monero

Trade Monero to BTC on Beaxy

Monero is a privacy-focused digital asset that was created in 2014 as a fork of the Bytecoin protocol. The project is funded through the Forum Funding System, a donation-based crowdfunding source. Monero uses enforced privacy for every transaction
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XMR

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I get
0.61463000000000000966
BTC
 monero

Features of Monero

Zero-Knowledge Proofs
Zero-knowledge proofs enable one party or node on a network to prove that they have valid information without revealing the information itself or giving up any details about their identity.
Bulletproofs
Bulletproofs are a specific type of zero-knowledge proof that is more comprehensive and enable the Monero platform to become faster and with lower fees due to bulletproofs ability to prove the validity of multiple inputs simultaneously.
Monero profile
Frequently Asked Questions
Frequently Asked Questions
Frequently Asked Questions mobile

What is Monero?

Monero (XMR) is one of the first privacy-focused cryptocurrencies ever made. This ensures that no user can be accidentally or deliberately discovered on the Monero ledger. Monero uses Nakamoto consensus that considers the valid chain to be the chain with the most accumulated proof-of-work (POW). The Monero block reward will continue to decrease until 2022 when the block reward reaches 0.6 XMR. The Monero protocol performs a planned hard fork every six months. This enables the platform and digital currency to consistently evolve and improve while leaving Monero participants with plenty of time to update before the protocol gets forked into a new network. In an effort to make Monero more decentralized for miners, the protocol’s proof-of-work algorithm is adjusted via hard forks to guarantee that Monero remains ASIC resistant and available for those using less power.

Monero Technology

Monero’s primary technological innovation was taking the advancements that Satoshi Nakamoto made with Bitcoin and going one step further to make the partially-anonymous transactions of Bitcoin and making them fully-anonymous. The Monero developers are currently working to expand the network’s privacy even further by integrating Invisible Internet Project (I2P) into the platform. This will remove any ability for passive network monitors to detect that you are a participant of the network in any capacity. The project also funds the Monero Research Lab which is committed to studying every angle of privacy to ensure that the Monero blockchain is always one step ahead of other privacy-focused cryptocurrencies.

How to mine Monero?

Unlike Bitcoin, you are not required to have extra hardware such as a Graphical Processing Unit (GPU) or Application-Specific Integrated Circuit (ASIC) in order to mine on the Monero blockchain. That being said, the proof-of-work consensus model is also applied to Monero and a simple Central Processing Unit (CPU) can be used. If you would like to add additional power to your Monero mining rig and are willing to spend the extra money, a GPU or ASIC is recommended. To reiterate, it is not required for Monero. You will want to have a hardware setup that balances overall power with electricity costs. More power is more expensive.
There are two options for mining Monero, you can use your hardware individually to apply your computing power or you can join an XMR mining pool and share your computing power with other miners who are in the same pool. There is a tradeoff between the two options. If you mine by yourself, you will have lower odds of successfully mining Monero, but if you do, you will receive a much larger reward. On the other hand, if you joining a mining pool you will have a very good chance of receiving a mining reward but the reward will be much lower as they are being shared with every other miner in your pool.

Risks of Monero Trading

Investment Risk Monero is a volatile digital asset that experiences drastic price changes relative to a share of stock or a bond. In its history, Monero has traded for a low as 21 cents per coin and as high as $495 per coin. As the volatility of an asset’s price increases, the inherent risk increases as well. It is important to consider Monero’s price risk before buying or selling the digital asset. Security Risk Any digital asset that you take personal custody of has inherent security risks. This is due to the fact that hackers can potentially infiltrate your wallet if they discover your private key. Best practices to mitigate this security risk include using a cold storage wallet, never entering your private key onto your computer, and never showing it to anyone else. Lastly, the best method is to find a wallet provide that offers a custody solution and insurance on your waller. This is the ultimate protection. Even if a hacker accesses your wallet and withdraws your coins, the insurance provider will compensate you for your losses. Regulatory Risk Monero is perceived to have a higher regulatory risk relative to other digital assets because it is a genuine privacy coin. Meaning that not even the wallet address of participants is recorded or published by the public ledger. Theoretically, this makes it easier for someone who is laundering money to conceal their identity. Governments can be expected to provide more clarity about the regulation of privacy-focuses digital assets in the future. Until then, it is essential that anyone buying or selling Monero consider the risk that unfavorable laws and regulations may be applied to privacy coins like Monero in the future.
Conversion rates US Dollar (USD) to Monero (XMR) 09/23/2021 01:50 PM
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