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Monero CryptoCurrency

Monero History

Monero (XMR) is an open-source decentralized cryptocurrency created by a group of 7 core developers and released on April 18th, 2014. Monero is a secure digital cash operated by a network of users that runs on Windows, MacOS, Linux, Android, and FreeBSD. Monero transactions are confirmed by distributed consensus and then immutably recorded on the blockchain. Third-parties do not need to be trusted to keep your Monero safe.

Monero uses a public ledger to record transactions while new units are created through a process called mining. Monero aims to improve on existing cryptocurrency design by obscuring sender, recipient and amount of every transaction made as well as making the mining process more egalitarian.

The focus on privacy has attracted illicit use by people interested in evading law enforcement. The egalitarian mining process made it viable to distribute the mining effort opening new funding avenues for both legitimate online publishers and malicious hackers who covertly embed the mining code into websites and apps.

Monero Exchange Rates

Monero exchange rates in US dollar.

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Monero vs US Dollar Chart

The Monero Blockchain

Monero’s blockchain protects privacy in three ways. Ring signatures enable the sender to hide among other transaction outputs, stealth addresses hide the receiving address of the transaction and RingCT hides the amount of the transaction.  As a consequence, Monero features an opaque blockchain. This is sharp contrast with transparent and traceable blockchain used by Bitcoin. Thus, Monero is said to be “private, optionally transparent”.

Monero has two sets of keys, called a “view key” and a “spend key”.

View key can be separately shared to enable optional transparency. However, the system is designed to ease processing on mobile devices, as it is impossible to calculate an accurate wallet balance without a spend key.

Monero Transaction
Source: Wikipedia

How to Buy and Sell Monero online

Step 1 : Click here to Register an account with LocalMonero. You get a free and secure online Monero wallet. No additional apps are needed. If you already have an account, skip to the next step.

Step 2 : Go to the main page and in the search box fill in the form with the amount you want to buy in your currency, your location and a payment method. If you’re unsure how you want to pay, choose ‘All online offers’ as your payment method. The site will list Monero traders available in your region.

Monero Wallet

A user needs a client software, a so-called wallet, to interact with the Monero network. The Monero Project produces the reference implementation of a Monero wallet. This implementation is broken up into three parts. The main software daemon is called monerod and it is responsible for reading the blockchain and claiming the user’s transactions. Monero wallet GUI is responsible for managing the user’s account, also known as wallet address, and generating new transactions. Finally, Monero GUI allows the user to interact with the aforementioned components through a graphical user interface. All of the software produced by The Monero Project is open source and licensed under a broadly permissive BSD licenses. Click here to Open your Monero Wallet.

Monero Futures Trading

Futures contract on Monero are alrady offer at some cryptocurrency exchange like BitMEX. On BitMEX, the XMR derivative is in the form of a Futures Contract and allows traders to speculate on the future value of the Monero / Bitcoin (XMR/XBT) exchange rate. Traders need not have Monero to trade the futures contract as it only requires Bitcoin as margin.

Traders who think that the price of the Monero (XMR) will rise will buy the futures contract. Conversely, traders who believe the price will drop will sell the futures contract.

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