- $2,6 billion market cap
- $78 million trading volume
- Truly privacy-oriented coin. Transactions are not traceable.
- Scalable and dynamic blockchain.
- ASIC resistant and truly decentralized.
- The receiver can view and verify the transaction by using a private key, so its selectively private as and when required.
- Regulatory concerns mean that Monero will never be able to achieve mainstream status like other cryptos.
Monero (XMR) in a nutshell
Monero is a privacy-focused cryptocurrency that ensures true and completely private transactions that are untraceable. Unlike other cryptocurrencies that comprise public blockchains such as Bitcoin, Monero uses zero-knowledge proofs, and stealth addresses to remain completely private. This guaranteed privacy and anonymity has made Monero the target of regulators the world over and some jurisdictions have even outright banned it.
Monero does allow sharing of private keys so the receiver can validate and confirm the transaction. The anonymity of Monero has stood the test of time. Monero is an ASIC-resistant coin and even though it works through the Proof of Work (PoW) protocol, it is still possible to mine it relatively easily when compared to other PoW coins like Bitcoin.
The initial total supply of XMR is capped at 18.3 million but once this supply is reached, to incentivize miners, there will be an emission at the rate of 0.3 XMR per minute.
Monero was not offered in an ICO and was not pre-mined. It is a truly decentralized project.
Has XMR Token been audited and doxxed?
Yes. The XMR token was audited by CLSAG and has been doxxed. The team behind the XMR Token publishes regular documentation via press releases and is active on social media channels.
Trust & Fairness: 4
Exchanges & Swaps: 4
Overall Rating: 3.5
Detailed Review of Monero (XMR)
Monero was launched to provide completely untraceable and true private transactions. While other cryptocurrencies have public and transparent blockchains, Monero uses innovative technologies such as stealth addresses and ring signatures. Every user’s wallet address, sent amount and transaction are anonymous by default providing a level of anonymity that is not possible with other cryptocurrencies.
The Monero cryptocurrency traces its origin to Bytecoin and was launched in 2014. It was forked by Bytecoin as some of the developers did not agree to the changes proposed by the Monero community.
There is no limit on the block size and it can be easily scaled whenever required. Monero is also ASIC resistant meaning mining farms cannot exploit the blockchain and establish control over the bulk of the mining operations.
The Monero community is well developed even though a majority of the developers have chosen to remain anonymous.
However, the inherent private feature has made Monero the preferred blockchain for use in darknet forums and regulators have questioned such a private network. On the other hand, the proponents of Monero point out that the cryptocurrency may have niche uses especially in the health care and identity verification industry where the privacy of a patient and his healthcare information is essential.
Monero was also delisted from some exchanges as some countries banned it due to its privacy features.
Where to Buy Monero Token?
The XMR token can be bought on almost all popular exchanges such as OKEx, Binance, Digifinex, Coinbase, Nominex, WazirX, Gate.io, FTX, Huobi Global, KuCoin, Bithumb, Kraken, Crypto.com, Gemini, Bitfinex, Coinone, Poloniex, LBank, Upbit, Paribu, CoinDCX, LATOKEN, and BitForex.
You can buy XMR either through cash via P2P (peer-to-peer), credit or debit cards, or through other cryptocurrencies.
If you already hold some crypto, then you can use the coins to purchase XMR directly through supported decentralized exchanges such as incognito. All you need to do is connect your wallet such as Metamask and select the appropriate coin pair that you wish to use for purchasing XMR (for example BNB/XMR). The decentralized exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the Monero token. You can also use XMR for purchasing other altcoins through the decentralized route as explained above.
What Can you do With the Monero Token?
Hodl as a long-term investor: The developers of XMR have plans to include the token as a form of payment on NFT marketplaces all over the world. You could also simply hodl it and gain from its price appreciation in the long term. The token also generates passive income for its holders as it can be staked.
Mine Monero: the easiest way to get some XMR coins is to mine it directly. The XMR cryptocurrency is ASIC resistant and can be mined by even retail users. The mined coins can be sold for a profit later.
Swap XMR to other tokens: You can use XMR and directly swap to other altcoins on a decentralized exchange. The process is quick and simple and is described below.
How to Swap XMR to other altcoins
Simply head over to a decentralized exchange and connect your wallet. Then, select the amount of XMR you wish to spend (factoring in transaction fees) and swap it for another crypto token. You will receive the tokens in the same wallet.
How to Buy XMR?
In order to buy XMR, you will need to use a centralized exchange or a decentralized exchange. Decentralized exchanges (DEXs) are simple and easy to use and do not require any registration. The process of token swap on DEXs has been explained above.
For purchasing XMR on a centralized exchange, you will need to register and create an account with the exchange and then deposit fiat currencies or crypto assets that can be used to buy XMR. You will need to complete the Know Your Customer (KYC) procedure to open an account on a centralized exchange.
Steps to open an account on a centralized exchange:
1. Go to the exchange site where XMR is listed and click on the Register button.
2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account.
3. Click on the agree to terms and conditions button and wait for the verification mail or message.
4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport, or other government-issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users.
5. Once this additional step is completed, the exchange will activate your account and you can deposit funds to start trading. You can select fiat currencies or cryptocurrencies supported by the exchange to deposit funds to buy XMR.
6. Most exchanges support multiple payment methods including credit/debit cards, bank transfers, third-party payment processors, and P2P transfers.
Upcoming Events/Future Roadmap
The XMR token has recently launched a new peer-to-peer pool (P2P pool) for enabling easy mining operations. Monero has plans to launch more sidechains in the future to enable atomic swaps with Bitcoin and other cryptocurrencies.
The all-time high price of one XMR was $542.33 on January 9, 2018. It is currently trading at $186.19 at the time of writing (Source: CoinGecko). The all-time low price was $0.216177 on January 14, 2015. Comparing the all-time low and all-time high prices, we get returns of about 85928% which are very impressive returns. The XMR token is slowly establishing its position as a leading cryptocurrency. The XMR price can be checked on sites like CoinGecko and CoinMarketCap.