What is Monero (XMR)?
Monero is an open-source, privacy-oriented cryptocurrency with fast, reliable transaction times based on an adaptive block size that was founded in April 2014. It is a cryptocurrency like the popular Bitcoin and Ethereum. However, Monero is different in many aspects; the main difference lies in the blockchain obfuscation algorithm and the protocol they use, namely cryptoNote.
Monero (XMR): History
Riccardo Spagni started this cryptocurrency along with six other developers. It doesn’t have any concept of pre-mining or ICO’s which makes it a trustable currency backed by market forces.
It came into existence in April 2014 because of a fork from the Bytecoin cryptocurrency. Bytecoin as not transparent enough in its operations. This discrepancy and distrust led to its split into Monero. Monero uses the CryptoNote protocol, which was initially used by Bytecoin. In 2016, the market capitalization went up to USD 185 million. It has received worldwide attention due to its privacy, decentralization, and scalability.
How Monero (XMR) Work?
The currency you use is a token of your wealth kept with the issuing authority, generally the government of the issuing country. Cryptocurrencies are different because no single entity can issue or affect their value or even the origin. If you want to make a payment, you are required to send the transaction command which includes the amount to be transferred and the receiver’s wallet address. Then the miner will approve or disapprove the transaction. Then the amount of Monero will be deducted from your digital wallet and added to the Monero balance of the receiver.
How to Buy Monero (XMR)?
First of all, you have to create a Monero Wallet to store your coins safe. Then give a password for the wallet. If you lose your password, then you will not be able to access your coins. Then you can buy Ethereum by using Coinbase. Finally, trade the Ethereum for Monero.
Monero (XMR) Price Prediction 2018
XMR can be a profitable investment option. Monero price equal to 238.058 USD at 2018-02-09. If you buy Monero for 100 dollars today, you will get a total of 0.420 XMR. Based on our forecasts, a long-term increase is expected, the price prognosis for 2023-02-02 is 1910.770 US Dollars. With a 5-year investment, the revenue is expected to be around +702.65%. Your current $100 investment may be up to $802.65 in 2022. Monero (XMR) price today is $238.79 and have the current supply of 15,700,610 XMR. The market cap value is $3,749,148,621 , and the volume is marked as $83,140,000. Monero price prediction, Monero price forecast, Monero price and news, XMR price forecast, XMR price prediction 2018, What is the price of Monero 2018.