About Monero & Where To Trade It

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What is Monero?

Monero is a secure, private and untraceable currency system – the blockchain behind Monero uses a bespoke cryptography process that maintains total anonymity between all participants in relation to the entire transactional experiences. As more and more cryptocurrencies talk about transparency, Monero provides an alternative secure and untraceable alternative cryptocurrency experience.

During the early years of the twenty first century, when cryptocurrency development was in its infancy. Bytecoin was launched, going mainstream in July 2012. Bytecoin was the first to use the protocols of CryptoNote. However, the Bytecoin was immersed in scandal – this resulted in a forked spin off by a group of developers. In 2014, they created Monero, the new blockchain, that sees a new coin mined every minute with absolute privacy built-in to its DNA.

However, Monero’s total anonymity is in stark contrast to Ripple, Dash or Bitcoin. This has created perception issues for the cryptocurrency. There has been a strong association between Monero and Darknet criminal activity. However, many argue that the encryption goes beyond what is required for trusted digital security and creates a unique environment that allows criminality to succeed. Nonetheless, the developers behind Monero and the growing popularity illustrates a positive counter-experience to the cryptocurrency.

Why the big fuss?

Human failure is the single biggest security flaw within the cryptocurrency landscape. The fallibility of humans is central to understanding the myriad of security issues faced by exchanges and individuals investing in crypto. Furthermore, some cryptocurrencies aren’t open source – like Ripple or ZCash, they’re owned by small companies in the US led by up-and-coming ‘tech personalities’. The Monero experience is more open-source, more security-focussed and more total anonymity. Another part of the hype around Monero is the ‘fungibility’ of the currency. This means that each ‘coin’ has an equal value. This equity of transactionality means that vendors accept Monero because the blockchain does not ‘trace’ the transactional history of the recipient or vendor.

What can I buy with Monero?

Outside of the ‘dark web’ or the now defunct ‘AlphaBay’, the use of Monero is somewhat stymied by the general emergent attitude to cryptocurrency. Unlike Bitcoin, there hasn’t been a wholesale development towards structural consumer-inclined experiences. There are no Monero ATMs, pizzerias or retailers. The transactional distribution and the growing cost of exchange differentiation has also created problems. However, the anonymity of the cryptocurrency means that whatever one buys using Monero, no one will find out about the transaction history.

Where can I buy, sell or trade Monero?

Always use a trusted cryptocurrency broker. Why not explore WhichCryptocoin’s reviews of top crypto brokerages here? There are alternative ways including crypto pre-paid cards and other forms of crypto investments – including new investment trusts. However, which way you decide to invest in Monero, or alternative cryptocurrencies, remember the risks involved.

Always remember that alternative investment classes like Monero, Bitcoin or Ripple involves sizeable risk. Only invest funds you can personally afford to lose – the unregulated nature of the entire enterprise means you could lose money due to regulatory change within your own territory.

Caution: Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognise that for factors outside your control you may lose all of the money in your trading account.

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eToroeToro has an established reputation, especially amongst cryptocurrency traders. The option to automatically copy successful traders is particularly interesting for new traders. A new account is set up within minutes, and you can start trading with as little as $200 deposit.

VISIT SITE Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk.

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