What is Monero?

Monero is an open source cryptocurrency project that focuses on ensuring the sender and recipients privacy. Monero uses stealth addresses to protect the recipients privacy, and ring signatures to protect the sender’s privacy.

How to Buy Monero

Monero can be purchased on several exchanges, but the most popular ones are Binance, Bittrex, and Changelly. To learn more about the process of purchasing Monero with dollars, euros, Bitcoin and more, read our buying Monero guide.

Monero Mining Hardware

Monero uses a proof of work algorithm known as Cryptonight to secure its network and achieve consensus. Proof of work algorithms allows users to contribute their computing power in exchange for the cryptocurrency.

Having the right hardware is essential to mining for a profit. Some factors that influence profitability are equipment costs, electricity costs, pool fees, and electricity intake.

Some of the best Monero mining GPUs are the, R9 295X2, Radeon HD 7990, and the AMD R90. Learn how to get the best Monero mining equipment here.

Monero Mining Pools

Mining pools were created to allow miners to receive more frequent payouts. For example, if you have a .1% chance of finding a block, you could get unlucky and never receive rewards.

In a pool, you could combine your hashing power to give yourself a 5% chance to find a block. After finding one, each contributor proportionally splits their rewards equal to their hashing power.

Essentially, mining pools reduce variance.

Some of the most popular Monero mining pools are Minergate, MineXMR, and Nanopool. Learn how to find the best mining pool here.

Monero Mining Software

In order to tell your mining hardware what to do, you will need the best mining software. There are tons of options, but we have assembled the best options that have the lowest fees and best performance.

Who created Monero?

Monero was initially created by a user thankful_for_today on the Bitcointalk forums but has gone dark since. The current Monero core team consists of Riccardo Spagni “FluffyPony” and ArticMine. Most other team members only have a GitHub profile listed with no Twitter or LinkedIn.

How to Store Monero

Monero can be stored on myMonero and on paper wallets. Ledger Nano S support should be coming soon, bringing Monero’s privacy features to hardware wallets. Monero is available on few wallets due to it being coded so differently than other cryptocurrencies.

How Many Monero Coin Are There?

At the time of this writing, there is a circulating supply of 16.1 million XMR. This increases as miners receive block rewards.

Features of Monero

Ring Signatures

One of the most valuable features of Monero are its ring signatures. Ring signatures ensure the senders’ privacy by combining other addresses not involved in the transaction. This makes it difficult to locate the original sender and creates a unique key.

Stealth Addresses

Stealth addresses allow recipients to conceal their wallet addresses and balances. This is for people who want to shield transaction amounts and the frequency of their transactions.

Fungibility

Fungibility is a feature of money that allows units of a currency to be indistinguishable. Monero is fungible, meaning no unit can be blacklisted or identified from the rest of the network.

Fair Distribution

Monero was distributed through a fair and clear mining schedule. A date was announced when Monero could be mined, and users could use their computing power to earn coins. This is a very rare feature nowadays as more coins are shifting to initial coin offerings.

Divisibility

While not unique to Monero, Monero is extremely divisible down to something called a Piconero. This division is one 11000000000000 of an XMR. Divisibility is valuable in a currency as it allows for more efficient transactions.

Conclusions

Monero is a top 15 cryptocurrency in terms of market capitalization and is the #1 privacy coin in market cap. Its established history and well-spoken team allow it to be seen and understood by many. Monero has communities on their official subreddit, Twitter, and Discord.

You may be wondering why a cryptocurrency even has value. Most cryptocurrencies price revolves around use case and supply and demand. In this case, Monero is useful for users who value the extra privacy for their transactions.

If you want to learn more about Monero mining, check out our guide. To learn more about the Monero project, read the official whitepaper.