Total and absolute privacy in the transactions carried out on the blockchainThat is Monero (XMR), a cryptocurrency born in 2014. And for this reason it immediately stands out compared to other digital currencies on the market.
Even with Bitcoin, there is the possibility of identifying the senders and receivers in transactions, as well as amounts operated with the currency. If we count on this fact, everything that modifies or changes this possibility immediately transcends.
And that's what happened with Monero: Only the person who sends or is the recipient of a transaction will know the identity of the other person.
But still to accentuate this peculiarity of this digital currency, the developers have been announcing that an additional protocol will soon be implemented that will completely hide the transactions carried out on the blockchain. Not even the IP addresses of the executors of the operations will be identified.
If this is achieved, the world of cryptocurrencies will tremble, and it is that all those involved in this type of market yearn for privacy to prevail at the highest levels.
The reasons are various; protection from cyber attacks is one of the most important, although We must not be naive, and recognize that much of what you want to do secretly, brings its great portion of evil or crime included.
Criminal Currency?
It is a topic for debate that may well have been reflected in the title of this text.
Is Monero a criminal cryptocurrency?
There is a real controversy in this matter, and there are not a few who defend the idea that such characteristics in a cryptocurrency will cause an intense use of it for non-legal purposes.
On the other hand, not a few defend that precisely operating at a high level of anonymity is necessary and transcendent when using digital currencies, even that it is part of their philosophy of use and conception.
It is obvious that there may be variants or specific levels of action where being incognito or unknown can be useful, and of great practical importance without being a crime in itself.
Either way, Monero is an effective tool or way for illegal products and services to be marketed through it on the so-called dark internet, dark web or darknet.
These three terms do not have a totally consensual definition, but we could explain it as the collection of technologies or networks that are used to share content or information of a digital type, distributed between nodes, and that seeks to make the identities of those who exchange the data anonymous. or information.
Monero as a cryptocurrency, is particularly suitable for being able to trade illegally on this so-called dark internet.
It is not the only currency of this type used for this purpose, but we do emphasize that Monero is an important candidate to be located with solidity, as the most used in the middle of the Deep Web.
Bitcoin, as the main cryptocurrency in the world, and due to its decentralization characteristics, not being regulated by any body, the possibility of removing intermediaries, plus the lack of capacity to falsify it; For these and other reasons, it is also used by black markets.
In any case, many involved in this type of practice do not really consider Bitcoin as a sufficiently anonymous and effective payment possibility, since it can somehow be traced..
Monero: That's right and that's how it works
Let's go on to describe some principles or data exponents of the way of working of this electronic currency, and we will have an idea of how much it has inherited from the other cryptocurrencies, and also some unique peculiarities of it. All that in short has made it occupy an important position within the many existing digital currencies.
It was not written with the Bitcoin code, the protocol on which it is based is CryptoNote. And although this does not exactly mean that it does not have similarities with Bitcoin, as would the blockchain, its differences accentuate the capacity for anonymity that we have already talked about.
Monero will not use its own, private or unique virtual wallet address, as it is in the case of bitcoin users. Each transaction will have a specific address, with a password that will only allow the recipient and those who are granted this password to access the information on the operation.
The data of a transaction will be automatically combined with that of another that is of similar size, This greatly complicates the possibility that a certain operation can be traced using the blockchain.
The mining algorithm that the currency presents will not allow large companies to centralize it, as has happened in part with Bitcoin. ASIC devices have not been able to develop so far for its algorithm.
The currencies of this blockchain are the same and there is the possibility of being able to be exchanged interchangeably with each other, as if they were fiat.
There are no default limits to the size of the block. This will be calculated automatically after a trial period, with certain rewards for miners. The characteristic that it possesses by having a block size larger than that of Bitcoin, makes it able to handle a greater number of transactions per second.
As it does not happen with other cryptocurrencies, Monero and its maximum amount is infinite. In 8 years, its main emission curve will be taking place, reaching over 18.4 million coins.
Buy, Sell: Invest (XMR)
Independent of mining, you can get XMR exchanged for other types of cryptocurrencies or with fiat money: euros, dollars etc.
Related to the stock of portfolios to be able to receive this cryptocurrency, at the moment there is no proprietary software that operates in this regard, so it is necessary to resort to a web client.
mymonero is one of the most popular. Two other options available are: LightWallet and MoneroAddress, the latter an offline wallet. Among the prominent exchange houses that can be used we find Bitsquare, Poloniex and Bittrex.
Some dynamics that are not very convenient when using this mechanism are related to privacy or confidentiality that may or may not be available, since data or information such as email or other personal information are usually requested.
To change other digital currencies to Monero, it can be used shapeshift instantly. In the place MoneroForCash, It is possible to make the P2P purchase of Monero with dollars. Regarding the privacy characteristics, this mechanism has excellent conditions. A broker will be needed to invest in Monero. Another investment possibility is through mining, for which you will have to purchase specific hardware and incur other expenses.
It is possible to invest in Monero through CFDs. In a very simple way you can be opening an account in an online broker. To deposit funds with a view to investing, it is possible to do so in various currencies; dollars, euros etc. Leverage will be an advantage of trading CFDs, although it implies risks of losing money in the event that the maneuver is unsuccessful.
Some means of payments accepted by brokers are PayPal, Visa Cards, Mastercard, Bank Transfers or Skrill. It is important to note related to brokers, that due to the fact that cryptocurrencies are still relatively new, not many include them. It will also be necessary to take into account the reliability of the broker in question, as there are many scams related to this medium.
There are simulators that allow you to carry out false investment practices with prices the same as in the real broker. Trying out free demo accounts of this type is an excellent option to gain experience without the need for investment risks.
In this type of simulators it is even possible to see the value of XMR in real time, how it is affected by the news and in general the operation of the markets.
Monero is private, anonymous, secure, and untraceable. It is said that it is the most representative of these benefits within the entire family of cryptocurrencies.
Will this anonymity finally be a virtue or an imperfection?
The truth is, all the silence with which it can be handled is what has launched it to fame, and without this feature it would not be in the current success site.
Its massive use in the online black market for making payments and collections has given it a reputation, and for the same reason it is strongly criticized and has countless detractors worldwide.
And it is that the world of cryptocurrencies looks like this and can become revolutionary in many ways.. Perhaps for this reason it fascinates so many and drives others crazy, entering and gaining more space every day in the world economic sphere.
Digital currencies have in their own philosophy of operation admirable facilities and benefits, at the same time disadvantages, dangers and worrying irregular issues.
It's up to us all, from its creators to users, governments, institutions and other figures involved, influence the different levels of scope possible to make an intelligent and civilized use of them, without demonizing them, and at the same time without releasing them to such an extent that they are harmful.
Let's remember that Monero is already on the list, it is already controversial, it is already leading. Let's not forget it!