The crypto community is fast blooming, while Monero keeps beating many benchmarks in the market. These cryptocurrencies allow users to buy and sell on digital platforms using blockchain technology. People are often familiar with Bitcoin alone, incredibly naive individuals. Wherein, Monero is getting more popular than ever. It has a mining pool known as MineXMR, which owns up to 44% of the privacy coin’s hash rate. As a result, investors and traders choose to buy Monero with an expectation of high returns in the future.
Understanding Monero Cryptocurrency
Monero, also known as XMR, was launched in 2014 as an open-source and privacy-oriented cryptocurrency. A unique aspect of this digital currency is its total dependence on the community. Every user has their records on a public ledger to ensure the legitimacy of all transactions. There are no central or minor actors, as every user is given a chance to explore the digital currency’s world.
The anonymous feature in Monero is intentional, and this is to hide the transaction details of every user. Hence, entities know when individuals buy Bitcoin but cannot identify the other party. Monero’s mining hash rate spur is also due to its rapid rise in market capitalization. The trading market recorded about $295.05 market cap on Aug. 26, 2021, which is huge compared to the $89.12 market price in 2020.
How to Mine Monero
Every user of Monero has a chance of being an active participant. Hence, interested persons will join the mining pool and begin to create several coins. Then, the system rewards every individual who successfully hashes a coin. In addition to this flexibility, Monero is available on several operating systems, including Android, macOS, Linux, and Windows.
People choose to buy Monero not only for its flexibility. The transaction rate is fast because the mining process consumes less energy than Bitcoin mining. Monero does not use power-consuming hardware like Application-Specific Integrated Circuits (ASICs). Instead of ASICs, users have permission to mine Monero using the computer’s GPU or CPU. This method is inexpensive and requires less money for maintenance. Also, the cryptocurrency employs a Proof-of-Work mining mechanism, which is safer than other alternatives.
Monero’s Legality and Traceability
Monero is legal and acceptable in most countries. In countries where people cannot buy Monero, it will also apply to other cryptocurrencies. If anything, many crypto experts encourage beginners to choose Monero over other digital currencies.
Monero operates on a private ledger, unlike other public-oriented cryptocurrencies. Also, its non-traceability has made it a preferred option for users engaged in illegal activities. Although these acts are unlawful, some users can avoid becoming victims by following the necessary protocols. Other prohibited activities such as drug dealing that should be hidden from state governments remain non-traceable.
Monero’s outstanding characteristics make it a good investment every user should consider. Digital currency experienced a surge of about 231% in 2021. Since the mining process is flexible, users will need little or no capital to start mining Monero coins.
The Outstanding Value of Monero
Every cryptocurrency that came into the market after Bitcoin tends to propose a unique value. However, Monero has created more outstanding values than others. Unlike Bitcoin, Monero does not involve a pseudo privacy feature. When people buy Monero, privacy is more guaranteed than buying Bitcoin.
Bitcoin uses a false name and address to store users’ information within its ledger. This protocol uses numbers and alphabets to modify users’ identities. However, agencies can still access it as long as the actual data is available on the blockchain. This is why most people that prioritize privacy would instead buy Monero.
Monero’s fungibility also makes it a better preference than Bitcoin. Although Bitcoin is equivalent to the dollar rate, users cannot substitute one currency for another. With the limitations associated with Bitcoin, users often opt to buy Monero. Agencies may identify Bitcoin’s history and link the transactions to illegal activities. This may lead to the banning of crypto accounts or suspension.
In conclusion, most cryptocurrencies founders aim to ensure maximum privacy as much as possible. However, only a few of them have achieved this aim. Some have created a privacy feature, while users will need to decide if they are going anonymous or not. Amidst the misconceptions surrounding decentralized cryptocurrencies, Monero has earned some trust among its users. More people choose to buy Monero while exploring the privacy setting. With the increase in Monero’s hash rate explained above, choosing Monero coins is one of the best decisions for professional crypto investors. Platforms like Evonax also provide privacy, as users trade among themselves. Using trusted centralized platforms as such, Monero’s privacy setting is a double package.
