Monero Review

Monero is an open-source cryptocurrency that is privacy oriented, untraceable and secure. Monero was originally launched in 2014 by someone under the pseudonym “thankful_for_today” who was a user of the Bitcointalk forum. The currency was formally called “BitMonero”, the name was changed 5 days after the launch to Monero.

Monero has some benefits that make it desirable, it is anonymous, secure and private. Transactions and user wallet addresses are hidden. There is high demand for the coin, and this has led to the improvement of its price. It is also a proven cryptocurrency with security as one of its major aims. When it was created in 2014, it spent some years at the bottom of the crypto price table, and its trade below the $1 mark. Its spike in value was attributed to bitcoin’s shoot to the limelight, because when Bitcoin had problems, Monero became a good alternative.

The Monero market is similar to some other cryptocurrencies in the way it is operated. Anyone who intends to invest in the digital currency can purchase it directly via exchanges. There have been consequential volatility experienced by the Monero’s XMR token, as it climbed nearly 70% in April 2017, and also more than 1,300% when trading began on CoinMarketCap. From January 2015 and May 2017, Monero fluctuated between $0.25 and $60. It began trading at $10 per coin in 2017 and rose to $350 by the end of 2017, and by the beginning of 2018, it hit $412. Some observers are of the opinion that Monero’s volatility may negatively affect the credibility of the coin, users intending to buy Monero can do so using cryptocurrencies and fiat currencies, which has the ability to encourage the users to sell and buy it in a bid to get profit.

Pros

  • When you talk about the most private coin, Monero might be it. Monero makes the receiver and sender of a transaction anonymous by using ring signatures, and amounts involved in the transaction are hidden due to the implementation of RingCT. Furthermore, people’s IP addresses are also hidden.
  • Fast transactions using Monero means users do not have to wait a long time before confirmations of transactions take place.
  • Monero is fungible. One unit of Monero currency (XMR) can be swapped with another. This makes the currency untraceable, adds more privacy and prevents users from blocking/boycotting the coins if they feel that coin has been used illegally before.
  • Monero is really easy to use, the implementation of the 25 word mnemonic seed makes it easy for users to save the seeds and do a restoration of their accounts inclusive of all their funds and every other thing contained in the wallet.
  • The system is simple and stable, this rules out attacks by big bugs that could arise due to code instability and complexity.
  • The Monero system is decentralized, and this invariably means there is no central governance system to oversee its operations.

Cons

  • For some tasks the system still needs to be operated utilizing the command line which can result in its being difficult to use. But this should be resolved over time...
  • Monero is not accepted everywhere, and there are not enough wallets.

OVERALL COIN SCORE:

Trade Monero

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Market Cap & Charts

  • monero
  • Monero
    (XMR)
  • Price
    $86.65
  • Market Cap
    1,436,645,394.00

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