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Safety and Security with Monero Cryptocurrency

Monero is a new form of alternative cryptocurrency designed specifically as an alternative to bitcoin. One of the biggest issues with the coin with the lack of anonymity and privacy provided for transactions. While it did afford a unique way to send and receive money online, it also lacks a certain privacy that many users would prefer. For this reason, Monero was created. Many people were under the assumption that cryptocurrencies like bitcoin provided a solution to your bank transactions being an open book but in reality, all the transactions on the bit line blockchain are still public. Today though the world of cryptocurrencies is diversifying and now there are more secure and private options available.

Monero coin as an alternative to bitcoin

There are five major benefits of using this alternative cryptocurrency. The first is privacy. No one can see what your balance is what amount you are sending by simply looking at the blockchain. Security is the second. There is irreversible cryptographic math which makes sure all of your transactions and your wallets are secure. Third, this alternative cryptocurrency is untraceable. Because of the blockchain encryption, the coins cannot be traced. All of the wallets are eligible for this type of currency because it is decentralized. Finally, all of the coins have the same market value no matter the time or place. There are plenty of options for people who want to buy cryptocurrencies but let there are few options for our untraceable and prescriptive currencies.

History

Not all cryptocurrencies provide privacy and security but this one does. Launched back in 2014 it is the first secure, private, and untraceable digital currency in the world. Made from scratch is not a clone of the code used by that point. It was created by seven core developers and has seen unprecedented growth in the span of just a few years. This cryptocurrency is an open source cryptocurrency and it is not owned by anyone. It was started by six developers but there was no concept of pre-mining which is why it is trusted and supported by current market forces. They use a special protocol but is not owned by a central company or controlled by a central institutional foundation. The original seven people who developed it to look after the maintenance, research, and current development. Using their own money they are crown funded project. Only two of those seven members have revealed their identity. The other five have remained anonymous.

Ring the signatures were invented back in the year 2001. They are a type of digital signature performed by any member of a group. All the signatures are eligible. The rain signature is applicable on the blockchain and is what allows the transaction to take place. This means that when you send money, it is sent as a group of randomly selected rain signed the transaction simultaneously. Only one of those is the actual center. So, an incoming message comes in is a group of transactions and inside of that group there are many possible centers and the chances of any individual sender being the true center are all equal. That is what provides untraceable privacy for you as the center. They also use stealth addresses. Stealth addresses prevent any third party from seeing your transactions. Consider your stealth address just like a bank account number. Even if another person got a hold of your bank account number, they can’t really do anything with it. Sure, they to send you money but they can look at your transactions, figure out what you are buying or how often you shop at a grocery store or even look at what your current account balances. You get that same type of privacy with this particular alternative cryptocurrency. When transactions are completed the public address of the receiver is never listed. Instead, this platform automatically creates a one-time destination address which is, in no way, linked back to your public address. No one will ever get to see what you are sending or where.

Monero security

Market value

Right now the market capitalization has reached $773 million. The total available supply is 15.38 million pieces each of which is priced at $153. The mathematics of this supply is quite intelligent. Currently in circulation or 18.4 million units but they will continue their mining operations until the year 2022 after which the system will continue to provide coins and will allegedly never run out of supply.

Wallets

If you want to store your digital currency you can use an online wallet from the cryptocurrency website. When you go to the website they have an online wallet called MyMonero. You simply create an account, write down your private key, keep it somewhere safe, and then reenter that private key to confirm your wallets. You can only access your coins with your private key so never lose it and never misplace it. Alternatively, you can use hardware wallets if you prefer. If you’re comfortable with paper wallets can also use those.

How to Buy Monero

If you want to buy some of this currency you will have to exchange other cryptocurrencies through an exchange like Changelly. This is the most popular platform for this and it lets you change fiat currency like US dollars or exchange other online coins. You can also use exchanges like LiteBit, Coincut, or LiveCoin.

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