Cryptocurrency Monero, its prospects and forecast for 2018

What is cryptocurrency Monero (XMR)

Cryptocurrency Monero (XMR) is a completely anonymous decentralized cryptocurrency, founded in 2014 as a result of fork cryptocurrency Bytecoin. But initially, Monero had the name BitMonero, which is translated from the dead language as “coin of bitcoin”, but as a result of rebranding it was decided to change it to Monero. Monero developers have decided to build on the Bytecoin code, which uses the CryptoNote protocol, which makes the code cryptocurrency more confusing, complicating the process of disclosing users ‘ data.

Life of cryptocurrency Monero was far from sweet, because at the beginning of its way to cryptocurrency was a pretty powerful hacker attack, which Monero overcame with pride. This fact helped cryptocurrency Monero to gain the trust of users, which resulted in the growth of popularity and cost of Monero.

Technical features of cryptocurrency Monero

Official site – getmonero.org;

Year of foundation – 2014;

Encryption algorithm– CryptoNote;

Protection method – Proof of Work;

Trading ticker – XMR;

Capitalization – $4 775 610 409;

Cost of XMR – $306.71;

The maximum emission is 18 440 000 000 XMR.

The cryptocurrency Monero is based on the CryptoNote protocol, which in addition to the CryptoNight algorithm allows mix of user transactions in the network in such a way that Monero is the most anonymous cryptocurrency. Due to the use of the network of Stealth addresses in which there are 2 keys, the information on transactions is completely hidden.

Course Monero. Where to buy Monero (XMR)

Now, the rate of cryptocurrency Monero, according to the data of the HitBTC exchange, is $312.12. In addition to HitBTC, Monero coins can be bought at the exchanges Binance, Bitfinex, Poloniex and Bittrex, mainly for BTC. The price of Monero varies from exchange to exchange, so, before you buy these coins, see the most advantageous courses.

For a long time, the course of Monero was almost unchanged, but in 2017, on the background of certain news, the cost of Monero sharply increased. The first race took place from May to August 2017, and the second, from November to the present day. The maximum cost of cryptocurrency Monero reached 476 dollars for 1 XMR.

Advantages and disadvantages of Monero

Monero, like any other cryptocurrency, has a number of disadvantages and advantages. Therefore, it would be correct to consider both sides of the “medal” Monero, and we will begin, perhaps, with bad.

Disadvantages. The disadvantages of Monero can be attributed to the size of its transactions, which in comparison with other cryptocurrencies almost 10 times more. This fact significantly increases the load on the blockchain cryptocurrency, so, sometimes there may be delays in translations. The second drawback of Monero is its anonymity. It seems to be there, and it is enough to hide data about users, but still, it is not absolute, as for example at Zcash.

Advantages. This cryptocurrency is much safer than most other cryptocurrency that is what made the demand for it, which later allowed it to be in the first 10 by capitalization. However, the appearance of two forks bitcoins shifted Monero on the 11th place.

Mining Monero

Thanks to the CryptoNight technology, we mentioned above, mining Monero is possible only with the help of the central (CPU) and graphic (GPU) processors. As a result, mining using Asic Miner is prohibited. Though, perhaps the CPU mining is supported by the network, it is not actual. Now, the most profitable kind of mining Monero is mining with the help of graphics cards (GPU). If you do mining Monero based on the Linux operating system, its efficiency is increased. The minimum amount of coins of coins XMR, which can be deduced – 0.01 XMR. When the maximum number of XMR coins is reached, mining Monero will continue to be relevant. The reward for solving of one block will be 0.6 coins, at average time of block generation – 2 minutes.

Monero. Cryptocurrency prospects for 2018

Now, cryptocurrency Monero is one of the leaders among anonymous cryptocurrency. If the team of developers of cryptocurrency Monero will popularize it and implement it in other projects, the cost of cryptocurrency in 2018 will be able to reach 1000 dollars for XMR. Do not forget the fact that every year, the unproduced blocks are becoming smaller, which in turn increases its cost.

Wallet of cryptocurrency Monero

To store cryptocurrency Monero, you can use a wallet on the stock exchange where you buy coins or the same native wallet Monero. You can download the wallet on the official website getmonero.org in the “Downloads” tab. The main criterion for the installation of the wallet is the 64-bit operating system. After installing Monero Wallet, you will need some time to synchronize with the system. It is Monero Wallet is considered the most reliable place to store coins. If you do not want to install additional software on your computer, use the online wallet that is here.

Conclusion

To summarize, we can say that Monero is suitable for most users of cryptocurrency, which will develop in the future. It is also attractive for users who invest in the crypt for the purpose of earning, because it has the potential for growth (at least up to the price of Dash). You need to use it to appreciate all the charms and benefits of this network, because in another way it is not appreciated. Friends.