Monero is an open-source cryptocurrency that deals with flexibility, privacy and disintegration. The main aim of monero is to maintain the privacy of the sender and receiver and keep anonymous every transaction.
With the existence of blockchain, it prohibits others from tracking back transactions to show the sender or receiver of the funds. The information will remain private and can only be viewed by who sent or received funds in the transaction.
Architecture
By providing high degree of privacy monero is known to be convertible where every unit of currency can be exchanged by another unit. This feature makes it to be unique from others cryptocurrencies such as bitcoin where funds can be blacklisted after an undesired activity therefore users will not accept those coins. Monero is designed to prevent mining of application specific integrated circuit used to extract other cryptocurrencies like bitcoin.
Threats of privacy
The following are the three main dangers to monero user concealment
- Attaching the ring signature intensity of zero and being able to view the result amounts.
- Anticipating the right output in a ring signature is now simpler unlike how it was thought.
- Trailing transactions used by the same person
How to use monero
Here is a guideline that will make transaction with monero easier
- Learn
Research and learn about monero this will help in knowing more about it. Don’t forget to visit their web page where you will be able to examine, give feedback and discuss with other users.
- Ask for support
The internet is very broad where you can be able to find a considerate community when you get any problem.
- Create a wallet
A wallet monero is good for protecting your own money therefore you should look for one.
- Purchase monero
Monero is often bought on a transfer with other virtual currencies. Another way of purchase is through mining by the use of blockchain.
- Send and receive monero
Monero has its own guide that gives more information on transactions. Afterwards you will be able to easily send and receive funds.
- Transact with monero
Apart from transfer of funds, monero can also be used to buy a lot of goods and services.
Four facts about monero you should probably know
- Monero is fast and cheap
Since monero is electronic money it makes transaction of money quick and inexpensive with no charge backs.
- Monero is the best crypto currency
Unlike other crypto currencies like etheruem and bitcoin which have open blockchains, monero is more secure. It uses cryptography which protects the transaction addresses and amounts.
- Monero is a basic community
It was developed by more than 240 developers where 30 of them were core developers. This makes it to be among the world’s best cryptocurrencies.
- Monero exchange are unidentified and confidential
When people use monero to send and receive funds, the transaction will always be private and untraceable. They will therefore acquire monero without the risk of restriction.
