October 25, 2021

BlogCoinz

Cryptocurrency and Technology

Coin of the Week: Monero

Bitcoin is great when you want to store value or send large sums of money fast and cheap. Bitcoin is also transparent and easy to trace. So, what do you use if you don’t want anyone to know you used crypto. Well, Monero is one such solution.

XMR (Monero) was created in 2014 and is a mined cryptocurrency. XMR is one of the few coins that remains GPU/CPU dependent and ASIC resistant like Ethereum. For this reason, a lot of mining apps like Nice Hash or Honeyminer will mine Monero and pay you in Bitcoin. You can also mine XMR directly through apps like Minergate.

In a nut shell what XMR does is takes your key and scrambles them through encryption so no one knows you spent XMR or received XMR. The only way anyone would even know you had XMR is if you told them or they gained access to your wallet (unlikely). Most people first thought is “Hey, I can buy drugs with this” and while that is true there are lots of cases other than drugs or other black market items there are lots of instances where you do not want the world to be able to look into your wallet and see your transaction. Any peer to peer sale thats not a public listing sale such as buying a home should arguably remain private. No one needs to know you went to McD’s and got a hamburger.

XMR or coins like XMR are the future for Peer to Peer payment as it is fast, cheap, and private.