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  • My grassroots campaign for U.S. Congress in NY04 has gained a lot of momentum!! October 28, 2020
    Monero land, we are sorry that Monero Talk has been absent recently. Rest assured we have been working hard for this community in other ways — tirelessly campaigning to put a sound, sovereign, digital cash advocate in U.S. Congress!! Election Day is upon us and early voting has already begun! My grassroots campaign for U.S. […]
    /u/sunchakr
  • What Are The Ring Signatures In Monero? October 28, 2020
    submitted by /u/CoinjoyAssistant [link] [comments]
    /u/CoinjoyAssistant
  • Old wallet trouble October 28, 2020
    Howdy folks, I've been using the same monero wallet for some time, and its starting to give me some trouble. (Currently monero-x86_64-linux-gnu-v0.16.0.3) Recently transfers stopped working. Either the local daemon will report back a double spend, or the tx will be stuck in pending and fail to propagate to the network. I've tried most combinations […]
    /u/DJBunnies
  • Multiple Withdrawals October 28, 2020
    Hi, please help me understand one thing: Let's say I have an Input of 100 XMR on my balance. If i need to send several transactions at once - can I send it in one withdrawal or do I have to wait for the Output of every single transaction to return and then send another […]
    /u/ImBlueDaBuDee
  • 'About Privacy on Monero and Lightning: Interview With Riccardo Spagni' - BeInCrypto October 28, 2020
    submitted by /u/dEBRUYNE_1 [link] [comments]
    /u/dEBRUYNE_1
  • fee taken from amount entered? October 28, 2020
    I am just wondering does monero take a fee from the amount you entered to send or does it take it from unspent monero in your wallet? submitted by /u/biggieBlitz [link] [comments]
    /u/biggieBlitz
  • Tails GUI no longer working? October 28, 2020
    The GUI I have installed on Tails is no longer working. It fails to connect to Daemon. How to resolve this? submitted by /u/HoldOnRush [link] [comments]
    /u/HoldOnRush
  • Donal Trumps Website was Hacked - Hacker Asks for Monero donations to release or keep hacked materials... October 28, 2020
    submitted by /u/Fiach_Dubh [link] [comments]
    /u/Fiach_Dubh
  • How RingCT Hides Monero Transaction Amounts — LocalMonero October 28, 2020
    submitted by /u/Alex_LocalMonero [link] [comments]
    /u/Alex_LocalMonero
  • PSA: The MyMonero Android app is fake! October 28, 2020
    It's a good fake: lots of downloads, good reviews. But it's a fake. MyMonero doesn't have an Android app, yet. I just lost $10k. Don't make the same mistake. Please report the fake app. Update: Thanks everyone for your messages and help. The app seems to have been taken down. But it's only a matter […]
    /u/aProspectiveStudent

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What Is Monero ?

Monero denoted as XMR is a decentralised open-source cryptocurrency that focuses on privacy, security and scalability. Monero has cryptographic security features that shields are sending and receive and also amount transacted to be seen by prying eyes of the public. Monero is private, secure and untraceable.

We feel awkward whenever our account officer in a bank check our account details for one transaction or the other, as we think a second party is watching everything about our transactions. Bitcoin cryptocurrency came, and we started jumping up in celebrating thinking that, our financial transactions are enveloped with privacy.
Do you know that your transactions in bitcoin blockchain are viewed by the prying eyes of the public because those transactions exist in public ledger?
A group of people noticed this flaw and founded a cryptocurrency blockchain which the second party can never view transactions. That cryptocurrency is called Monero, and it was launched in 2014 by a team of seven developers.

Three extra features that made sending and receiving money more secure in Monero

Monero implements these three functions in its blockchain, they are:

Ring signatures: This feature shields where the money is coming from.

Stealth Addresses: This feature shields the destination where the money is being sent to.

RingCT (Ring Confidential Transactions): This feature shields the amount being sent.

 

THE TEAM

The Monero’s team consists of seven developers, and five chose to be anonymous. The other two known faces include David Latapie and Riccardo Spagni aka “Fluffypony. These men are security experts and also experienced managers.

Practical Uses of Monero

  • It protects one’s online identity from the prying eyes of the public.
  • It is used for payment solutions.
  • Some banks use Monero’s blockchain platform for transactions.
  • It is an entirely anonymous cryptocurrency that makes people’s wealth private and fungible. Some law enforcement is having a running battle tracing people’ wealth in Monero.

Mining of Monero

Monero uses Proof of Work(PoW) called CryptoNight to mine and fully implements CPU/GPU computational power. There is no ASIC meaning anyone can mine so long as you have the required hardware and the technical know-how. Monero’s mining algorithm reduces the performance gap making XMR more expensive to mine.

You can decide to go solo mining or pool mining. In solo mining, you have enough computational power and payment of rewards comes quickly. In pool mining, there is a little fee attached to it, and there is no much computational power. The good thing about pool mining is that resolution of cryptographic problems comes faster and more blocks are added to the blockchain. The rewards are a little bit delayed.

Whichever method one chooses, mining Monero is painstaking but profitable.

Notes for Investing

Monero (XMR) has maintained a positive showing in the market capitalisation over the last 12 months, becoming a sensation in the market. The stability, privacy and worldwide acceptability Monero are getting has made it, a good investment option. In June 2016, the market capitalisation has increased from $5 million to $183 million while in July 2017.It has gotten to $720 million.

Those who purchased XMR in May 2016, got it less than $10 but today, it is over $100.Investment analysts have predicted that it will hit $200 before July 2018.It is a good investment option considering the cryptographic gladiators backing Monero.

MUST READ!

You need to note that, cryptocurrency investment is speculative and unpredictable, and it involves risks. The market is full of uncertainty, susceptible to attack and capital loss. There are many parameters one needs to check before investing. Don’t invest only based on what you have read here, but invest based on the fact that, you have sought advice.
I wish you success!