Among all digital coins, some grow especially quickly, making us stay in anticipation of what there is to come. Monero is one such coin. Besides, it is very secure, keeps coin owners confidential, and uses CryptoNote protocols.
Thanks to the newest technology, none of the transactions of the Monero networks can be traced. Monero is obviously a much newer asset than Bitcoin and lets you perform transactions of a bigger volume. Yet, there is more to XMR before considering pooling your funds in this digital asset. Let’s find it out.
XMR As The Fast Growing Cryptocurrency
Monero has been showing signs of super-fast growth, in many cases, because of its exceptional ability to keep the financial info of users private (compared to lots of other cryptocurrencies). This feature is priceless in a world where payment and personal info is spilled so easily. That is why so many platforms convert XMR to LTC and vice versa.
More and more people have become conscious of their money privacy. This indeed makes the asset an attractive investment for the long term. This feature also keeps you safe from disclosing the value of transactions and doesn’t let anyone trace them.
How Does Monero Work And What Are The Reasons For Choosing XMR As Investment?
Monero is an open-source and untraceable cryptocurrency like most recent coins. The asset operates on ring signatures and allows splitting the sum of user-to-user transactions into lots of random chunks. So, anyone observing the transaction can’t see who initiated the transaction and whose addresses are involved.
The foundation for mining XMR is the egalitarian concept. It lets all users have equal opportunities and equal data protection. The currency uses the Proof-of-Work algorithm known as CryptoNight, which gives the hardware for mining the protection status.
The PoW is very friendly to CPU and GPU mining as well. In addition, advanced cryptography guarantees no one can link users to Monero cryptocurrency transactions. There are also advanced fungibility protocols. It ensures that there is no way for third parties to find out which XMR coins took part in which transaction. Coins don’t keep serial numbers, and transactions must go through profound anonymization. That is a completely new level of privacy we can enjoy with Monero.
Total Supply Of XMR These Days
To this day, there is more than 17,700 XMR in circulation. Yet, there is no previously set supply of Monero. In its first year, the number of coins available increased by 87%.
XMR Today And Its Prospects For The Future
In the near future, XRM has all chances to have steady and consistent growth. Even though many governments aren’t enthusiastic about fully anonymous digital transactions, users will overpower restrictions.
Monero will continue to provide the best security for network users and let them remain protected, which is the key reason to consider investing in cryptocurrency.
Where To Exchange Crypto To Monero Securely
Contemporary exchanges offer many new coins, allowing you to exchange them fast and even get educated about cryptocurrency.
One of the platforms to perform transactions conveniently and feel secure is LetsExchange.io. It offers:
- Crypto-to-fiat and fiat-to-crypto swaps.
- Over 1.500 digital tokens and coins to buy.
- No withdrawal fees.
- Decentralized exchange.
- An informative blog highlighting most in-demand topics such as NEAR vs ALGO, etc.
After considering all the benefits and amazing technical characteristics, we can draw conclusions. It has all chances to stay a relevant investment for at least 2-3 years to come. With its unique feature of protecting users’ information and transaction anonymization, it will remain with us and offer a smooth experience to its users.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.