Privacy Coin Monero Guide and Usecases
Inspired by the Bitcoin Protocol, Monero addresses scalability and privacy concerns inherent in Bitcoin, operating as a peer-to-peer system.
In 2012, an anonymous author known as Nicolas van Saberhagen released a whitepaper introducing CryptoNote, a protocol that once stood at the forefront of cryptocurrency technology. CryptoNote distinguishes itself as an application layer protocol, employing unique cryptographic methods to conceal transaction details such as sender, receiver, and amount. Its adaptive block size limit allows the network to adjust seamlessly to varying transaction demands.
Table of Contents
XRM Price to PHP
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Bytecoin, the first real-world implementation of CryptoNote, later became embroiled in controversy, paving the way for Monero’s creation.
Bytecoin Fork: The Genesis of Monero
According to Coin Central, Bytecoin faced internal strife over its premine process, a significant point of contention. Premine refers to the creation of a substantial portion of tokens before a cryptocurrency’s public launch. While standard practice involves a minimal premine, Bytecoin’s developers had already mined 80% of the total supply, leaving a scant 20% for public mining. This move fueled allegations of fraud and manipulation, casting doubt on Bytecoin’s legitimacy. Compounded by claims of falsifying blockchain history, these issues ultimately led to community members demanding a fork.
The result was Bitmonero, later rebranded as Monero, a token designed to be more transparent and equitable. Monero features no premine, faster block time, a smoother emission curve, and a more adaptive block size limit, distinguishing itself from its predecessor, Bytecoin.
Monero (XRM): Defining Privacy and Security
Monero, translating to ‘money’ in Esperanto, stands out for its commitment to privacy. According to the Monero website, the launch did not allocate any block reward to the development team. Monero’s use of CryptoNote ensures that users remain anonymous, rendering transactions confidential and untraceable. The website states: “Monero’s untraceability makes it a true, fungible currency. Merchants and individuals accepting Monero need not worry about blacklisted or tainted coins.”
Inspired by the Bitcoin Protocol, Monero addresses scalability and privacy concerns inherent in Bitcoin, operating as a peer-to-peer system. Significant enhancements post-launch include a blockchain migration to a more efficient database structure, mandatory minimum ring signature sizes for privacy, and the implementation of RingCT to conceal transaction amounts. These advancements prioritize privacy and security, with usability and efficiency as secondary objectives.
Advantages of Monero
Monero’s privacy features offer unique advantages. Charities and NGOs can receive anonymous donations, allowing individuals to contribute without revealing their identities. This is particularly beneficial for small donations that might otherwise attract discrimination. High-profile executives can also use Monero to protect their financial data and trade secrets from public scrutiny. The token is equally valuable for journalists and activists handling confidential or sensitive information.
Monero Details
| Ticker Symbol | $XRM |
| Year Launched | 2014 |
| Consensus Mechanism | PoW |
| All-Time High | $542.33 (January 09, 2018) |
| All-Time Low | $0.216177 (January 14, 2015) |
| Website | https://getmonero.org/ |
| Socials | https://twitter.com/monero https://www.facebook.com/451055411696176 https://forum.monero.space/ |
How to Buy $XRM?
- To start buying, selling, holding, and trading $XRM on exchanges, users should create and verify an account by providing requirements such as personal information, an email address, a phone number, a valid ID, and a selfie.
- Choose the $XRM trading pair; it could be $XRM/USDT, $XRM/USD, $XRM/PHP, or others.
- Buy $XRM by typing the desired amount.
- Check the crypto wallet of the exchange, select the transfer or send option, and type in the wallet address of the receiver. Make sure that the wallet is compatible with $XRM.
- Check if the transaction is complete. Usually, the amount has already been loaded to the wallet.
Closing Thoughts
Like Bitcoin, $XRM is a good choice for a peer-to-peer payment system. But it should be noted to always practice due diligence and do your own research before using a token.
This article is published on BitPinas: Privacy Coin Monero Guide and Usecases
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Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
Original Article Follows (Outdated)
BitPinas. Monero focuses on having private and censorship-resistant transactions to keep your real-life identity safe and secure. We will give you a brief introduction about Monero and how to buy it here in the Philippines.
This article had a very minor update on October 2, 2018.
What is Monero?
Monero (XMR) was first introduced on April 18, 2014. Unlike Bitcoin that has a transparent blockchain, Monero uses cryptography that shields sending, receiving, and the amount from prying eyes.
By default, all transactions (sending, receiving, and the amount) using Monero are made obscured so that the privacy of all the Monero users are always on.
Also, it is *fungible. Monero cannot be tainted by any previous transactions. It is safe to have without risk of censorship.
*Fungible –Â a good or asset’s interchangeability with other individual goods or assets of the same type. – Investopedia
How to buy Monero in the Philippines
Update: October 2, 2018: Buy Monero on Abra
Abra supports depositing fiat via local banks and through credit cards. You can exchange bitcoins for MOERO within the Abra App. Should in case you want to cash out, you can do via partner merchants like Tambunting.
- Download Abra here! (It will ask for your mobile number, start with the PH area code 63.)
- Buy cryptocurrency on Abra through credit card!
Update August 31, 2018:
Just like any other cryptocurrency aside from Bitcoin in the Philippines, you can not readily get Monero instantly. You will need to get another wallet aside from your current BTC wallet and register an account in a crypto exchange site. (Read: Bitcoin Wallet Philippines – How and Where to Store Your Bitcoins in PH)
Buy Monero from Cryptocurrency Exchanges
Many exchanges globally trade Monero. We will use Binance as an example.
Steps in buying Monero in Binance
- Sign up and have your account ready.
- Have a BTC account via Coins.ph or Bitbit.cash
- Register at Binance here.
- Open a new wallet by using a Monero Desktop wallet. This wallet is advertised by Monero itself.
- There are also other Monero wallets available in Android and App Store but use them at your own risk.
- Ready your Bitcoins in your Coins.ph or Bitbit.cash.
- Send BTC from Coins.ph to your Binance BTC wallet.
- Create your Binance BTC wallet address by clicking on the + sign.
- Buy Monero using your Bitcoin in Binance.
- After purchasing, transfer your XMR to a wallet of your choice.
Other ways to buy Monero
- You can buy XMR by joining legit Facebook Monero groups.
- Poloniex Crypto Exchange
- HitBTC Crypto Exchange
Monero Wallets
Monero Philippines Tips
- If you’re able to get in contact with another Monero user and wishes to do an exchange, make sure that both parties will meet in a secured public location.
- Currently, Bitbit.cash and Coins.ph don’t support Monero. You can use your Monero desktop wallet instead.
- Make sure not to keep your XMR in Crypto Exchange sites as it is vulnerable to hacking. Tuck them away in your wallet as soon as you can.
Unlike Bitcoin that all transactions are out in the open, Minero is on privacy default. It hides all the transaction to protect its users’ activities. If you’re cautious about your movement in the digital world, Monero’s a good cryptocurrency for you.
