Monero Cryptocurrency – Does it tackle anonymity

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Monero Cryptocurrency – Does it tackle anonymity?

At its official website Monero, is presented as a secure, private and untraceable cryptocurrency. Monero uses a special type of cryptography to keep all transactions 100% untraceable and hence, anonymous.

Even though bitcoin is said to be an “anonymous cryptocurrency”, it’s not absolutely true. Read more to find out what is the difference between the two currencies.

In a nutshell, Monero is open-source and accessible to all. It doesn’t use any central server to record all transactions. One of the main benefits is low fees. The more transaction in the network, the lower the fee. All transactions are stored in two-minute intervals into a block and then put together into a blockchain – similar to litecoin. Transactions are validated through mining, the same as other major cryptocurrencies.

History of Monero

Everybody knows that Bitcoin was created in 2009. In 2020, it was followed by a “rival” Bytecoin, the first real implementation of CryptoNote. (CryptoNote is an underlying protocol used for the creation of numerous cryptocurrencies, very similar to the one used for bitcoin).

The problem was that 80% of coins were pre-mined by the authors of this cryptocurrency. This was bad news for Bytecoin. Therefore, it was decided to split the currency and create a new coin called Bitmonero, later shortened to Monero. This new blockchain adds a new block every two minutes, about five times faster than bitcoin.

Monero is controlled by a core team of seven developers, five remaining in anonymity and two revealing their identity: Davida Latapie, and Riccardo Spagni.

In the second half of 2020 you may have noticed a strange phenomenon: Monero mining websites. The case was that some web administrators installed a javascript code into their websites, which then led to illegal use of the computers of their visitors. Browsing over the internet and reading texts on the websites, the visitors unwantingly mined the cryptocurrency, which ended up in the pockets of the website owners.

What is so unique about Monero?

Monero has become popular thanks to a few unique features:

  1. Your money is only yours.
    It’s only you who controls your transactions. Your identity is secured and nobody can track down what you used your money for, where you got it and how much of it you have. Unlike bitcoin.
  2. Monero is ASIC resistant.
    It doesn’t mean that it’s resistant in the true sense of the word. Given Monero’s underlying algorithm CryptoNote (using a hash system called CryptoNight), the ASIC miner would be so expensive that the production would not pay off.

Monero vs. Bitcoin

As opposed to bitcoin boasting its openness, which means that your transactions can be tracked down to the origin by anyone anytime, Monero’s mission is to be absolutely anonymous. All transactions are hidden. No miner, government, police, not even your mum will see any of them.

The blockchain of Monero has no limit and is dynamically scalable. Unlike bitcoin, Monero has enjoyed a long-term and stable growth. New coins are being pumped into the network. Monero supports only few hardware wallets. The transactions fees are low. While in bitcoin the fee grows with the number of transactions, in Monero this is the opposite.

Monero price / value

As already mentioned, Monero has been steadily growing for a long period of time. It was created after a fork from Bytecoin. The mining time was reduced from 120 to 60 seconds and the reward for mining a block halved. Later the mining time was set back to 120 seconds and the reward doubled. After the launch, speculators made the value plummet to a few dollars. Lower demand resulted into a fall. Few months later, the crypto recovered and stabilised at 0.5 USD/ XMR. In the next year, the value of XMR oscillated between 0.2 and 1 dollar.

2020 was a breakthrough year. The rate grew sharply mostly due to illicit trading at AlphaBay. In 2020, the value skyrocketed by 2760% (bitcoin 119%). The upward trend went on in 2020. In late May, the company admitted that there was a big flaw in the system enabling to generate an unlimited number of coins. The market reacted by falling from 60 to 30 dollars. After that the rate quickly returned to the previous level and continues to grow.

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Where and how to buy Monero

You can buy Monero online via exchanges such as Bitfinex or Binance or through mining. To keep your coins safe you can download a wallet onto your PC or use a web wallet My Monero. There are also various wallets for smartphones but these are not trustworthy. When creating a wallet you will get a private key that you must keep in a safe place. Monero is divisible into 12 decimal places. The smallest unit is piconero. It is estimated that within the next eight years, the number of coins will reach 18.4 million.

Author

More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

Best Monero Wallets (XMR) [December 2020]

In This Article

Looking to hold or invest in Monero BUY NOW (XMR) but unsure which wallet Unlike the physical wallet in your back pocket, a cryptocurrency wallet doesn’t actually store currency but the keys to a. More is best to secure your portfolio? Our regularly updated list of Monero wallets will help you get started with the world’s most popular anonymous cryptocurrency!

Monero (XMR) is a cryptocurrency launched in 2020 with a major focus on anonymity and fungibility. Unlike many other blockchains which publicly display transaction and wallet information on a public ledger Blockchain is a digital ledger that’s used for storing data on several servers across the world in a decentralized, trustless. More , this information is private in Monero, allowing full financial privacy.

With Monero, practically everything is completely anonymous. Nobody can tell how much money your wallet holds, who you have transacted with, or whether you have even transacted with anybody at all. This makes it particularly suited to those who value privacy above all else.

Monero uses a combination of technologies including ring signatures, ring confidential transactions and stealth addresses to offer a level of anonymity that is widely considered to be unmatched by any other major privacy coin.

Despite its huge popularity as a cryptocurrency, Monero (XMR) does not have a huge variety of wallet options like other major cryptocurrencies. Between the small number of wallet options that do exist, each offers its own set of advantages and disadvantages.

The XMR wallet that fits you best will mostly depend on your preferences, as there remains as yet no single wallet that excels in all areas. Because of this, we will outline the major wallets available and briefly highlight their main features to help you make your choice.

Editor’s Note: The content of this article is provided for informational purposes only. BeInCrypto is independent and has no relationship with any of the provided products or services described below.

Ledger Nano S

The Ledger Nano S is an iconic cryptocurrency hardware wallet When traders think about cryptocurrencies, they focus more on how they can profit from the price swings. But, what happens. More that has quickly risen to become the most popular and best-selling hardware wallet of all time.

As it stands, the Ledger Nano S is also the only major hardware wallet to implement support for Monero (XMR), which was added to its list of supported cryptocurrencies in June 2020. Besides XMR, the Ledger Nano S also features support for most major digital assets, including Bitcoin BUY NOW (BTC), Ethereum BUY NOW (ETH) and NEO BUY NOW as well as hundreds of ERC20 BUY NOW tokens.

Featuring a minimalist design with just two buttons and a small screen used to log in, navigate menus, and verify transactions, the Ledger Nano S resembles a USB drive in its form but does not include any data storage functionality.

The Ledger Nano S is built with security Once you have the freedom of being the sole owner of your money, it’s now your responsibility to ensure the. More as its primary concern and is centered around a secure chip that physically isolates your private keys from any connected devices. On top of this, the device offers pin access and two-factor authentication to ensure your funds remain safe at all times.

Monero GUI Wallet

As the official Monero wallet client, the Monero GUI client is widely considered to be one of the best Monero wallets available.

Because this is a full node wallet, also known as a heavy wallet, it takes up far more disk space and system resources to run, making it best suited to those who prioritize security. Despite this, the Monero GUI wallet is simple to use but lacks additional features you might usually expect from a wallet, such as trading features and statistics. If you don’t have time to wait for the blockchain to sync every time you use the wallet, you might want to look into one of the light wallets on this list.

The Monero GUI wallet is available on a variety of operating systems, including Linux, Windows, and MacOS — and, unlike many other wallets on this list, features support for a variety of different languages.

If you are looking for a secure desktop wallet that also contributes to the Monero network security, then the official client is likely your best bet. While it isn’t the prettiest of wallets, it is the only full node wallet on this list.

Guarda

Easily one of the best-designed wallets on this list, Guarda sets itself apart from the rest as one of the most complete and fully fledged Monero wallets available.

Guarda is what is considered a multi-asset wallet, meaning it supports a variety of digital assets, including Monero (XMR), Bitcoin (BTC), EOS BUY NOW , Stellar BUY NOW (XLM) and much more.

Guarda is also one of the only Monero wallets available across a variety of platform types, being available on multiple operating systems including, MacOS, Windows, iOS, and Android, and is also accessible as a web app.

Unlike many exchange wallets, Guarda does not require you to create an account or hand over any personally identifiable information in order to create a wallet. Guarda is also extremely secure, securing your encrypted private keys on your device without them ever touching its servers.

Guarda is also the only wallet on this list that allows you to purchase cryptocurrencies with fiat and exchange your portfolio to a variety of other assets directly within the app.

Overall, Guarda stands heads and shoulders above other light wallets but does not offer the same level of security as Monero GUI or a hardware wallet.

Monerujo

Being the first Android wallet to support the Monero (XMR) blockchain, Monerujo quickly became one of the most popular XMR wallets around and features glowing reviews on the Android Play Store.

Unlike the Monero GUI wallet, Monerujo is considered a light wallet, as it syncs the Monero blockchain from an online node rather than download it directly. This makes Monerujo massively faster than Monero full-node wallets.

Monerujo offers a simple, streamlined interface with a variety of finishing touches that make it a real pleasure to use. Within Monerujo, setting up a wallet is just a matter of a few taps, while sending payments couldn’t be easier with its QR code scanning feature.

The Monerujo wallet is one of the only Monero wallets that includes built-in exchange functionality, allowing you directly make payments to BTC addresses using automatic conversion through XMR.to.

Cakewallet

The second mobile wallet on our list is Cake, a basic wallet available on the iOS app store. Cake is a very simple mobile wallet that lets you store your Monero (XMR) on any recent iOS device, including Apple tablets, iPhones and even the iPod Touch.

Although Cake has not attracted the same amount of attention as Monerujo, our testing has shown the wallet to be comparable in terms of user interface and functionality. Cake is also one of the only Monero wallets available to iOS users, and as is a good alternative to Guarda.

As a light wallet, Cake is extremely fast to load and allows you to choose which node you sync to. Besides this, Cake features a built-in exchange allowing you to swap Monero (XMR), Bitcoin (BTC), Litecoin BUY NOW (LTC) and several other cryptocurrencies directly within the app.

Cake does not send your private keys to any server and is the only Monero wallet that tasks advantage of Apple Face ID to add an additional layer of security to your portfolio.

Right now, Cake is one of the best wallets you can get on iPhone, though currently falls short to Guarda.

MyMonero

Getting started with and using Monero has often been considered a daunting task for newbies, and is one of the major roadblocks slowing its growth.

MyMonero is one of the first wallets stepping up to tackle this issue by producing a super simple, hassle-free online wallet solution that allows users to jump into the world of Monero without being an expert in cryptocurrency.

To get started with MyMonero, you simply create an account on the website and log in with the 13-word key provided when registering. During this setup process, MyMonero creates, stores, and encrypts your private keys — ensuring even they cannot access your funds.

Being the simplest wallet on this list, MyMonero does not include any fancy features or options, instead functioning only to allow users to send, receive and check their transactions. Because of this, MyMonero is the ideal wallet for absolute beginners, though simplicity does come at the cost of security.

Trezor Model T: Coming Soon

When it comes to hardware wallets, few can compete with the extraordinary feature set offered by the Trezor Model T.

The Trezor model T is designed to be a next-generation hardware wallet looking to secure your digital assets with the very best security available. As the premium Trezor wallet, the Trezor Model T is first in line for all feature upgrades and is first to support newly added cryptocurrencies.

Featuring a large 240×240 pixel color display and coming in at just 6.4cm long, the Trezor Model T is both portable and easy-to-use, without compromising on functionality.

Currently, the Trezor Model T includes support for Monero (XMR). However, as of writing, it is not yet possible to easily set up a wallet on the device. Once this feature is finalized, we expect the Trezor Model T to be the most secure wallet for your Monero.

Did we miss your favorite wallet? Why do you think there are so few high-quality Monero (XMR) wallets available? Let us know your thoughts in the comments below!

Japan’s FSA Wants to Get Monero, Dash, and Zcash Removed from All Domestic Exchanges

Cryptocurrency is legal tender in Japan. There is active regulation in the country which makes Bitcoin and altcoins perfectly legal. That situation has been rather interesting to keep an eye on, as the law is still subject to interpretation. As of right now, the Japanese FSA aims to have cryptocurrency exchanges drop all cryptos which can be considered facilitators of criminal activity.

What is Happening in Japan?

There has been growing scrutiny of cryptocurrencies which focus on privacy and anonymity, as well as those which could enable criminal activity. Although it is a bit unclear which currencies should be looked into in this regard, it seems any currency with privacy traits is considered to be a liability. This does not bode well for currencies such as Monero, Zcash, Dash, Verge, and a few others.

Japan’s Financial Services Authority has been paying a lot of attention to those currencies which may potentially be used by criminals. For a lot of people, Bitcoin would fall into this category, although it appears the FSA is not too bothered by the world’s leading cryptocurrency. Instead, the agency wants to tackle the ‘anonymity currencies’ and have them removed from domestic exchanges.

This rather harsh course of action raises a lot of questions, for obvious reasons. There is very little proof that currencies such as Monero and Dash are used by criminals, even though it would make a lot of sense if that were the case. Monero is often used in nefarious schemes such as malicious in-browser cryptocurrency mining. Whether or not that warrants a national crackdown on this currency is a different matter altogether.

Although it remains to be seen if Japanese exchanges will remove these currencies, a very peculiar tone has been set. One can see why the FSA is concerned with further connections between cryptocurrency and criminal activity, although it is very difficult to pin that label on just the currencies which provide anonymity or privacy features.

One thing not working in favor of currencies such as Monero is that they obfuscate all trading activity at all times. It is virtually impossible to identify senders, recipients, and transaction amounts in real time. This makes them a thorn in the side of a lot of regulators, although cracking down on such activity will always be a big challenge. Even if exchanges were to remove support for these currencies, users would simply switch to OTC trading.

It seems Monero is bearing the brunt of this scrutiny right now, mainly because it is the only private and anonymous cryptocurrency on the market today. Coincheck has also removed this currency, as well as Zcash and Dash, from its platform following its hack in early 2020. It is certainly possible that other trading firms will follow its lead.

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