What Is Monero?
What Is Monero Monero is an open-source cryptocurrency much like Bitcoin. Its standout features are that it is secure, fungible, and private. Perhaps its most important characteristic is that it is completely untraceable.
The Monero price can be calculated in a number of ways but Monero to USD and Monero to BTC are probably the most popular. In USD terms, the Monero price is currently valued at around $87.50 and as a standalone price, it doesn’t quite capture the volatility in this cryptocurrency or its performance. On January 1, 2016, 1 Monero could be acquired for as little as $0.47, and in August 2017, it hit a high of $154.58. A 32,789.36% return is the type of performance that dreams are made of.
How to Buy Monero
In order to purchase Monero, a wallet is required. Since Monero is open source, a wallet can be created on multiple platforms ranging from “Windows,” “Mac,” and “Linux.” I am only naming a few platforms and there are many more options available.
What Is Monero
Once a wallet has been established, Monero can be acquired by purchasing it from an applicable exchange that deals in cryptocurrencies. Monero can also be acquired from other people, or for those inclined, this cryptocurrency can also be mined.
What Is Monero Mining?
Before I delve into mining, we must first understand what a blockchain is. A blockchain is a decentralized digital ledger that is used to record transactions, which are simultaneously recorded on a network of computers. These transactions can be viewed but they cannot be altered, which means that they cannot be counterfeited.
Monero vs Litecoin
As the title suggests, which cryptocurrency currently presents a better opportunity?
I personally prefer Monero over Litecoin for a number of reasons.
Monero is completely untraceable, which in itself is a standout characteristic. Monero has outperformed Litecoin on both a relative and absolute basis. Since January 1, 2016, Litecoin is up 1,348.73%, while Monero is up 15,749.7%.
The 200-day moving average has done a better job at defining the bullish trend in Monero versus Litecoin, and therefore Monero is a better candidate for a bullish trading strategy.
Comparing the market cap and circulating supply of these two cryptocurrencies ends up favoring Monero once again. Litecoin has a market cap of $2.82 billion with a circuiting supply of 53.34 million coins, while Monero has a market cap of $1.33 billion and a circulating supply of 15.21 million coins. The lower market cap leaves more room for appreciation, while the lower circulating supply suggests that larger gains are possible if a buying frenzy does ensue.
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Cryptocurrency Benefits and Drawbacks
Cryptocurrencies make it less complicated to transfer price range among two events in a transaction; these transfers are facilitated via using public and private keys for security functions. These fund transfers are executed with minimum processing prices, allowing users to keep away from the steep fees charged by maximum banks and monetary institutions for twine transfers.
Valuable to the genius of bitcoin is the blockchain it uses to store an internet ledger of all the transactions that have ever been carried out using bitcoins, imparting a statistics structure for this ledger that is uncovered to a restricted hazard from hackers and can be copied throughout all computers running bitcoin software. Many professionals see this block chain as having important uses in technology, which includes online voting and crowdfunding, and major monetary establishments along with jp morgan chase see capacity in cryptocurrencies to decrease transaction fees with the aid of making fee processing greener.
But, because cryptocurrencies are virtual and do no longer have a valuable repository, a digital cryptocurrency stability may be worn out by a laptop crash if a backup copy of the holdings does no longer exist. When you consider that charges are primarily based on deliver and call for, the price at which a cryptocurrency can be exchanged for another forex can differ widely.
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