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Monero

Monero

Coin Information

AlgorithmCryptoNight
Proof TypePoW
Start Date02/06/2014
WebsiteMonero
Last BlockExplorer Update TS2017-10-17 03:10:04
Difficulty Adjustment2 blocks
Block Reward Reduction-
Block Number1422367
Block Time120
Net Hashes Per Second261664789.358
Total Coins Mined15228282.4376
Block Reward6.18943386011

Source : Cryptocompare.com

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About Monero

After the success of Bitcoin, there are a lot of crypto coins that were released. One of these is Monero, a decentralized crypto currency in which you can act as your own bank. There is no need for a third party because you are in full control of your funds. As of this writing, the Monero price is $94.053.

What is Monero?

This crypto currency was created last April 2014 and was originally called BitMonero. Being a decentralized currency, this crypto currency is not hackable. This crypto currency is also known for its privacy because of its intense security features. No one will know where you spend your funds.

The crypto currency uses ring signatures to make sure that each transaction is confidential. The ring signature feature hides the individual transactions and identity of users. Only you will know the location and amount of for each transaction that you make. This is possible because of the stealth addresses that this crypto currency has. It is a one-time address made especially for each transaction. With these features, no one will be able to track your actions. You can transact as much as you want without worrying that someone will monitor you. If you wish to view your transactions, you can use the view key.

How to use Monero?

The first step in acquiring Monero is to go to a reliable Monero exchange. There are crypto exchanges that use this altcoin, such as Coinbase and Xapo. Before you create an account on these exchanges, make sure that you read reviews or check its features. You can also research Bitcoin exchanges that might offer this crypto currency. Other users prefer to buy bitcoins first then convert it to Monero, either way, the choice will be yours. Also, be prepared because there are exchanges that require your personal information for security purposes.

Afterward, you can also choose the wallet that best suits you. Once you have done these, you can now freely use your crypto currency. You can also multiply your funds with Monero mining. This is where users receive crypto currencies after solving a block. If you decide to mine, expect that you will need to download the blockchain. It is the same with Bitcoin mining, but it uses Monero. A lot of users have been into Satoshi mining after realizing how much they can earn. You can buy this crypto currency and try its features.

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