Cryptocurrency Monero is one of the most well-known projects in the world of blockchain based digital money. Its most characteristic feature is to provide the sender and recipient of funds with certain level of anonymity. In terms of popularity, the Monero project also has no reason to complain, despite the presence of many potential competitors. Monero continues to reside high in terms of capitalization of the coinmarketcap, just behind the top ten.
The Monero cryptocurrency was created in 2014 as a fork of the Bytecoin cryptocurrency. It is maintained by a decentralized developer community. Ring Confidential Transactions technology ensures the privacy of the transferred capital.
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The Monero price followed the broad cryptocurrency market. After reaching the peak of almost $500 (!), The Monero exchange rate to USD dropped and reached relative stabilization at $50. Levels of support or resistance, depending on which direction the movement takes place, are on “round” levels. Monero, a course that tends to revolve around $10, $20, $40, $50, $100, $140 in US Dollars. This by the way allows an investor to accurately predict distribution and accumulation levels, to the certain degree.
Due to the highly advanced privacy solutions, Monero can be purchased from fewer cryptocurrency exchanges. For example, BitBay exchange has resigned from trading Monero. We can only suspect, but most likely the need to meet the regulator’s requirements forced BitBay to make such a decision. Investors withdrew their funds and cryptocurrency pairs were closed.
Monero community has taken this news with reserve. The main reason not many people were concerned about this was because of the very small volume of transactions. Perhaps the exchange will also prove to be the beneficiary of this decision, as it will reduce the costs of maintaining a low-profit cryptocurrency. The exchange community will suffer in the long term, because this Estonian stock exchange is still a window to the world for many investors.
How to store an anonymous cryptocurrency Monero? This subject needs special attention because the majority of transactions to and from cryptocurrency exchanges will be linked to the market account, and hence with the email address and IP address. An investor needs private solution, from which the most popular choice is the native wallet, sucha as GetMonero or MyMonero. For those who particularly appreciate safety and convenience, the Ledger Nano S hardware wallet or its successor is a great solution.
How to buy Monero?
How to easily and anonymously buy a Monero cryptocurrency? Try to use the fact that there are still exchanges with no verification. One of the largest is the Binance cryptocurrency market.
- register a free account on Binance
- top up your account using BTC, LTC, BCH or other cryptocurrencies. If you buy Monero for dollars, exchange them earlier for the cryptocurrency using LocalBitcoins, ensuring anonymity. You can also get Bitcoins from the local ATM, paying cash
- go to the BTC / XMR pair and buy Monero. The transaction fee is only 0.1% (one of the lowest), but has been temporarily reduced and amounts to only 0.075% if you use BNB
- transfer the currency to a secure, private wallet, preferably a hardware one.
How to mine Monero?
Is mining Monero still profitable? Contrary to popular belief, this is one of the best ways to get possession of XMR tokens. The main positive difference between mining Monero and buying is that you do not need to buy and transfer cryptocurrencies, such as Bitcoin or Ethereum, not to mention depositing fiat money into your cryptocurrency exchange account. Mining Monero is based on an algorithm that is immune to ASICs, so you can mine Monero on a regular computer. However, computers equipped with decent graphics cards work well, although theoretically it is possible to mine Monero on the processor. What program for mining Monero is the best? Check out our guide: mining cryptocurrency on your computer.
Monero has the reputation of a cryptocurrency that gives a sense of anonymity. For each transaction, the network applies techniques to prevent the identification of the traders. In addition to the higher level of privacy protection, Monero has a well thought out mining algorithm, adaptive block size and a great team implementing developmental features. No wonder that there is a consensus on the market about the positive future of this cryptocurrency. In order to make full use of the benefits of anonymity and usability, it is a good practice to follow up good practices, such as using secure wallets.
Monero confirms the path that designers have adopted years ago. The focus on anonymity has led to a situation in which Monero as one of the few crypto projects guarantees the sending of funds in compliance with the rules of confidentiality. Monero remains in the forefront of cryptocurrency in terms of capitalization according to the coinmarketcap, staying between tenth and fifteenth place.
If you’re familiar with cryptocurrencies and would like to try trading while maintaining anonymity, you can try speculating on Monero contracts with high leverage. Just make sure you are aware that you don’t actually buy Monero there, but rather make a bet on the exchange rate.