Altcoin to Invest: Monero

Altcoin to Invest: Monero

The name Monero comes from the Esperanto and means "coin." Many progressive countries dislike this cryptocurrency for independence and closeness in identifying the participants. Although the same qualities bring it to the top cryptocurrencies.

The history of Monero

Monero payment system was launched in April 2014. Daniel Bernstein, a mathematician from the USA, has developed a cipher-based algorithm. Cryptocurrency is not developed from scratch. It is a fork of Bitcoin. Monero uses the cryptographic principle to obfuscation when it is difficult to understand the functionality of the code.

Our top trading bots

The biggest Monero advantage is the high anonymity degree, surpassing even Dash.

The biggest Monero advantage is the high anonymity degree, surpassing even Dash. Everyone can see the completed transaction, but no one knows who, how and where the money is transferred. Looped signature refers to the group of users relevant to the transaction.

Alarming privacy

Monero is the subject of increased interest among global law enforcement agencies. Cryptocurrency has become very popular in the online casino, games and the DarkNet due to the high confidentiality level of the payments.

Monero privacy doesn't mean that cryptocurrency is aimed explicitly at trafficking in questionable areas.

It often turns law-abiding citizens:

  • not to overpay for banking services;
  • not to disclose personal information to the fraudsters;
  • to avoid abuse among legal authorities.

Mining

Mining of Monero is different from mining other cryptocurrencies. You need a specialized equipment using the flagship graphic cards from nVidia or AMD to mine Monero due to the peculiarities of the algorithm CryptoNight. Although two years ago, before the network has grown, you could mine with a computer on Intel iCore5 base.

Now mining is possible only with computers with an architecture of 64-bit. One block confirmation will take up to two minutes regardless of the number of miners in the pool. The number of new coins increases that’s why the amount of remuneration for each block decreases. Experts have estimated that by 2022 it will be produced about 18 million coins. Then the compensation value will freeze and remain at the level of 0.6 per 1 XMR to keep the network always afloat.

The Prospects of Monero

Can the words "forecast" and "cryptocurrency" stand close in this volatile market? It is still difficult to make a forecast, but it is really important to understand the Monero growth compared to other cryptocurrencies. Bursts of XMR do not coincide with the peaks of the leading cryptocurrencies. But they correspond to the moments when large service platforms used it, like the iTunes Store and AppStore. And when, in summer 2017, the South Korean stock exchange BithHumb accepted currency, its price soared from $47 to $144.

The prerequisites to Monero growth

The cryptocurrency benefits are conducive to its financial development:

  • the growing interest and demand in Monero;
  • credible principle from the CryptoNight hashing;
  • generating a new address for each transaction;
  • RingCT technology that loop signatures exclude the identification of each participant;
  • good opportunities for mining at home;
  • support among enthusiasts pushing the brand to the market.

What makes Monero inconvenient and risky in circulation?

  • People who use it in semi-legal trafficking
  • The lack of control makes the currency a target for regulatory restrictions
  • Issue of coins is still not enough for the implementation of major projects
  • The algorithm is not compatible with the basic technological approach for mining.

Despite the impossibility of identifying Monero network users, developers policy always remain as transparent as possible. It contributes to the cryptocurrency promotion. Monero regulation as one of the most unreliable among all peers is the only obstacle to further development. Although, as practice shows, the more there is pressure, the more actively gaming business uses it.

Crypto rallies to $2T market cap as institutions signal readiness to enter
Bitcoin (BTC) and the broader cryptocurrency market rallied on Thursday, as the total value of digital assets crossed $2 trillion for the first time in...
Can DeFi and CeFi coexist? Three takeaways from experts panel
As price action bewilders market makers and traders, experts in the crypto industry reached an agreement on several important points last week. Notably,...
Fitch Ratings warns of risks crypto miners pose to US power supply
Global credit rating agency Fitch Ratings is warning public power utilities across the United States to mitigate the risk crypto mining could post their...
Jack Dorsey announces Bitcoin Legal Defense Fund
Former Twitter CEO and founder Jack Dorsey has announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and Martin...
Traders brace for a drop to $58K if Bitcoin price loses the $62K support
Whipsaw price action has returned to the cryptocurrency market after Bitcoin’s (BTC) price lost steam at $67,100 and retracted to the $62,000 level.  An...
Major job postings from the crypto space in 2021
As crypto and blockchain firms grow and need to navigate regulatory and economic challenges for the industry, many have to hire outside to find the best...
Here’s what traders expect now that Bitcoin price rallied back to $50K
There was widespread celebration across the crypto ecosystem on Aug. 23 after the sight of Bitcoin (BTC) back above $50,000 triggered a resurgence of calls...
Deutsche Telekom to store Celo tokens on Coinbase Custody
Coinbase Custody, the crypto custodial solution offered by United States exchange giant Coinbase, has been chosen by Deutsche Telekom to store its Celo...
New York Fed president says crypto poses challenging questions for central banks
New York Federal Reserve Bank President John Williams believes the emergence of cryptocurrencies poses a significant challenge to existing regulations,...
Nigerian secondary school will accept crypto payments despite regulatory uncertainty
A private secondary school based near the Nigerian city of Kano has announced it will be accepting payments for school fees in cryptocurrency amid the country’s...
Uniswap v3 flips v2 on volume — and both versions flip Bitcoin on fee revenue
The world’s largest decentralized exchange keeps growing and the newly-launched third iteration has now surpassed version two in terms of daily volumes.In...
CME Group set to launch Micro Bitcoin futures
The Chicago Mercantile Exchange, or CME, has unveiled plans to launch a new Bitcoin (BTC) derivatives product that will enable traders to speculate on fractional...
Bitcoin Breaks into The Rap-World Again: Soulja Boy’s New Song About Crypto
Soulja Boy, a 28-year-old American rapper and entrepreneur released a song merely called «Bitcoin.» The song is a part of his recent album “Young Drako,»...
The US Judge Defines Cryptos As Commodities, Backing Up CFTC Decision
One of the US rulers has finally explained what cyber money is. Neither are they fiat, nor assets, following the decision of the American, New York region,...
Zcash Developers Used Chernobyl Waste in a Secret Experiment
Zcash is one of the alternative coins, which enters the top-100 cryptocurrency list by mailing list. In accordance with it, the devs held it at 3,000...