Frequently Asked Questions
What Is Monero (XMR)?Read More
Monero was launched in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography.
The team behind Monero say privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users — irrespective of how technologically competent they are.
Overall, XMR aims to allow payments to be made quickly and inexpensively without fear of censorship.
Who Are the Founders of Monero?Read More
Seven developers were initially involved in creating Monero — five of whom decided to remain anonymous. There have been rumors that XMR was also invented by Satoshi Nakamoto, the inventor of Bitcoin.
XMR’s origins can be traced back to Bytecoin, a privacy-focused and decentralized cryptocurrency that was launched in 2012. Two years later, a member of the Bitcointalk forum — only known as thankful_for_today — forked BCN’s codebase, and Monero was born. They had suggested “controversial changes” to Bytecoin that others in the community disagreed with and decided to take matters into their own hands.
It’s believed that hundreds of developers have contributed to XMR over the years.
What Makes Monero Private?Read More
Users shouldn't view all privacy cryptocurrencies as interchangeable or equivalent services because they don't all achieve privacy in the same way. For instance, XMR should be considered a technology that, when used properly, obscures user data on the blockchain, making it harder to identify its users.
What Gives Monero Value?Read More
The secrecy and anonymity offered by Monero are what most users find valuable. It gives people the freedom to conduct cryptocurrency transactions anytime they want for any purpose without being concerned about being watched by the government, hackers or other outside parties. XMR coins cannot be traced, thus they cannot be blacklisted by businesses for alleged illicit connections.
Investors who think that demand for privacy will rise in the future, raising the price and total market cap of XMR, may find value in Monero in addition to its use as a medium of exchange.
What Makes Monero Unique?Read More
There are several things that make Monero unique. One of the project’s biggest aims is achieving the greatest level of decentralization possible, meaning that a user doesn’t need to trust anyone else on the network.
Privacy is achieved through a few distinctive features. Whereas each Bitcoin in circulation has its own serial number, meaning that cryptocurrency usage can be monitored, XMR is completely fungible. By default, details about senders, recipients and the amount of crypto being transferred are obscured — and Monero advocates says this offers an upper hand over rival privacy coins such as Zcash, which are “selectively transparent.”
Obfuscation is achieved through the use of ring signatures. Here, past transaction outputs are picked from the blockchain and act as decoys, meaning that outside observers can’t tell who signed it. If Ian was sending 200 XMR to Susan, this amount could also be split into random chunks to add a further level of difficulty.
To ensure that transactions cannot be linked to one another, stealth addresses are created for every single transaction that are only used once.
All of these distinctive features have led to XMR being increasingly used for illicit transactions instead of Bitcoin — especially on darknet markets. Governments around the world, especially the U.S., have also offered hundreds of thousands of dollars to anyone who can crack Monero’s code.
How Many Monero (XMR) Coins Are There in Circulation?Read More
Monero is slightly unusual as a token sale wasn’t held for XMR — and no tokens were premined either. At the time of writing, the circulating supply of XMR stands at 18,188,773.23.
This cryptocurrency is designed to be resistant to application-specific integrated circuits, which are commonly used for mining new Bitcoin. In theory, this means that it can be possible to mine XMR using everyday computing equipment.
Overall, there will eventually be a total of 18.4 million XMR in circulation — and this cap is expected to be reached on May 31, 2022. After this, miners will be incentivized using “tail emissions,” with a small amount of XMR being fed into the system every 60 seconds as a reward. It is believed this approach is more effective than relying on transaction fees.
How Is the Monero Network Secured?Read More
One of Monero’s main goals has to prevent centralization — and this network uses a consensus mechanism called CryptoNight, which is based on proof-of-work. This prevents large mining farms from becoming a dominant force.
Where Can You Buy Monero (XMR)?Read More
Because of its nature as a privacy coin, XMR isn’t listed on some major exchanges. For example, although you can buy XMR on Binance, it isn’t supported by Coinbase. As a result, you may need to convert your fiat into Bitcoin and go through a smaller trading platform. This guide helps explain how you can convert fiat currencies into crypto with ease. As it’s use grows there has been increased interest in the XMR to AUD and XMR to EUR price pairs.
What is the all-time high price of Monero (XMR)?Read More
The all-time high of XMR was 517.62 USD on 2021-05-08, from which the coin is now down 73.22939608206794%. The all-time high price of Monero (XMR) is 517.62. The current price of XMR is down 73.22939608206794% from its all-time high.
How much Monero (XMR) is there in circulation?Read More
, there is currently 18.40M XMR in circulation. XMR has a maximum supply of 0.
What is the market cap of Monero (XMR)?Read More
The current market cap of XMR is 2.55Bn. It is calculated by multiplying the current supply of XMR by its real-time market price of 138.57.
What is the all-time low price of Monero (XMR)?Read More
The all-time low of XMR was 0.21296699
, from which the coin is now up 64966.421796166615%. The all-time low price of Monero (XMR) is 0.21296699. The current price of XMR is up 64966.421796166615% from its all-time low.
Is Monero (XMR) a good investment?Read More
Monero (XMR) has a market capitalization of $2.55Bn and is ranked #51 on CoinMarketCap. The cryptocurrency market can be highly volatile, so be sure to do your own research (DYOR) and assess your risk tolerance. Additionally, analyze Monero (XMR) price trends and patterns to find the best time to purchase XMR.