Everything You Need To Know About Monero (XMR)
Monero (XMR), formerly called BitMonero (a combination of Bitcoin and Monero), is a type of cryptocurrency that focuses on discretion and decentralization that runs on Windows, Mac OS, FreeBSD, Google Android, iOS, and Linux.
This cryptocurrency uses a new code and has nothing in common with the block chain technology of Bitcoin.
XMR uses a public ledger that records transactions while new units are created via a process called monero mining. It aims to improve existing cryptocurrencies designed by anonymous senders, recipients, and any amount of every transaction made, as well as making the mining process unrestricted.
The focus on the privacy of this block chain technology has enticed people who have illegal intentions against the law enforcement. The unrestricted monero mining process makes it feasible to distribute mining which opens new funding ways for both legitimate online publishers and malicious hackers who secretly embed mining codes to various websites and apps.
Fun fact: The word “monero” means “coin” in Esperanto. Esperanto is an international auxiliary language made by L.L. Zamenhof during the 19th century. Zamenhof is a Polish-Jewish ophthalmologist.
Monero (XMR) Special Features
Have you ever wondered how this cryptocurrency became a crowd favorite? Listed below are the special features that the CryptoNote algorithm has made:
- Anonymity and private transactions – you can do whatever you want with your XMRs, you can spend whatever the amount and no one will know who you are and how much you spend.
- Fungible property feature – due to its privacy feature, XMR also made its goods and assets fungible. Fungible or fungibility means the goods and assets inter-changeability with another user’s goods and assets of the same type. For example, you borrowed $10 from a friend, you can return the money in the form of two $5 bills and it’s perfectly fine.
What is the Potential Price of Monero (XMR)?
Monero (XMR) is divisible by 12 decimal places. With that being said, the smallest amount of XMR cryptocurrency unit is equal to 0.00000000001. Its potential price is determined by the marketplace alone.
Since April 2014, the Monero cryptocurrency can be bought and exchanged on numerous stock exchanges across the globe. XMR is based on the whitepaper from CryptoNote.
Around August 2017, the XMR value skyrocketed from 50.00 euros to 110.00 euros! Therefore, the XMR price has doubled making the market capitalization exceeding 2 billion euros.
The highest daily close in for Monero (XMR) to Bitcoin (BTC) pair reached 0.03428 BTC, it was recorded on March 7, 2018.
On the contrary, the lowest daily close in for Monero (XMR) to Bitcoin (BTC) pair reached 0.02058 BTC, it was recorded on January 6, 2018.
To top it all off, the highest ALL TIME daily close in for Monero (XMR) to Bitcoin (BTC) pair reached 0.0361 BTC, it was recorded on August 28, 2017. The price has not been that expensive or cheap, the potential price still depends on how much the user values XMR.
Contrary to that, the lowest ALL TIME daily close in for Monero (XMR) to Bitcoin (BTC) pair reached 0.0009750, it was recorded on December 5, 2015. The price has not been that expensive or cheap, the potential price still depends on how much the user values XMR.
As of the moment, here are the details of the monero price:
Market cap: $2,534,513,469.00 USD
Volume (24 hours): $36, 218, 700 USD or 172,828.08
Circulating supply: 16,075,206 XMR
Last trade: 0.7660 XMR via Poloniex
With that being said, there is currently an extremely strong potential price increase, this is due to the guaranteed non-traceability of the transaction amounts. A lot of potential buyers have discovered an Altcoin – this does not only bring a huge amount of XMR units with it.
How to buy Monero (XMR) via Exchange Sites
The Monero cryptocurrency is mainly bought and sold in Binance – cryptocurrency exchange. You cannot buy it with fiat currency just yet (USD). Having said that, here is a complete guide on how to buy XMR starting with fiat:
- First and foremost, open a Monero wallet. This will serve as your account where you will store and send XMR, once your wallet is ready you can now transact via Coinbase.
- Buy Bitcoin (BTC) or Etherium (ETH) at an exchange site that uses your dollars [or other fiat currency] via Coinbase.
- Once you are ready to exchange, select “BTC” from the “YOU HAVE” menu, then select “XMR” from the “YOU GET” menu.
- Enter the amount of Bitcoins that you want to exchange for Monero. The application will automatically convert the exchange rate and calculate the fees.
- Select “NEXT” then confirm your details
- Transfer BTC or ETH to an exchange site that supports Monero (XMR). As of now, binance is the best choice (Tip: if you bought BTC or ETH via Coinbase, take a look if it can be transacted via GDAX – a digital asset exchange platform – to avoid transfer charges).
- Buy Monero (XMR) by trading your BTC and ETH for their coin/s, that’s it!
How to buy Monero (XMR) using Fiat Currency
There are numerous exchange sites that allow users to directly buy XMR using fiat currency, check out the following:
- Livecoin – an exchange site that supports wire transfers.
- Coincut – an exchange site that allows British people to buy XMR via bank transfers.
- LocalMonero and MoneroForCash – support local peer-to-peer XMR purchases using cash.
- Kraken – an exchange site that supports XMR purchases using Euros and U.S. Dollars.
- LiteBit, Anycoin Direct, and Orillia – allows users to buy XMR via a single euro payments area (SEPA)
These options to prevent the bitcoin transaction loop. With that being said, these options offer improper spreads.
How to buy Monero (XMR) using your Credit Card
For starters, it is difficult to buy XMR straight from a credit card.
One must buy Bitcoin first using a credit card via Coinbase or some exchange site. Once the BTC is ready, trade it for XMR following the steps as mentioned above.
You can buy small amounts of XMR from time to time, your credit card is charged per transaction made.
How to buy Monero (XMR) via Paypal
Unfortunately, Paypal banned user from buying XMR using their payment platform. Paypal supported cryptocurrencies before but not anymore.
Users are now only allowed to deposit money from BTC sales into their Paypal account. A Monero user can sell XMR for BTC, send to Coinbase, and withdraw the money via Paypal for dollars and other fiat currency.
Monero (XMR) Trading Exchange Sites
Monero is the ticket that categorizes the XMR cryptocurrency, it is also used for trades and exchanges. If you are new to using Monero trading exchange sites, here are some helpful tips you need to follow:
- First and foremost, open an account to transact XMR exchange funds.
- Every exchange site that supports XMR will provide a transactions ID. A transactions ID serves as a distinctive identifier for each miner. Due to XMR transaction platform, unidentified transactions ID are the one and only option to exchange services and to determine your transactions from other users.
- Old Monero miners have no transactions ID field, so you better check if you have installed the latest software version.
- Expect that XMR exchange pairings differ on exchange sites.
- Beware that some XMR trading exchange sites you see online are scam, these sites will steal your Monero cryptocurrency and put malwares on your devices via downloads, ads, and embedded plugins; while some sites are legit yet still unpopular (new websites). Never be deceived with uncertain offers, use only the trusted and established exchange sites to mine, buy, download, and learn more about Monero.
In line with this, enlisted below are the Monero (XMR) trading exchange sites that you can start off and see what XMR marketplace pairings are held by trading and exchanges.
|XMR EXCHANGE SITES||TRADING PAIRS||LAUNCH DATE||KYC (Know your Customer)/ AML (Anti-Money Laundering)|
|Poloniex.com/exchange/btc_xmr||XMR/LTC; XMR/ZEC; XMR/BCN; XMR/DASH; XMR/NXT; XMR/MAID; XMR/BTCD; XMR/BLK||January 2014||AFFIRMATIVE|
|Hitbtc.com||XMR/USDT; XMR/BTC; XMR/ETH||Around early part of 2013||Not crucial|
|Bittrex.com||XMR/BTC; XMR/USDT||Around early part of 2014||AFFIRMATIVE|
|Localmonero.co||Purchase XMR for USD or other fiat currency||N/A||NO|
|Shapeshift.io||XMR/BTC; XMR/DASH; XMR/RIPPLE; XMR/NXT; XMR/DOGECOIN and more than 40 trading pairs||N/A||N/A|
|Changelly.com||XMR/BTC; XMR/USDT; XMR/ETH; and more than 60 trading pairs||Around 2015||N/A|
|Evonax||XMR/BTC; XMR/BCH; XMR/DASH; XMR/DOGE; XMR/ETH; XMR/LTC||N/A||N/A|
Monero Original (XMO) Trading Exchange Sites
|XMR EXCHANGE SITE||TRADING PAIRS||LAUNCH DATE||KYC (Know your Customer)/ AML (Anti-Money Laundering)|
|Hitbtc.com||XMO/USDT; XMO/BTC; XMO/ETH||Around early part of 2013||Not crucial|
|Changelly.com||XMO/BTC; XMO/USDT; XMO/ETH; and more than 60 trading pairs||Around 2015||N/A|
Monero (XMR) ICO Profile Information
Initial coin offering (abbreviated as ICO) is an unregulated way by which funds are raised for new cryptocurrency ventures. ICO is usually utilized by start-ups to avoid the demanding and regulated capital-raising process required by banks.
Having said that, elaborated below is the detailed ICO information about the XMR cryptocurrency:
|GENERAL ICO INFORMATION||RATINGS|
|Number of members||0/2|
|SOCIAL MEDIA INFORMATION||RATINGS|
|Alexa Rank||41, 035 th|
|Telegram participants||7, 552|
|Twitter followers||294, 765|
|Promotional video views||57, 368|
|ICO PROFILE||MISSING INFORMATION|
|Members||Very few members take part of the Monero project|
|LinkedIn profile||Some members are missing or do not have a LinkedIn profile|
|Members’ roles||Some members don’t have assigned and designated roles|
Way back in July 2012, Bytecoin – the first real implementation of CryptoNote – was officially launched. CryptoNote serves as an application layer protocol that powers up numerous decentralized currencies. It is similar to the application layer which runs BTCs in various aspects, a lot of areas differ from it.
While Bytecoin made some promises, some miners noticed a lot of shady transactions and 80% of the coins are mysteriously being published. So, it was decided to fork the Bytecoin block chain then the new coins in the new chain will be called BitMonero, which was eventually shortened to Monero. In the newly built block chain, a block will be mined and added every 2 minutes.
Monero (XMR) was founded in April 2014, it was pre-announced during the CryptoNote reference code launch. There was no pre-mine or instant mine, and no percentage of the block reward goes to the expansion.
Monero (XMR) is headed by a team of 7 web developers, 5 of which have chosen to remain anonymous (up to this day) while only 2 introduced themselves to the public. Having said that, here are the key people behind the Monero Core Team:
- Riccardo “fluffypony” Spagni
- David Latapie
- Pseudonym “smooth”
- Pseudonym “othe”
- Pseudonym “NoodleDoodle”
- Pseudonym “TacoTime”
- Pseudonym “eizh”
The founder using the pseudonyms fluffypony (sometimes thankful_for_today), proposed some debatable changes that the XMR community strongly disagreed to. The changes result to a fallout, and the Monero (XMR) Core Team forked the said project together with the users following the new Core Team.
The Monero (XMR) Project
The Monero (XMR) project is an open source and crowdfunded platform; it is all set to embrace new changes for the coming days ahead. In its efforts to achieve an egalitarian mining technology, the dark and deep web’s favorite cryptocurrency brings you the following projects they have in store for the monero miners.
Monero (XMR) has already made numerous drastic changes ever since its official launch. The block chain was transferred to a different structure of the database. This aims to provide better competence and flexibility, lowest ring signature sizes were set so that every transaction made are private by mandate, and RingCT was carry out to hide all the transaction amounts.
Almost all the improvements have provided the advancement in its security and privacy features, or have facilitated use.
Up to this day, this cryptocurrency continues to progress and listed below are the proposed Monero Roadplan for the coming years ahead:
- Privacy and security features advancement
- Better usage and efficiency offers for the community
- More MRL research papers
- 2nd layer solutions for speed and scalability
- More competent range proofs for RingCT to lessen transaction sizes
Equipped with strong security and guaranteed anonymity for XMR miners, this crypto coin entices more investors each day.