The origins of Monero
Europol even officially expressed concern about the growing popularity of Monero – which became additional advertising for the crypto coin.
Monero, launched in 2014 as a low-level project connecting to the Bytecoin blockchain, was originally called Bitmonero, and then a major renaming to Monero, meaning “coin” in Esperanto.
Monero Research Laboratory, a group of community developers is constantly expanding the boundaries of what is possible with the privacy and security of cryptocurrency.
Before delving into these features, let’s briefly explain how does anonymous cryptocurrency really solve the problem of double costs?
Monero is private and cannot be traced
Privacy is a key feature of Monero, and unlike other cryptocurrencies that claim to be private and semi-private, such as btc to xmr DASH and others, Monero privacy is the “default mode”. This means that instead of choosing to use private mode, you may occasionally disclose some information about your transaction.
Transactions on the Monero Blockchain cannot be related to a specific user or a real person. “
The Monero blockchain guarantees a high level of privacy due to the following 3 aspects:
- Ring signatures allow the sender to hide their address when making a transaction on the Monero blockchain.
- The concept of stealth addresses allows you to hide the address of the recipient of a transaction.
The addition of these 3 functionalities makes the Monero network completely private.
In addition, it is necessary to carefully analyze the sector in which a particular cryptocurrency is launched in order to find evidence that it can take a leading role in order to have a long-term impact on the market. It is clear that users will not need 10 safe and untraceable cryptocurrencies at once in the future.
If a private, secure, fungible and untraceable cryptocurrency takes over the minds of a large number of users, it will completely outshine its competitors. And that’s exactly what Monero is aiming for. Given the 6 reasons detailed in this article, I believe that Monero has the potential to have a long-term impact in this area, which is why I believe this cryptocurrency will remain a very good investment in the future.
Disadvantages of XMR
The main disadvantage is the risk of losing access to the wallet with Monero coins. As in other cryptocurrencies, the loss of a private key or Seed phrase leads to a complete loss of control over savings. Therefore, you should pay special attention to the safety of private keys.
Also, the risk of a hacker attack on the target machine with an open wallet is not excluded. It will be impossible to return the stolen goods. But, as practice has shown, even the most reliable banks are increasingly exposed to attacks by hackers and fraudsters, and the return of funds to victims tends to zero probability. In the case of Monero, only the user is responsible for the safety, which reduces the likelihood of theft. Read more info here: https://letsexchange.io/