Monero Overview – A No-Brainer Guide For Beginners

Monero 

According to their websiteMonero is a secure, private, and untraceable cryptocurrency. It is open-source and accessible to all. With Monero, you are your own bank. Only you control and are responsible for your funds. Your accounts and transactions are kept private from prying eyes.

Meaning – it’s much more anonymous than bitcoin. No one can see who sends how much, only the person who is sending knows how much Monero is being sent.

 

Key benefits vs bitcoin:

  • untraceable transactions / currency (meaning you can’t see who sends what and you can’t trace transactions backwards like with bitcoin, to see if someone say sent some money to a dodgy organisation)
  • currently very cheap to buy i.e. around 39 times cheaper than bitcoin
  • can make faster transactions as every new block is created in 2 minutes
  • can be mined by anyone as it makes effective use of ordinary CPUs and GPUs for computation
  • its dynamic block sizes allows for future scalability
  • fungible meaning that individual units of Monero cannot be blacklisted by vendors or exchanges due to their association in previous transactions. (For example if such units come from a wallet that is not seen as welcome – for some it could be a Wikileaks wallet for example)

A good comparison with other cryptocurrencies can also be found here.

 

Team Behind Monero:

Monero doesn’t have any central organization behind it and is an open source project where any developer interested in joining it can voluntarily contribute towards it. Having said that, I would like to highlight that Monero’s research is often funded and directed by a team of 7 core developers.

Also, there is a funding-forum that has been set-up and any idea that needs funding can be posted in it and the community is free to support it.

 

Where To Buy Monero:

You can buy Monero at all the usual suspects: Bitfinex, KrakenPoloniex. etc. Bitfinex is hugely popular as it doesn’t require user verification while making a deposit through cryptocurrency.

For getting started on Bitfinex, you simply need to create an account and trade BTC for Monero. 🙂

In case you would like to buy Monero directly using fiat money (like USD), then you can use Coinbase, which is a very reputed cryptocurrency exchange.

 

Where To Store Monero: 

If you are planning to buy Monero, the first thing that you’ll need is a cryptocurrency wallet. I usually recommend hardware wallets like Ledger Nano-S or Trezor for storing cryptocurrency as they are highly secure. But unfortunately, there are no hardware wallets on the market that currently support Monero.

So I would suggest you go for the official Monero wallet, which is a web-based wallet. Alternatively, you can download the Monero desktop wallet from Monero’s official website.

You can also buy and store monero on Poloniex.

And if you would like to turn the security a few more notches up, you can create a secure paper wallet from moneroaddress.org.

If you would like to know more about different types of cryptocurrency wallet, you can read our detailed post on it here.

 

Monero summary

Cryptocurrency / ICO Monero
Years around since 2014
Marketcap $6,101,546,659
Marketcap rank 10
Code public? Y
Has it’s own cryptocurrency / coin, is it usable in the market? Y
Business model – does it address a solid need / market gap? Yes – Provides Complete Anonymity for Transactions
Key USP (unique selling point) – untraceable transactions / currency
– decentralized
– dynamic block size
– faster (as blocks are created in every 2 minutes)
– wide adoption possibilities
Challenges? Very few cryptocurrency wallets support Monero as of now.
Competition from DASH, Verge – XVG, Zcash – although Monero comes at the top.
Adoption?  low – hard to find any real life use case except transactions between peers. No merchants as of December 2017.
Official list of investors – corporate investors? N
Any hacks, scandals, known major issues?

Some – Monero used to hide BTC transactions by ransomware Wannacry – https://en.wikipedia.org/wiki/Monero_(cryptocurrency)#Illicit_use

 

So what do you think about Monero? Is it gonna be the next big cryptocurrency or is it gonna bite the dust soon? Do let me know in the comments section below.

Image source: Crypto Decoded YouTube

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