If you’ve ever wanted a currency that’s more private, secure, and untraceable, chances are you’ve at least heard of Monero. As one of the leading cryptocurrencies in today’s market, Monero is becoming more and more desirable in an increasingly transparent world. While cryptocurrencies are infamous for having a bit of a learning curve, if you’re interested in finding out more about Monero, then here’s what you should know.
Origins of Monero
Monero has one of the lengthier backstories amongst its crypto peers. Back in 2012, one of the first applications of CryptoNote known as Bytecoin launched. CryptoNote is similar to many blockchains in the sense that it relies on an open-source ledger that’s available to the public. However, the currencies transferred via CryptoNote make it incredibly difficult to discern which party sent funds and which received them.
While Bytecoin and CryptoNote both carried initial promise, many users were displeased to learn that 80 percent of all Bytecoins had already been published. Bytecoin’s creators decided to split its blockchain, deeming that all new coins in the new fork would be dubbed Bitmonero. This name was eventually shortened to just Monero, which is the coin you see in the current marketplace. Seven developers head Monero, five of which have elected to remain anonymous. The two who went public with their identities are David Latapie and Riccardo Spagni.
Where do you buy Monero?
You know how stocks are bought and sold through stock exchanges? The same principle applies for cryptocurrencies. These cryptocurrency and Bitcoin exchanges vary widely in their scope and their available offerings, but there are a few constants that are good for beginner buyers. Remember that certain exchanges don’t accept traditional currency, also known as “fiat currency”. This means you’ll need to have bitcoins or other altcoins to make a purchase through that exchange.
While certain exchanges such as MoneroForCash allow you to purchase Monero with fiat currency, many of the bigger, more reputable exchanges do not. For instance, Binance, one of the more trusted exchanges, is strictly a crypto-to-crypto exchange, so no USD or EUR allowed. It also restricts the trading pairs you can use to acquire Monero to either Bitcoin or Ethereum. So do some research on exchanges before committing to a purchase, because you want to come prepared.
Price of Monero
Much like other cryptocurrencies, there is no single Monero price that is set in stone. It’s possible for Monero to fluctuate on a daily basis. The coin also has a fairly high market cap compared to its circulating supply, which means coins fetch a greater sum. The fundamental tenet of any purchase decision is to buy low and sell high. Reviewing historical trends on any given coin is a great start for predicting when to enter the market.
There are many popular resources for tracking coin prices, historical performance, and current market share. If you’re looking to get serious about cryptocurrency, these types of websites need to have a permanent spot in your bookmarks, because you need to constantly be aware of your coins’ ever-changing prices.
Getting started in crypto
While most cryptocurrencies are investing heavily in decentralized networks, Monero keeps its privacy features at the forefront. It’s one of the few alternatives to Bitcoin that shows real growth potential. It’s also able to scale dynamically, which means it should be capable of accommodating growth spurts and increases in buyer interest. If you’re ready to start learning more about the crypto market and trading potential, Monero is certainly a good place to start.
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