We live in a time where new cryptocurrencies are being created nearly every day, or at least that’s how it feels. Despite new cryptocurrencies having their origins in 2018, not all non-bitcoin cryptocurrencies are that recent. Monero(XMR) is an example of such a cryptocurrency. The currency was started back in 2014. This cryptocurrency has brought a lot of benefits to the field of cryptocurrency privacy. This article highlights some of the challenges and advantages that face Monero (XMR) in this competitive world of cryptocurrency. You can also find more information about the Monero cryptocurrency on the xmr wallet.
What is Monero?
This is a cryptocurrency that was first launched in 2014. Unlike Bitcoin, Monero is a currency that is privacy-oriented. Monero(XMR) is a currency that operates as open-source and uses the Bitcoin blockchain concept. Open-source is a term that means that the software and technology used in building and testing the currency are as a result of user collaboration. Research on Monero indicates that over 230 developers have developed the currency. Among the developers, 30 of them have been marked as the ‘core’ group 1 developers. Blockchain technology has been used in most of the digital currencies that exist to date. Blockchain technology uses a public ledger for all transactions that are carried on in the network.
Unlike other cryptocurrencies out there, Monero currency was built with a lack of transparency feature. The developers that built this currency included the lack of transparency feature on purpose. Many people prefer the Monero currency because of the of its privacy on transactions in its network. The currency was configured to hide the identity of any deal that takes place between the senders and recipients. Use of Bitcoin makes it possible for someone to trace your identity and also to know how much money you have in your account.
Difference Between Monero and Bitcoin
Bitcoin is also a currency that is widely known for its anonymity feature just like the Monero currency. However; there are some known limits to the privacy that the Bitcoin currency offers. Bitcoin is a currency that has been designed in such a way that it records both the bitcoin addresses and the transactions between sender and recipient on the blockchain. Blockchain, in turn, opens up the data to the public. One thing you need to know is the fact that the addresses in Bitcoin are usually not fully private despite bitcoin using fake names and also addresses. It’s the recording of the addresses in the blockchain that makes the stored data public and also traceable. This means that there is a possible way whereby the transactions in the blockchain can be linked potentially to someone’s real identity. Unlike Bitcoin, Monero offers much more privacy. This is because Monero uses cryptography to hide its transactions. Also, Monero currency has good sites that allow you to buy cryptocurrency. These are sites such as the xmr wallet.
Pros and Cons of Privacy
Everyone loves his or her privacy, and there are a lot of benefits from a cryptocurrency that offers privacy to the accounts of its users. Just like the currency we use at our local stores, each Monero coin or Monero unit are interchangeable. Not all cryptocurrencies have this benefit of coin interchangeability. This makes it possible for a person not to distinguish any two Monero coins. This is because the two Monero coins are identical thereby making it hard for a person to trace any transaction that took place using the coins.
