These days, due to Internet problems, the digital currency market in Iran has become less prosperous than before. Therefore, it is better to study digital currencies these days when we have more time. One of the digital currencies that are bought and sold among many cryptocurrencies is the Monero digital currency. You might be wondering what is Monero digital currency, Monero is a digital asset that was launched in 2014. By using this digital asset, the identity of the sender and receiver is completely preserved, and most importantly, it is very easy to use this digital asset. In this article, we are going to introduce you to the Monero token and also answer the question of what is Monero digital currency , so follow our article until the end.
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What is Monero digital currency?
Monero cryptocurrency was founded in 2014 and its main goal was to realize anonymous and private transactions. Although it is commonly thought that Bitcoin can hide people’s identities, it is easy to trace payments back to their original source because blockchains are transparent. XMR, on the other hand, is designed to hide senders and receivers alike using advanced cryptography. Monero’s development team claims that privacy and security are their top priorities, with ease of use and efficiency second. It aims to provide protection to all users regardless of how technologically capable they are.
Overall, the goal of XMR is to enable fast and cheap payments without fear of censorship. Note that buying and selling digital currencies is very difficult without taking a digital currency training course, so don’t buy and sell without basic knowledge and familiarity with the concepts of digital currencies.
Founders of Monero digital currency
Seven developers were initially involved in the creation of Monero, the names of 5 of whom are unknown. The names of Riccardo Spagni and David Latapie are the two characters whose names have been revealed so far. Of course, there are also rumors that XMR was invented by Satoshi Nakamoto, the inventor of Bitcoin. Two years later, a Bitcoin Talk community member known only as thankfulfortoday forked the BCN codebase, and Monero was born. They had proposed “controversial changes” to Bitcoin that most people were opposed to and decided to take matters into their own hands.
Hundreds of developers are believed to have contributed to XMR over the years. Now that you have familiarized yourself with this asset up to this part of the article, what is Monero digital currency, it is better to know what makes this digital asset superior.
Read more: What is Avax digital currency?
What makes Monroe unique?
There are several things that make Monero unique. One of the biggest goals of the project is to achieve the highest level of decentralization possible, meaning that the user does not need to trust anyone else on the network.
Privacy is achieved through several distinct features. Each Bitcoin in circulation has its own serial number and is non-fungible, but XMR is fully fungible. By default, details about senders, receivers and the amount of cryptocurrency being transferred are hidden, which Monero proponents say is an advantage over rival privacy coins like Zcash, which are “selectively transparent.”
Obfuscation is achieved using ring signatures. Here, the outputs of past transactions are selected from the blockchain and act as decoys, meaning that outside observers cannot identify who signed it. If someone sends 200 units of Monero to someone else, that amount will be split into random chunks to add an extra level of difficulty.
To ensure that transactions cannot be linked to each other, secret addresses are created for each individual transaction that are used only once. All of these distinctive features have led to the increasing use of XMR for illegal transactions instead of Bitcoin, especially in dark web markets. Governments around the world, especially the United States, have offered hundreds of thousands of dollars to anyone who can crack the Monero code.
How many monero (XMR) coins are there in circulation?
It’s a little unusual because there was no token sale for XMR and no tokens were pre-provided. At the time of writing, the circulating supply of XMR is 17,703,471. This digital currency is designed to be resistant to the application-specific integrated circuits that are commonly used to mine new bitcoins. In theory, this means that XMR can be mined using everyday computing equipment. Overall, there will eventually be a total of 18.4 million XMR in circulation, which is expected to hit the cap on May 31, 2022. After that, miners are incentivized using “tail releases” and earn a small amount of XMR, which happens approximately every 60 seconds.
This approach is believed to be more effective than relying on transaction fees. It should be noted that you can buy this digital asset through the phone. To learn how to buy through the phone, read the article on buying and selling digital currency with the phone.
Where to buy Monero (XMR)?
In Ibn Bash, from the article What is Monero digital currency, we intend to explain how to buy Monero for you dear ones. Monero digital currency is listed in some digital currency exchanges where it is possible to buy it. But due to its nature as a privacy coin, XMR is not listed on some major exchanges. For example, although you can buy XMR on Binance, it is not supported by Coinbase. As a result, you may need to convert your fiat to bitcoin and go through a smaller trading platform.
For this, you can read the article on buying digital currency from Nobitex. In this way you can buy digital currency with Zial and then transfer it to a Yeager exchange and buy Monero digital currency. As its use has increased, interest in the XMR to AUD and XMR to EUR price pairs has also increased.
Read more: How to transfer Tether to Kocoin exchange
Monero digital currency price
At the time of writing this article, the price of Monero digital currency is $144.50, which is increasing. The price of Monero digital currency is increasing at a time when most of the cryptocurrencies in the market are falling or falling in price. This digital asset is currently ranked 27th on the Coin Market Cap website, and its trading volume in the last 24 hours is $54,567,710. As you read in the previous section of the article, what is Monero digital currency, you can buy this digital currency from several exchanges such as Binance. If you are not familiar with how to buy and sell on the Binance exchange, read the article on how to trade in Binance.
Monero is another digital asset that is more secure than Bitcoin. Traders who use this asset, their original identity cannot be identified in any way. So that the development team of Monero has allocated a reward of several hundred thousand dollars to anyone who can break the code of this digital currency. This digital asset can be purchased from the world’s largest exchange, Binance. In this article, we tried to answer the question of what is Monero digital currency and introduce you to the price of Monero digital currency and how to buy it.