What Is Monero (XMR)? Monero is a privacy coin that's not very private about it.

What Is Monero (XMR)?

Monero is one of the most popular privacy coins on the market. It’s a cryptocurrency focused on secure, private, encrypted, untraceable transactions. This is meant to protect users who initially assumed (incorrectly) that Bitcoin was anonymous. Really it’s psuedonymous, and that makes it easy to trace transactions.

The XMR cryptocurrency is open-source, and its Foundation is heavily focused on letting individuals mine against ASIC rigs. Even though Verge (XVG) gained mainstream media buzz for its porn connections, many porn sites also take privacy coins like XMR.

Who Is Monero?

Monero was launched in April 2014 by Nicolas van Saberhagen. It’s a fork of the Bytecoin code base and gained notoriety for its usage on dark web marketplaces.

Developers include Riccardo “fluffypony” Spagni, Francisco “ArticMine” Cabanas, and a crew of psuedonyms.

Use Cases of Monero

Monero uses ring signatures to create an extra level of privacy for untraceable payments. It is a fungible currency based on the CryptoNight Proof-of-Work (PoW) has algorithm (itself derived from CryptoNote).

Stealthy addresses and ring signatures makes it difficult to trace financial transactions. This makes it a popular crypto to transfer for money laundering.

It’s also a popular crypto used by ransomware apps, which convert paid BTC into XMR to hide identities.

How to Mine XMR

XMR is mined using a version of the CryptoNight/CryptoNote 2.0 PoW hashing algorithm. It’s supported by a wide variety of cryptocurrency wallets and exchanges.

There’s no maximum supply of XMR, and it reached an all-time high price of $495.84 on January 7, 2018, according to CoinMarketCap.

Learn More About Monero

If you want to learn more about Monero (XMR), check out this intro guide at Investopedia. Traditional investment and financial outlets don’t have the best crypto coverage, but it’s more trustworthy than some of the scam media outlets that are actually investment banks like Crypto Briefing.

Otherwise, check out this intro to Pundi X on Thought for Your Penny.

Versability

Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

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