What is Monero (XMR) crypto? Know about its features and weaknesses

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What is Monero (XMR) crypto? Know about its features and weaknesses

Cryptocurrency
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Highlights

  • Privacy-oriented cryptocurrency, Monero, made its debut in 2014
  • It makes use of advanced cryptography, thus making data unavailable to anyone examining its blockchain
  • The network uses the proof-of-work algorithm

Introduced in 2014, Monero is an open-source cryptocurrency. In fact, it was among the first cryptocurrencies to have been equipped with cryptography, thereby offering enhanced privacy and fungibility features as compared to its peers.

cryptocurrency, Monero

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Main features of Monero

Monero’s network makes use of CryptoNight, a consensus mechanism, which is based on PoW, i.e., the proof-of-work algorithm created by Monero community members, thereby stopping large mining farms from becoming the controlling force.

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The main feature of Monero crypto is enabling transactions to take place privately and with anonymity. In other words, it allows its users to send and receive transactions by disguising addresses used by participants.

Also Read: Seeking Solana (SOL) crypto? Things you must know

Are there any cons of Monero crypto?

Owing to its anonymity feature, Monero is being increasingly used for illicit transactions, particularly those related to darknet markets and those who fear being tracked by investigation agencies.

This is possibly the reason why many national governments, including the US, have announced rewards for cracking Monero’s code.

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Monero’s price

XMR is Monero’s in-house token. Ranked 32 among the top cryptocurrencies, the crypto’s current market cap is over US$4 billion. It has a circulating supply of around 18 million XMR coins while its maximum supply is not known.

Do Read: XMR, ZEC & ROSE: Top 3 privacy cryptos by market cap surge

The crypto was priced at US$231.18, with a decline of 4.30% over the last 24 hours, at the time of writing.

Where to get XMR crypto from?

One can buy Monero crypto on Binance, Kraken, etc. Also, Bithumb, Bittrex and HitBTC, are some of the exchanges where Bitcoin or Ethereum can be traded for Monero.

Related Read: 5 must-read crypto trading tips for beginners

Bottom Line

The crypto space is a vast pool of thousands of cryptocurrencies, which are equipped with distinct features. One of them is Monero, which is a leading privacy coin. Interested investors must carefully analyse both pros and cons of cryptos and then foray into the world of cryptos, which is marked by massive volatility and price fluctuations.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

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