Introduction to Monero coin (XMR)

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Introduction to Monero coin (XMR).




An introduction to Monero coin (XMR), the leading privacy-focused, open-source cryptocurrency.

Monero is the premier privacy coin cryptocurrency.

A private and decentralised cryptocurrency, unlike what we see on the completely public Bitcoin ledger, Monero has been designed to keep your finances confidential.

It’s these properties that make Monero’s XMR coin the right choice for those who value the privacy of their balance and transactions, above all else.

An introductory image that represents the privacy aspects of Monero coin (XMR).

Monero’s goals are to focus on the development of privacy and security first, with ease of use and efficiency second.

That sentence should tell you everything that you need to know about why you would choose to use a privacy coin such as Monero, over a cryptocurrency that uses a public ledger.

This beginner’s guide to Monero (XMR) will explain how this privacy coin works, whether it’s traceable and what to consider before buying.

Introduction to Monero (XMR)

Monero has a somewhat similar beginning to Bitcoin, with a pseudonymous founder known as Nicolas van Saberhagen, forking the Bytecoin (BCN) chain to launch.

Some going as far as suggesting that Nicolas van Saberhagen is in fact Satoshi Nakamoto himself.

After avoiding identification for this long, I think it’s safe to make the call that we’ll never actually know the identity behind either.

We do however, know that the Monero project began as a grassroots movement in April 2014 with absolutely no pre-mine or VC funding.

Practising what they preach, Monero still remains completely open-source and minable using nothing more than your own CPU.

The XMR Privacy Coin

Looking at the Monero (XMR) coin is an interesting one.

Monero is a privacy coin designed to be spent, not hidden away as a pure store of value like you see with some of the more die hard Bitcoin HODLers.

Either way, the XMR coin still trades on the open market like any other cryptocurrency, the price of which can be seen on the CoinGecko chart below:

The Monero coin (XMR) price chart from CoinGecko.

With that in mind however, the XMR price is forever going to be open to extreme FUD thanks to its position as a privacy coin.

Monero can and will always be used for illicit activities such as for use on the dark web, but that shouldn’t ever take away from the legitimate privacy issues that cryptocurrencies using public ledgers face.

One example that comes to mind, is trying to spend BTC that had been previously used in a criminal bust.

Heck, something as mundane as using coins in a gambling app could potentially see them flagged by some.

The receiver could choose to blacklist those particular coins, rendering the BTC that you legitimately received unrelated to any past transactions, worthless.

By keeping addresses and transaction histories private, Monero (XMR) avoids these potential issues that are no doubt going to continue to pop up as cryptocurrencies gain greater adoption for everyday use.

Monero’s XMR token offers a level of fungibility that other cryptocurrencies can not.

2 XMR coins can be mutually substituted for each other in a way that 2 dollars or BTC can’t

While 2 different USD notes are technically equal in value, they each carry a unique serial number that can be traced.

We see exactly the same thing with Bitcoin addresses on its public ledger, offering savvy detectives the ability to trace identities via on/off ramps and the like.

Monero’s fungibility is unrivalled and clearly the biggest advantage offered by using XMR to transact over any other unit of account currently out there.

With that being said, we encourage you to now take a deep dive into the rest of our Monero (XMR) guide below and see that the project’s scope is so much wider than the cliche criminal activities that the mainstream media portrays.

Best of probabilities to you.




Direct from the desk of Dane Williams.

Why not leave a comment and share your thoughts on Monero coin (XMR) within the comments section below? All comments that add something to the discussion will be upvoted.

This Monero (XMR) blog is exclusive to leofinance.io.

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Best privacy coin ever. Do we have any other as good as Monero? I don't think so.

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Pirate coin. It’s a must buy but not on major exchanges yet.

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Have you done a deep dive into the two?

You should do a Monero (XMR) vs Pirate (ARRR) comparison section for our guide.

Just looking quickly myself, the tech behind Pirate Coin that hides your transaction, rather than just getting it lost in a sea of dummy transactions on Monero, is definitely cool.

But there seem to be a few questions around the security/decentralisation of the blockchain itself.

I'd love to read a full blog post from you comparing the two.

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They do have a discord if you would like some more information, they do weekly meetings also. I agree with you a deep dive into the two would be a good thing to post on here. When I get some time I will try to do this.

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We did the Monero vs ZCash comparison for the guide and I'd say Monero clearly comes out on top there.

Pirate is an interesting one that I hadn't looked into much.

The tech sounds cool, but not sure its got the legs behind it to truly scale.

For me, Monero is the clear leader in the privacy coin space.

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Ah one of my favs! Been stocking this one up for a long while. Privacy is going to become ever more important with the crazy headwind we are finding ourselves in.

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XMR is one cryptocurrency from a project I love, but that's because it has real use as a currency rather than a buy and hold investment.

How do you see your XMR investment and do you have any qualms actually spending it when you have to?

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Definitely the best privacy coin. I remember seeing sometime back that the US government was trying to hire some smart minds to unmask XMR transactions... I wonder how that went?

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If we haven't heard anything since, then I think we have your answer ;)

There is always going to be risk that future technology is going to uncover which XMR transaction is the 'real' one.

But there's always risk that quantum computing is going to break Bitcoin (and the legacy credit card systems, mind you!) as well.

Right now, Monero is by far the best privacy coin.

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Strange that you don't mention Moneros biggest flaws in your guide, the fact that they hard fork every 6 months to maintain resistance to miners means this project is not decentralised if they can just issue hard forks at regular intervals

Secondly with all the data hidden behind key signings you cannot effectively audit the supply so why would I want to hold this long term?

It's easier to do a coinjoin on Bitcoin or do a confidential transaction on liquid and cheaper since you dont' have to do an asset swap making it a pointless project

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The content has definitely been looking upon the project favourably.

I'd love for you to write a blog with a link to the guide that addresses some of your concerns.

The more help we can get, the better.

Would you be okay to help?

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Please is this coin a new coin. How can I get this coin. I like to invest in a new coin. While I like investing in a new coin is, when the coin start uptrend,I will gain immediately

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You really only need the CPU? because I have some old ones that I don't use.

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The mining aspect of Monero is a missing part to our guide.

While I'm going to do a bit more of a deep dive in a future post, to summarise I don't think it looks profitable as an individual miner using your old CPU.

Yes it's possible to mine XMR using your own computer, but the chances of getting successful blocks are extremely low, meaning you will likely be unable to offset your costs.

However, there are some other ways to mine Monero, such as joining a mining pool or the like.

Cheers for bringing this up :)

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