More than 100 million people all over the world are already using cryptocurrencies, and you could be the next one to join the crowd. The cryptocurrency craze has even reached Malaysian businesses, as many are now accepting digital asset payments in exchange for their goods and services. You can purchase products and send money to other users securely, thanks to private blockchain technology.
When it comes to privacy and anonymity, however, Monero (XMR) beats most of the cryptocurrencies in the market. Here’s what you need to know about the digital currency that is increasing in popularity.
What are the Unique Features of Monero?
Monero is a cryptocurrency launched in 2014 and was programmed with several key technologies to guarantee increased security. Like most digital currencies, Monero uses blockchain technology to protect online transactions from getting hacked.
However, FXCM highlights that Monero ensures greater security by establishing one-time addresses and ring signatures so that observers cannot track the individuals involved in the transaction. Furthermore, this cryptocurrency also uses a technology called Ring CT to conceal the amounts passed between different users. This makes each transaction virtually untraceable to outsiders.
Users who want no hard caps on mining and emission also favour Monero. While Bitcoin has a hard cap of 21 million units, Monero allows people to obtain as many units as they can.
The Risks and Limitations of Monero
This cryptocurrency has great intentions for increasing its security features. Unfortunately, its key technologies are being exploited by individuals who want to use Monero for questionable transactions. CNBC states that the increased anonymity allows cybercriminals greater freedom to negotiate in marketplaces for illegal products. Due to these activities, Monero isn’t as liquid as most cryptocurrencies because not all platforms support it due to regulatory concerns. Though most cryptocurrencies aren’t heavily regulated, most institutions still scrutinise Monero because of the illegal activities that could be conducted using it. For this reason, Monero has fewer wallet options compared to most digital currencies. And as a result, it isn’t easy to exchange this currency for other assets.
How to Get Started with Monero
Despite the risks, Monero is still proving to be promising and profitable as a cryptocurrency. In fact, Reuters reported that it has become the 12th biggest cryptocurrency on the market, circulating around $1.4 billion. More importantly, the price of Monero continues to rise. Yahoo! Finance is positive that the token will become more successful in increasing its Relative Strength Index, which is used to measure the price momentum of a stock or currency. Its current price, $206.74, is also expected to rise in the future.
This cryptocurrency is proving to be very promising, and now is the best time to buy it! To get started, open a Monero wallet like Ledger Nano X and MyMonero so that you can acquire your assets. Afterwards, go to an exchange platform such as Binance so that you can purchase it directly or exchange it with other currencies. Withdraw your coins and enjoy more secure transactions through Monero!
If you’re on the lookout for a secure cryptocurrency, then Monero can offer privacy and anonymity like no other. As digital transactions are becoming a part of the new normal, innovations like Monero are stepping up as great virtual solutions.