Monero – confidence and security
What is Monero?
The Monero cryptocurrency was launched in April 2014. The launch of the Monero code (the code is called CryptoNote) was announced in advance. The start itself was quite honest with respect to future users, that is, there were no such things as premine, instamin. No part of the reward for the mined block goes back to the development of the project. After the launch, the founder of Monero proposed changes to the work, which seemed to many to be wrong. As a result, the community did not agree with them and had to compromise – the Monero working team split the project and the community decided to follow this new core team. This core group has been overseeing the project ever since.
Monero has had some big updates since the launch date. To create greater efficiency and sustainability, the blockchain was moved to a database with a different structure, minimum ring signature sizes were set to keep all transfers private, and RingCT was made to hide transaction amounts. The vast majority of updates are related to increased security, improved anonymity, or easier use of Monero. Monero is still developing today, the priority is, first of all, on strengthening anonymity and security, and secondly, on improving user experience and performance.
It is the security and anonymity of Monero that has made it so popular. At the time of launch in 2014, the price for 1 Monero was about $2. As of August 2022, the Monero exchange rate against the dollar is about $161. The highest value of Monero was $542.33. An interesting fact is that some people find out about Monero when they search for a vauxhall monaro car on Google and accidentally enter vauxhall monero.
Mining Monero
Monero can be mined using Proof of work (PoW). One of the main principles of Monero is to support egalitarian mining so that everyone has the opportunity to mine. Based on this, Monero has a special algorithm that was invented and developed by members of the Monero community: RandomX. It allows you to protect Monero from ASIC mining. Those who want to mine Monero must use consumer-grade hardware (essentially your PC components or similar) and compete fairly.
Monero can be mined:
- On central processing units (CPUs)
- On graphics processing units (GPUs)
For Monero mining, it is better to use CPUs, as they are the most efficient. Important to know – the mining process is very processor intensive and consumes a lot of electricity, so consider the possible failure of your equipment and high electricity bills.
How to buy Monero?
It is best to buy Monero through proven services. It can be a crypto-exchange or an exchanger, such as Leoexchanger! Here you can see the current exchange rate and choose a convenient exchange method.
How to work with Monero?
The main areas of use of Monero:
Pay for goods and services. Every year more and more goods can be bought with cryptocurrencies. As of 2022, almost everything can be bought with cryptocurrencies, from small goods to cars and real estate.
Trading. One of the options is to try to constantly buy and sell Monero, making money on price changes.
Long-term investment. If trading is not for you, just buy Monero and keep it for a long time. There are many chances that it will rise in price and it will be possible to sell it profitably.
How to store Monero?
There are two main ways to store Monero – on an exchange and in a crypto wallet.
- Exchange. If you bought Monero on an exchange, for example, at WhiteBit, you can leave it there on your account. This is the easiest way as it does not require any additional software. But there is also a minus – physically, your Monero is not with you. If you lose access to your account on the exchange, you lose access to your Monero.
- Crypto wallet. After you buy cryptocurrency, you can transfer it to your crypto wallet and leave it there. There are many parameters by which crypto wallets can be classified. The main one is a hot/cold wallet. A hot wallet has a permanent connection to the network, while a cold one does not. Also, they are divided by location – browser, online, desktop, mobile, hardware. How to choose a wallet that is right for you? Read the reviews of other users and decide which one is the most convenient for you.
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