MONERO (XMR) Cryptocurrency – Secure, Private, and Anonymous

laatste update: 08-2022

Hey, there everyone! I’ve got the worst sore throat right now, so, please check out one of my favorite YouTube channels; ” The Hated One” as he explains one of my favorite cryptocurrencies, MONERO (XMR)
Monero is an open-source, privacy-orientated cryptocurrency that was launched in 2014.
Its blockchain transaction details and the amount of every transaction anonymous by disguising the addresses used by the participants.
Bitcoin is the most popular cryptocurrency on the market and works on a protocol that attempts to shield the participant’s identity using pseudo name addresses. These pseudo names are randomly generated combinations of alphabets and numbers. However, this approach offers limited privacy as both Bitcoin addresses are registered on the blockchain, opening them to public access. Even pseudonymous addresses are not fully private. A few transactions carried on by a participant over time can be linked to the same address, allowing the possibility of others to become aware of an address owner’s trends and their identity.
Along with anonymity, the mining process for Monero is based on the egalitarian concept. This is the principle that all people are equal and deserve equal opportunities. Its developers did not keep any stake for themselves when they launched Monero (2014) but they did bank on contributions and community support to further develop the virtual currency.
Another advantage of Monereo over Bitcoin is fungibility. This means that two units of a currency can be mutually substituted with no difference between them. While no $1 bills are equal in value, they are not fungible, as each carries a unique serial number. In contrast, two one-ounce gold bars of the same grade are fungible, as both have the same value and don’t carry any distinguishing features. Using this analogy, a bitcoin is the $1 bill, while Monero is that piece of gold.

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