All you need to Know about Monero and How Is Monero Different from Bitcoin?
Author : vipin sahu | Published On : 23 Mar 2021
Crypto trading isn't just limited to bitcoin-only because of what the majority thinks. If you're thinking of a way to diversify your cryptocurrency trading portfolio and finding out a few alternatives, Monero (XMR) might be the asset to travel for. what's Monero, what makes Monero so good, how it’s better than its counterparts, and thus the because of taking a foothold in XMR.
What Is Monero (XMR)?
Launched in 2014, Monero could even be a cryptocurrency that permits better privacy protection during transactions than bitcoin and thus the opposite cryptocurrencies. it's advanced cryptography that conceals the identity of both senders and receivers. Though bitcoin does it too, the payment history is often traced back to the first source.
Tracking the history of Monero takes you to Bytecoin, a privacy-focused and decentralized cryptocurrency that was launched in 2012. Thankful for today, a member of the Bitcointalk forum, forked BCN’s codebase, and Monero was born. this is often often often an equivalent forum that was founded by Satoshi Nakamoto, the person believed to be behind bitcoin. Since, then, many developers have contributed to XMR.
How Is Monero Different from Bitcoin?
Bitcoin is that the first virtual currency to introduce cryptography. How does cryptography shield the identity of the participants? It generates pseudo names using combinations of alphabets and numbers. That said, it doesn’t mean the user’s identity is totally non-traceable. There are two reasons behind this argument. First, both Bitcoin addresses and transactions are registered on the blockchain, opening them to public access. And, second, all transactions performed by a user are linked to an equivalent address. So, it’s not impossible for others to trace the address and identity of the user.
On the opposite hand, transactions over Monero are confidential and untraceable. Monero achieves anonymity and fungibility. Sender and receiver - here every user is anonymous by default. Monero makes use of three important technologies: Stealth Addresses, Ring Signatures, and RingCT to make sure the privacy of its users.
How do the technologies protect privacy?
They ensure untraceability (having multiple possible senders for a transaction) and unlinkability (being unable to prove that multiple transactions were sent to an equivalent person). Ring signatures ensure untraceability while stealth addresses are to introduce unlinkability.
Because every transaction is private, Monero can't be traced. Merchants and individuals accepting Monero don't got to worry about blacklisted or tainted coins. However, this might be an alarming thing for regulators of fiat currencies across the world.
Unlike other cryptocurrencies, Monero could even be a really fungible currency. to know fungibility, let’s fancy examples. Two $1 bills are equal in value but can they be the same? No, because they'll be related to different products/services. But two one-ounce gold bars of an equivalent grade are fungible. Monero is that piece of gold, while other cryptos are the $1 bills.
How to Invest in XMR?
The current ranking of Monero is #25. Its price stands at $234.20 USD as of March 20, 2021 (12.55 PM, IST). The 24-hour trading volume closed at $419,830,863. it's a circulating supply of 17,866,843 XMR coins. All major exchanges including PCEX Member allow you to trade XMR. Register with us, complete your KYC. you'll place an order in INR and acquire started during a hassle-free manner.
On PCEX Member, you'll check the real-time and predicted value of the cryptocurrency. Both spot and futures markets trading options are available. If you're a beginner with crypto trading, do not be concerned. We assist you to perform a technical analysis of the asset’s price. See Candlestick Chart, Order Books, and Trading signals before you're making a call. Use our knowledge bank containing insightful articles on cryptocurrency investment.
Read more to Buy Monero in India