|Circulating Supply||16,738,966 XMR|
|Max Supply||0 XMR|
If you are interested in finding a new cryptocurrency to invest in, Monero, a currency with a market cap of more than $3 billion and trading volume of $90 million might just be one that grabs your attention.
Monero is one of the more private, if not THE most private cryptocurrency on the market right now. It is this focus on anonymity as well as the security aspect of transactions that has led to it gaining quite a lot of attention in recent times.
After an impressive 2017, Monero has actually been mentioned by many as one of the top five currencies to watch in 2018. Does it appeal to you? Want to learn more? Then read on.
What is The Monero Coin (XMR)?
Monero is a peer-to-peer cryptocurrency that has a heavy focus on providing good levels of security and fast transaction times that are reliable and anonymous. It was first launched back in 2014 and it has since become one of the top 20 cryptocurrencies on the market with regards to the market cap.
Monero aims to give its users even more privacy than they can get on the likes of the Bitcoin and Ethereum payment systems.
What is more exciting is what is coming up for Monero in terms of updates and developments. The adoption of multi-signature support, improved anonymity with their Kovris project, the reduction of fees that their bulletproofs feature will bring and the Ledger Nano S wallet claiming they will soon support the currency, are all things to get excited about if you are a Monero investor.
Whats Special About Monero (XMR)
Some of the big selling points for Monero are the advantages that the cryptocurrency has over some of the big names such as Bitcoin and Ethereum. These can be found below:
- Increased Wallet Privacy – Monero uses a far more secure cryptography that allows all wallet transactions to be kept private. Even if somebody knew the wallet address of somebody else, they would not be able to check on the transactions that had been made.
- Increased Transaction Privacy – The above also allows all transactions to prevent anyone discovering the source or the amount of a transaction. No signatures are kept at any of the blocks in the chain and thus allow for a more anonymous transaction.
- Adaptive Scaling – Whereas Bitcoin creates new blocks for its chain every ten minutes, Monero is able to do this five times faster and can create them every two minutes. This is because the blocks on Bitcoin are limited to being the size that they are. This can lead to congestion on the network and often result in delayed or failed payments. Monero solves this by using adaptive block sizes which allow the created blocks to increase or decrease in size as required.
Where to Buy Monero (XMR)
Monero is known to be among the major cryptocurrencies and while it might not be top ten in terms of market capital right now, this can always change in the near future. There are a number of cryptocurrency exchanges that will offer this coin among the many others that are available, so if you are interested in this coin you just have to go and find one.
We have made that task a little easier for you as we have provided you with a handful that does offer the Monero coin:
If you going to go to any forum or review site, you will quickly see how popular Binance is with its users. It only launched in 2017 but already seems to be one of the most popular cryptocurrency exchanges out there.
If you are looking for a cryptocurrency exchange that supports a wealth of coins, Gate.io is definitely an option you can consider. Bitcoin, Litecoin, Ethereum and Qtum are just some of the other currencies that you will be able to trade here.
Kraken is popular because it has a history having been around since 2011. It also has a good selection of payment options such as credit cards and SEPA transfers. All the major coins and more can be traded on this exchange.
Cryptopia is a cryptocurrency exchange that only allows crypto-to-crypto trades but this also means that it provides a more anonymous experience for its traders as there will be no need to have your account verified.
Account verification is required at Bitthumb though, as this Korea-based cryptocurrency exchange allows the deposit of fiat currencies and the use of credit cards. It also has a very large selection of coins to trade.
Out of that lot, our personal favourite would be Binance as there is no verification required. Monero prefers to keep things private, so it would be rude to not follow them in the same light. Be warned that you will have to have some kind of cryptocurrency already owned if you wish to trade it for Monero as they do not accept fiat currencies at this cryptocurrency exchange.
Investing in Monero (XMR)
Monero as it already is in its current state is widely regarded to be the most private cryptocurrency but this is set to improve further this year with a number of their proposed updates.
If you believe that these updates are going to provide even more value for the cryptocurrency, now might be the time to jump on board and start investing.
You can learn more about the particular updates they will be bringing this year through doing a bit of research online but in general, they are going to be taking a number of steps that make the network even more private and the Monero coin so much more accessible for users.
Do I Need a Monero Wallet?
Well, you are going to need somewhere to store it, especially if you want to avoid the cryptocurrency exchanges that are always a prime target for hackers. Hundreds of millions have been hacked and stolen over the years and there will surely be more attempts in the future as well.
This is why we always recommend that traders of all experience levels make use of the many wallets out there and avoid putting their money on the cryptocurrency exchanges for too long. If you do insist on leaving it in cryptocurrency exchange wallets, make sure you do your research and choose exchanges that have some good security factors such as using cold storage.
Hardware-based wallets are definitely the preferred route to go as you can keep your currencies and keys in there and have the wallet secured safely with you at all times. Be sure to make copies of the keys though just in case something goes wrong. These hard wallets do not always support all currencies, however, with only one that has announced they will be supporting Monero soon.
- Ledger Nano S
That wallet is the Ledger Nano S, a wallet that is widely regarded to be the number one in the industry. It does not currently support Monero but as stated, they had announced plans to have it supported in the near future.
Web-Based and Client-Based Wallets
As of right now, you have no option but to use one of the following web-based wallets unless you want to use the wallets on the cryptocurrency exchanges which is really not recommended. These will at least allow you somewhere away from the exchanges to store your Monero and the hands of the hackers.
MyMonero is one such option and it is a web-based wallet that seems very trustworthy as it was created by one of the core developers of the Monero cryptocurrency. This wallet never asks for your private keys either, so there is no way that they can have direct access to your currencies.
- Monero GUI Wallet
Another safe option is to use that of the Monero HUI wallet that is the official wallet for the Monero currency. It can be found and downloaded from their website and you just have to choose the correct version depending on the operating system you are using. This is a simple wallet but more than enough to store your Monero cryptocurrency.
Pros & Cons
Monero certainly seems to have something that many believe in and it is little wonder that it surged in value last year. Could it follow in the same vein this year? We are sure you will be hoping so if you are holding some of their currency.
Below are some of the pros and cons we feel are relevant with Monero:
- Intense focus on providing anonymous transactions
- Untraceable transactions
- Adaptive block sizes
- Similar projects out there such as ZCash and PIVX
- Larger transaction sizes on the blockchain