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Monero is a private and decentralized digital currency that facilitates fast, secure and private transactions. With Monero, you can transact it safely knowing that no one can see your balance or track your activity. Unlike other cryptocurrencies like Bitcoin, Monero uses various privacy functions to maintain complete anonymity when transacting the currency. Monero transactions are not traceable like Bitcoin but they are secure like Bitcoin. As Monero focuses heavily on decentralization and privacy, it has attracted illicit use by people wanting to avoid the law and remain anonymous. While Monero may be attractive to criminals, the cryptocurrency has a use case beyond illicit transactions. For instance, say a restricting government wants to take control over one’s finances or what they can purchase. With Monero, centralized organizations cannot prevent someone from using Monero or knowing how much they own. The Monero cryptocurrency was created on the belief that everyone has the right to privacy, including financial privacy.
show moreUnlike most other cryptocurrencies, Monero has a symbol or sign used to represent their currency, “ɱ”. However, this sign is rarely used to represent the cryptocurrency. The most common method of representation is Monero’s ticker or currency code, (XMR). This code is used on cryptocurrency exchanges and elsewhere to represent the Monero cryptocurrency. Monero can be broken up into subunits of 1⁄1000000000000, and these subunits are called piconero. Another aspect of Monero is the plural name, which is Moneroj. Most cryptocurrencies have not established as many technicalities such as these, but the Monero community is very serious and cares about such things as they want Monero to be viewed as a viable, privacy oriented cryptocurrency. Another point worth mentioning is Monero’s logo, it’s an “M” with horizontal lines protruding from both sides at the bottom.
The Monero cryptocurrency can be exchanged on a number of leading cryptocurrency exchanges for both fiat currency and cryptocurrency. However, fiat currency pairs are rather rare, meaning Monero is primarily exchanged with other leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Another was of exchanging Monero is by sending it to a traditional online trading broker who accepts the digital currency. Upon depositing Monero in a broker account, they will exchange it for fiat currency and fund your trading account with their primary fiat currency.
Monero is generally stored in a cryptocurrency wallet, rather than a traditional bank account. There are a variety of crypto wallets available for Monero ranging from online hot wallets, software wallets, mobile wallets, and hardware wallets. Hardware wallets are the most secure as they store the cryptocurrency offline disconnected from hackers, malware and viruses. When a user wants to transact their Monero, they can do so directly from their wallet. Deposits and withdrawals can be made on exchanges and traditional online trading brokers for a fraction of the price as traditional methods. As well, transacting Monero is far more secure, private and fast.
