bitcoin issues out of the way right from the start? A currency that is already in use and couldn't be simpler and more functional. Monero is open source and therefore anyone who is familiar with the topic can see that Monero - compared to many other plans on the market is relatively easy to handle. But simple doesn't mean bad. In Monero's case, it is the greatest strength that could even ensure that Monero can maintain a place in the top 5, the cryptocurrencies, in the long term.
Now we will explain in a simple and understandable way for everyone how Monero manages to do Bitcoin's job better.
Monero Is A Pay Coin
Monero means coin and thus unmistakably indicates the core task of its currency XMR. The Monero blockchain is not used for the exchange of data or for digital kitten breeding. It is there to ensure a smooth payment and focuses on what made Bitcoin great: The possibility of trading under the radar of governments and away from the banking. No attempt is made to turn complicated updates into reality, no intelligence is sought or even a new online world is built, but an opportunity to the system is provided, which should have been obsolete for decades.
With Monero Everyone Is Their Own Bank
For centuries, banks have had a monopoly on being the rulers that check money and, in some cases, also produce it. This monopoly was shamelessly exploited by some and led to money being transformed from a value into a balloon-like form that only works because the majority believe in it.
This was accepted because it takes an intermediary to move money from A to B across places and without contact. There was no alternative, because even those who paid using services or platforms ultimately only linked 2 banks with each other. Maintaining banks costs money and sending money also costs money. Intra-country transactions are cheap and can be done within a few hours or days, but this looks very different on an international level.
Monero Is Fast
When it comes to Bitcoins, many have the risk that a transaction shuttles around for hours in what feels like nothing before the amount has finally arrived. That is why crazy transaction fees have become established, without which sending Bitcoins can even take weeks. This condition is unacceptable and occurs because the Bitcoin blockchain only allows one transaction every few seconds. However, the blocks within which the transactions take place are limited and only hold a few transactions. So it takes time for your own transaction to make it into an executed block.
The Monero solves this issue elegantly: blocks are scalable here. This means that the number of transactions accommodated in them can be increased as required without splitting the platform or otherwise negatively affecting it. In the long term, using this innovation is unaffordable, because it ensures stable and usage payment transactions.
Monero does what it should, concentrating on its core and making it as simple and cheap as possible. Monero is one of the few cryptocurrencies and blockchains that already work and solve a problem.
Privacy Payment Process With Monero
What many people are not aware of: Whenever we spend our money, we leave traces. Anyone who makes a lot of online purchases or who discovered contactless payment in times of the pandemic gives banks and companies, but also third-party providers comprehensive insights into their own purchasing habits.
But there is another way: One crypto currency has set itself the goal of bringing more privacy into the payment processes - Monero. You can find out what this is all about here.
How Does Monero Work?
There is also a blockchain behind Monero, just like with the largest and well known cryptocurrencies. In contrast to Bitcoin, the system behind the blockchain at Monero is more financial, so that less computing is required.
Monero also works with the so-called proof of work - miners have to solve a complicated algorithm in order to encrypt a block and receive coins as a reward. This led to the fact that miners for Bitcoins need more and more computing limit in order to solve the computing tasks.
How Can I Create Monero?
A special feature of Monero is that every user with a commercially available PC can manage XMR with his graphics. This is made possible by the more financial system behind Monero: This is much less intensive. The difficulty of the tasks with Monero does not increase over time, but depends on the number of users in the platform.
Also unusual: the miners can determine themselves how big a block should be on the blockchain - as long as it is around the median of the last 100 ones. Miners can therefore build somewhat larger blocks on their PC and thus make a greater profit.
As with other cryptocurrencies, the reward decreases with each block. The limit at Monero is almost 20.000 XMR. This point is likely to be reached next year.
What Makes Monero So Anonymous?
As a user of Monero, you can rely on the anonymity of the currency. The transactions cannot be viewed from the outside, unlike with other crypto currencies, for example. Sensitive information such as recipient, sender and sum are only stored in encrypted form on the blockchain.
So if you want to see the transactions you need a key. There are two variants for this with the Monero blockchain: the private key and the so-called view key. While the private key is available to the recipient and the sender, third parties can also use the view key to view the blockchain transactions.
In addition, Monero relies on ring-shaped transactions. While with other cryptocurrencies, the currency goes straight from the sender to the recipient, Monero takes winding paths. The system behind the RingCT combines several users into groups.
A transaction can then only be assigned to one group, so the individual user can hide himself and his transaction amount in the group. Analyzing the payments is then associated with a lot of activity. The anonymity of Monero is also making it more popular with hackers on the cyber world. For example, cyber attackers have already demanded XMR as a ransom in attacks.
How to buy Monero?
Author: Emre Ata Author LinkedIn