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A Quick Overview of our Monero Review:
Monero is an open-source project that can be used by anyone, with its development based on various donations and a dedicated, solid community. Transactions done with Monero are not visible to others and users are often their “own bank” as no one else can see or control the user’s transactions.
Monero Live Price
What is Monero?
Monero is a currency that is known for its security, privacy, and the inability for it to be traced. Monero is open-source and was developed in response to the growing need for financial privacy. In addition to this, Monero was also created to address the issue of scalability that many other cryptocurrencies struggle with.
Key Features and Takeaways of Monero
As a popular and reputable cryptocurrency, Monero has the following key features and takeaways:
Monero is an open-source project that can be used by anyone, with its development based on various donations and a dedicated, solid community.
Transactions done with Monero are not visible to others and users are often their “own bank” as no one else can see or control the user’s transactions.
Monero aims to address several other issues faced in cryptocurrencies including the demand for privacy in transactions.
In addition, Monero also aims to achieve high levels of decentralisation and to be a different type of cryptocurrency as it is energised by the Proof-of-work consensus method, which allows for XMR to be mined.
There are no imposed limits on blocks in the blockchain, questioning the concept that block size limitation creates market value for coins.
Monero works to create a permanent block reward for miners which will not fall below 0.3 XMR.
Monero uses a security feature referred to as “Ring Signatures”, creating transaction mixing. With this feature, when sending or receiving Monero, no one will be able to pinpoint where funds are coming from. It also gives the impression that there are many small transactions are being executed instead of one large one.
Monero is also busy developing Kovri which is a decentralised anonymity technology that is based on I2P. This is an anonymous network that allows for secure and anonymous communication via the Internet. The goal that Monero wants to achieve is for Kovri to be a lightweight and faster version of I2P.
For each transaction in Monero, there are stealth addresses generated, enabling improved anonymity as only the sender and receiver will know the actual address from where payment was sent.
Monero Mining
Overview
Monero uses a Proof-of-Work (PoW) consensus method which means that it is possible to mine XMR. Monero mining does not depend on specialised application-specific integrated circuits (ASICs) like Bitcoin, for instance, and it can be run on any CPU or GPU.
Without ASICs it would be pointless to attempt to mine Bitcoin, however, the Monero PoW mining algorithm does not favour ASICs as it was designed to attract smaller nodes instead of relying on farms and mining pools.
Block Boundaries
One other notable difference in mining Monero is that Bitcoin’s blockchain has a block limit of 1Mb while Monero blocks do not have a specific size limit. Therefore, Bitcoin transactions, for instance, will often wait longer, especially when transaction fees are low.
Why do many people mine Monero?
XMR can be exchanged for fiat currencies and mining is also based on the CryptoNote algorithm which uses significantly less electricity and computational power than Bitcoin, Ethereum, and several other coins.
Requirements for mining Monero
Some of the basic requirements to mine Monero include the following:
Hardware – either AMD or Nvidia model graphics cards are the best on the market.
Monero compatible wallet.
A reliable internet connection without risk of interruptions.
Power capacity – which will depend on the wattage consumption of the hardware that the user chooses in addition to the power grid to which they are connected.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Privacy-orientated cryptocurrency | There are issues in storing Monero |
| Transactions are not linked back to the user | There are several wallets that are not compatible with Monero |
| Monero is a reputable and respected crypto | Monero trades are larger than other cryptos as result of the sum of encryption involved |
| Monero is ASIC-resistant, meaning that significant computational power is not needed to be able to mine XMR | Monero is not beginner-friendly |
| There are multiple keys involved in transactions, which further improves security | |
| Trades cannot be linked or traced | |
| There is no block limitation on Monero | |
| Even if XMR distribution runs out, there is a consistent 0.3 XMR block reward to incentivise miners | |
| Attained staggering expansion financially | |
| Monero has a capable and strong development team |
Transaction Fees
| Type of Fee | Information |
|---|---|
| XMR lowest fees | 0.055 ZAR |
| XMR median fees | 0.10 ZAR |
| XMR highest fees | 3.31 ZAR |
| Withdrawal fees | 0.001 XMR |
Should you buy Monero?
There are numerous reasons why investors are considering Monero, including, but not limited to:
There are wide fluctuations in price, and this makes it ideal for currency trading.
Monero is untraceable and this is a significant selling point for institutions as well as political government systems.
As more companies start adopting cryptocurrencies such as Ether and Ripple for faster and larger transaction sizes, XMR’s anonymity may also be used more often, leading to greater and more rapid adoption.
XMR is set to appreciate in market value.
There is no maximum supply and there is a consistent reward for miners.
Monero, along with other cryptocurrencies, are in constant competition for the top slots to lead the world to acceptance of cryptocurrencies. Monero is ahead of the competition where security, anonymity, and other factors are concerned, but blockchain technology is constantly evolving, leading to an overcrowded field. However, investors have their eyes on Monero as one of the top cryptocurrencies in the industry.
How to buy Monero (XMR)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Monero/XMR and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
XMR can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading XMR.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading XMR, select the option from the “Trade” Menu. Enter “XMR” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select XMR_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair XMR/USDT.
Here, you will see that you have the option to buy or sell XMR either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy XMR through via Limit Order
To buy XMR and create a limit order for it, you can enter the amount of XMR you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell XMR through via Limit Order
To sell XMR, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, XMR that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was Monero first launched?
Monero was initially released in 2014.
Who founded Monero?
Monero was developed and founded by Nicolas van Saberhagen.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Monero’s ICO and how much did it raise?
There is no indication of an ICO for Monero.
Is Monero legit?
Yes, Monero is legit and one of the most popular cryptocurrencies in the world.
What is Monero’s total supply?
There is no maximum total supply of Monero. At the time of writing, the circulating supply of Monero is 17,908,393 XMR.
What is the purpose of Monero?
Monero is aimed at privacy and security of transactions, ensuring that they cannot be traced through a series of security features.
On which blockchain is Monero based?
Monero is based on its own blockchain.
Does Monero work with smart contracts?
No, Monero does not work with smart contracts.
Does Monero have potential to become more valuable?
Yes, Monero has potential to become more valuable.
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