Developed some five years after Bitcoin (BTC), Monero (XMR) is a cryptocurrency that aims to preserve the anonymity and confidentiality of its users. One of its strong points is that it’s designed to address the privacy issues that BTC does not, offering users everywhere the capability to complete their transactions without worrying about traceability, censorship, or compromising their data privacy. If you’re looking for a digital currency that enables you to do the following, then your best bet is to put your money in Monero:
It Can Protect Your Online Identity, Data, and Transactions
Privacy is becoming a rare quality in a digitally interconnected world. Purchase anything anywhere using your card, and you can be sure to receive advertisements that have been personalized to your purchases, the keywords you use when searching online, or the websites you frequent. All this can be quite concerning, especially for individuals who want to keep their personal data safe.
Monero is specifically developed to be non-traceable and to protect the anonymity of its users. As such, you can expect your data to remain private even if you use the funds in your XMR wallet to purchase products and services that you don’t want others to know about.
The cryptocurrency does this by employing three technologies: Ring Signatures, Stealth Addresses, and Ring Confidential Transactions (RingCT). The Ring Signature protocol adds 10 more signatures to the transaction group, making it appear that any single one of the 11 signatures in the group could have sent the data. Stealth Addresses, on the other hand, automatically create one-time accounts for every transaction. Finally, RingCT prevents anyone from seeing how much each transaction is worth.
Also read: Best Crypto And Bitcoin Wallets For 2021
You Can Experience True Fungibility When Transacting Online
A currency or product is said to be fungible if it can completely be interchanged with a similar asset of the exact same value. A 20 dollar bill is not exactly fungible, as it can be identified using its serial number. A gold coin, on the other hand, can be exchanged with another from the same batch; it wouldn’t matter if it’s the one you originally held or not.
Monero is designed to be fungible, meaning that there is no way to distinguish one data block from another. All transactions using this currency undergo anonymization, so there’s no way to tell if a specific block was used to fund a particular transaction or not. Take note that this does come with its downsides. Because some financial establishments and governments have a hard time regulating XMR and knowing where each unit is coming from, some institutions do not accept the currency.
You Can Mine Cryptocurrency Using Standard Equipment and Software
Bitcoin has been viewed as one of the reasons for chip shortages in recent years. This is because mining the coin requires the use of an application-specific integrated circuit (ASIC), and people have hoarded semiconductors for their rigs specifically for this purpose.
Now, Monero is an ASIC-resistant type of currency, and the coin can still be mined using your standard PC and operating system. There’s no need to spend extra to buy specialized hardware for this task, and people can even opt-out of installing specific programs on their computers just so they can use the currency.
You Can Look Forward to Regular Updates and Improvements
While many digital currencies are trailblazers when it comes to financial technology, not all of them are particularly quick to adapt to changes. Take Bitcoin, for example, where it can take a long time and multiple rounds of discussions before change can be implemented. This process can sometimes take years.
Monero holders, on the other hand, don’t have to wait as long for an update. The currency is scheduled to autonomously update every six months. This is a move to help ensure that XMR is capable of keeping up with the needs of its users and the changing times.
You Can Transact with Anyone from Anywhere without Censorship
The level of privacy XMR affords its users can be quite attractive for people who don’t want to be tracked by government agencies, commercial establishments, or regulatory bodies. As long as you’re aware of the risks that come with the transactions you carry out using the currency, you’re free to use XMR as you see fit.
For example, if you’re having a hard time purchasing a particular service or product from the other side of the world, use Monero to push through with the transaction without anyone getting their nose into your business. If you don’t like the idea of getting profiled by a business, then use the currency to complete your purchases and prevent people and corporations from accessing your data.
You Can Acquire a Digital Currency That Promises Rapid Growth
XMR has grown leaps and bounds in the past few years. Some news outlets deem it as one of the fastest-growing cryptocurrencies this 2021, and this rapid growth has benefitted the people who continue to hold on to the currency. In fact, some people believe that the demand for XMR will continue to rise as more and more people try to look for ways to anonymously use their assets.
If you want to be able to do any or all of the above, then Monero might be the best cryptocurrency for you. Get started at the most opportune moment by creating a Monero wallet as soon as possible. Remember, you don’t need special hardware or software for this currency. If you have a reliable computer, internet access, and capital, you have all you need to get started.