Just like the most popular crypto currency Bitcoin, the origins of Monero a bit of a mystery. Nicolas Van Saberhagen was the guy that first outlined Monero crypto currency in the year 2013. The name of the founder of the crypto currency is but a pseudonym of the creator or group of creators who are or are anonymous. Another anonymous creator who went by the name “thankful_for_today” gave the name “Bitmonero” to the crypto currency. The word ‘Monero’ is a word that means coin in Esperanto. Most people began to know about Monero n the year 2014. It’s in 2014 that Monero currency became official.
Among the reasons why Monero currency was created was to solve some particular issues with the Bitcoin Currency. Bitcoin had a problem with anonymity. While using Bitcoin, it is possible for your blockchain transactions to be tracked. Also, it is possible for a person to have a look at how someone’s Bitcoin is stored. If your identity is a secret there is no issue at all; however, when you attach any name to any Bitcoin-related deal, other people can easily track you down. It can be quite a challenge if you are using Bitcoin to do something illegal like for example buying drugs using the dark web unlike when using Monero cryptocurrency.
There are various methods that Monero uses to keep its users anonymous. One method that Monero cryptocurrency uses is the “stealth addresses.” This method makes sure your blockchain address is encrypted, and therefore your transactions cannot be linked back to you by anyone. Monero groups your transaction with hundreds of other transactions making it hard for people to trace back your transactions. This method hides the amount of money in a person’s account from prying eyes of other people. To know more about Monero crypto currency check out the xmr wallet website where you can also purchase the Monero cryptocurrency.
Future of Monero
Apart from buying illegal things on the dark web Monero, the cryptocurrency could be used to solve other issues that face Bitcoin. The currency has now become mainstream. In a future to come it will be possible for someone to pay his or her rent using Monero. A disadvantage of paying your rent using Bitcoin is because your landlord can trace your account online and check how much money you have. A good advantage of using Monero currency is to make sure people don’t privy to your account to check how much you have. This is because everyone loves his or her privacy.
A future to come Monero currency could be on the verge of partnering with another cryptocurrency that is rising. Charlie Lee, the founder of Litecoin, once tweeted about his interests in working with Monero. The two currencies that are Monero and Litecoin could be easily exchanged.
How to Purchase Monero
A popular site for buying cryptocurrency is the Coinbase website however you can’t purchase Monero on Coinbase. However, there are other platforms out there where one can purchase the Monero cryptocurrencies. If you are looking for a good site that lets you buy the Monero cryptocurrency make sure you check out the xmr wallet website. This is a place where you can purchase the untraceable Monero Cryptocurrency.