What is Monero?
Monero is a type of decentralized digital currency that may be used without any third party. Itâ€™s now in the top-20 popular cryptocurrency in the world. Let's see what differs Monero from all the other types of digital currency.
Where did Monero come from?
The story of Monero starts in 2012 when the first cryptocurrency based on CryptoNote technology appeared. It was Bytecoin. What makes it so special? CryptoNote ensures privacy of all the transactions by grouping public keys together. That was a great effort. But it didn't work out, because it turned out that 80% of coins that would never be mined already existed. The next step was inventing Bitmonero or Monero. We don't know names of all of the people who created it. Five of them decided to keep it in secret. Only two developers are known - Riccardo Spagni and David Latapie.
What are the advantages of Monero?
Monero has a number of unquestionable advantages, such as
- Absolute anonymity. If you care about privacy, Monero is a perfect cryptocurrency. Mixing public keys makes it impossible to discover destination address.
- Resistance to ASIC mining. Unlike Bitcoin Monero can be profitably mined using CPU's as well as GPUs.
- Limitless. Such cryptocurrencies as Bitcoin have there limits. Sometimes you have to wait until it will be possible to make you transaction. There is no such problem with Monero. It is limitless.
- No authority. It is an absolutely decentralized system. Nobody can stop your transaction. Nobody can allow or not allow users to do what they want. This feature really shook cryptocurrency world.
What are the disadvantages of Monero?
Monero also have minor flaws, such as
- There is small amount of wallets developed for Monero
- Monero is not based on Bitcoin. Although it has a number of advantages, nevertheless it is hard to develop applications that interact with it's blockchain.
- You don't know where your money came from. You can't check if it was involved in illegal deals. It is a sideeffect of anonymity.
How to buy Monero?
Let's say you have Bitcoin and you want to have Monero. What do you do? First of all go to simpleswap.org. Our developers took care that exchanges are made simply and conveniently. So all you need to do is follow these simple steps:
- Choose BTC in the first drop-down list and enter the amount you want to exchange.
- Choose XMR in the second drop-down list. You will be shown the estimated value that you receive after the exchange.
- Enter the recipient's address. Monero will be sent to this address. Be careful and make sure you use the correct Monero address.
- Click the Exchange button. You will be shown Bitcoin deposit address. You need to transfer to this address the necessary amount of BTC to start the exchange.
That's it! In a few moments your Monero will be sent to you.