Monero is a cryptocurrency that offers a high level of anonymity for users and their transactions. It is also known as a decentralized peer-to-peer cryptocurrency just like bitcoin. However, it is seen as a more anonymous or privacy-oriented digital cash.
The platform was released in 2014. With this crypto platform, anyone can send or broadcast transactions, but no outside observer can tell the source, amount, or destination.
You can mine these coins using your own CPUs, which means they don’t need to pay for any special hardware. So to find out more about this digital currency include its price, this article will explain everything you need to know, including how to mine.
Monero’s blockchains that form the underlying tech behind digital currencies are public ledgers of participants’ activities that show all the transactions on the network. The blockchain is intentionally configured to be opaque. Thus, it makes transaction details- ID of the senders/ recipients and the amount of each transaction, anonymous by disguising the address used for the transaction.
However, aligning with anonymity, the mining process for these coins is based on an egalitarian concept.
That everyone is equal and deserves equal opportunities.
Download and install Monero Wallet and enjoy easy and secure XMR transactions and storage. Users can buy, track the price of the coin, and convert it to any cryptocurrency. The wallet is a free application powered by Freewallet. Here are the key features of the app
- Offers high-level security
- Lets you purchase Monero right within the app
- Exchange functions and Monero converter
- Very easy to use
- Enjoy quality customer support 24/7
These are the basic features that come with the app.
Monero Crypto runs on Android, Windows, macOS, Linux, and FreeBSD. Mining can be performed on a standard computer and does not need any particular hardware like the application-specific integrated circuits. Monero supports a mining process where individuals get rewarded for their activities by joining pools or mining coins individually.
Application-Specific Integrated Circuits
(ASICs) is commonly used to mine coins, but it’s expensive. However, instead of using these ASICs, you can go for the CPU or GPU on your computer to mine the coin.
The platform offers proof of work mining that provides security to certain cryptocurrencies. Thus, this service prevents problems surrounding double-spending that can skew the supply, showing there’s much available.
Monero Price Prediction
The price of these coins keeps increasing XMR/USD is enjoying some renaissance time in 2020, following the increase in the price of Monero by 230% in the first four-month. The currency is currently resided at 24 on the coinmarketcap.com ranking list, with a market capitalization of about $7.5 billion.
However, this year 2021, the coin price increase has been fuelled greatly by the revelation that Greyscale investments included Monero on a list of cryptocurrency trusts file. To get the current price of the coin, visit the price chart site.
How To Buy Monero
To buy this currency, you need to have a Monero wallet and register for an account, follow the procedure below
- Go to the app store
- Find Monero wallet of your choice, using the search tool.
- Click on the wallet icon on the result page
- Click on the install widget, the widget should be right next to the wallet app you want to get.
- It will download and install in few Mins.
- After downloading and installing the wallet app on your device, proceed to launch the app.
- Proceed to buy Monero, you can either mine or use an exchange for the coin, but the easiest method is to use exchange and convert your flat money into XMR.
- Locate the buy tab and follow the onscreen prompt to buy Monero.