Monero Review
Bitcoin harvest ltd reviews and tips on the Monero cryptocurrency, wallet and community.
What is Monero?
Monero (XMR) is the leading private digital currency in the world and differs from its more public rivals such as Bitcoin in that it uses cryptography to keep email addresses, identities and transactions secret.
Compared to other transparent electronic cash transactions, Monero is a non-transparent block chain system. The company prides itself on non-transparency because real identities could be discoverable from email addresses that can be seen in other blockchains.
Transactions and participants are encrypted, meaning that privacy is Monero’s number one priority.
The high level of secrecy keeps Monero’s individual blockchain transactions clear of contamination or censorship from previous exchanges. The company says this means that you do not have to worry how the money was used before it came into your possession.
Nobody can see where you send money to, or where you receive it from, and the transactions cannot be reversed. In other words, it’s almost untraceable.
It uses three different privacy technologies: ring signatures, ring confidential transactions and stealth addresses. In this way, the sender, receiver and transaction amount are hidden.
Although Monero’s transactions are private, the code is open source and accessible to developers in line with the standards of other crypto currencies. Cryptocurrency miners can add block-chain transactions and there is no central authority.
GetMonero.com has a strong community and tutorials on how to exchange Monero
What is Monero Crypto Wallet?
Similar to a bank account, users can see inputs, outputs and their balance in the Monero wallet.
XMR transactions are made to the individual’s address which is made up of 95 characters starting with a four or a QR code. When sending Monero to another wallet, the user can scan the QR code with their Monero wallet and the currency will appear within a few minutes.
There is also an option to open a Merchant wallet where sales transactions appear anonymously.
Monero Wallet Pricing
For every transaction, Monero users pay a small fee to the blockchain’s miners.
The crypto-currency can be traded directly with fiat currencies like the Euro or USD so there may be banking or other fees associated with currency exchanges.
Monero Exchange
You can buy or sell Monero on over 30 exchanges, including Bitqist, CoinSwitch.co, CoinCut, Coinexwo, Evonax, EXMO, Godex, Incognito, StealthEx, CryptoDiggers.eu and Magnetic Exchange.
Pros
Strong privacy and anonymity
Cons
Moved away from Bitcoin blockchain protocols
About this Cryptocurrency Exchange
We found the information on Monero’s website to be no-nonsense, direct and clear. The company knows what it wants and stays focused on the original purposes of digital currencies: privacy and decentralisation.
There is a glossary of technical terms for people who are not familiar with terms like fungibility, node and view key. Fungibility means that one unit of Monero is the same as another, it is not distinct or different by virtue of its history or origin and because of the strong privacy it cannot be blacklisted. This is important because other crypto-currencies like Bitcoin can suspend wallets and trading accounts if the origin of the currency is questioned.
The word Monero is an Esperanto word which means coin.
Fun fact: it was originally called Bitmonero and the name changed to Monero after the community split from Bitcoin.
BitcoinHarvestltd reviews all the information worth knowing on crypto-currency and blockchain.