HomeMonero: Main Facts You Shall Know Before Investing

Monero: Main Facts You Shall Know Before Investing

Blockchain technology took over the market, offering beneficial features to the users. People started to learn more about virtual currencies for privacy issues. A lot of digital assets are used to enhance security and protect transactions on the Internet. Beginner traders are highly concerned about the price of Bitcoin or if Ethereum is the most popular currency at the moment. 

But there’s another asset to take into account. It’s called Monero, and it works perfectly to protect the privacy of the transactions on the Internet. If you want to learn more about Monero scalability and its price prediction before investing, let’s read the article. It features the most popular answers to the questions. 

Monero for Starters: What to Know About the Currency

Monero is an open-sourced currency. You can also find XMR as the second name of the currency. First of all, the privacy of the currency should be mentioned. The Monero transactions with the currency are hidden and mostly anonymous to a third party. Be it the sum of money, the address, or any other details of the participants, they can’t be disguised. 

The currency entered the market in 2014. At the current moment, it has a market cap of nearly $5.3 billion. In 2021, the price reached an all-time high and was about $295 per coin. This figure featured a drastic rise compared to the previous years. 

There’s one nice thing for miners who decide to mine Monero. In most cases, a high-quality mining routine depends on the hardware applied during the process. But it isn’t the case with Monero. This currency doesn’t require costly hardware because miners can work on the currency using CPU tools. It’s a great perk for those interested in the Monero mining processes. 

Is Monero a Good Investment? 

Many beginner traders compare XRM and BTC, but there’s a huge difference. Bitcoin is based on the protocol. The currency is supposed to offer anonymous transactions for the users, but the activity with the coins can be subject to the public eye. The transactions are not fully protected by the system, making it a risky experience for the users. If one puts enough effort into the search, it will be easier to monitor the details of the sender. 

While BTC generates fake user names to ensure a high level of anonymity, XRM works with a better tool called sign signatures. When the transaction is signed, there’s no key to the person who signed the transfer. Being generated with the help of the account and public keys, the ring signature is a unique combination of symbols. The algorithms make it impossible to make certain who did the final step. 

Where to Buy Monero: The Best 3 Services to Try

If you consider Monero to be a worthy investment, you should find a top-rated exchange platform. Whether you decide to buy Monero or exchange LTC to DOGE, you should use a quality platform for fast transactions. There are a couple of options to try. If you are on your way to investing in the first coin, you should be careful with the choice and weight of every detail.

  • Binance
  • LetsExchange
  • Coinbase

These are the 3 most popular services that help perform online transactions with virtual currency. Binance and Coinbase are popular platforms with well-designed interfaces. But they could be sophisticated for beginners. LetsExchange is a more beginner-friendly tool with the best exchange rates and relevant tips for users. If you’re interested in the exchange practice and want to buy money at the best rates, you should choose a working tool. 

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