In the last few months, Monero was adopted by the Alphabay and Oasis Darknet Markets. There was a price explosion that soon followed the company, and Monero became the unquestioned leader of the markets anon coins. That is, it was the leader of entirely anonymous cryptocurrency.
Monero, from a trading viewpoint chart, was priced in USD for its token, XMR. Inside traders bought the tokens before DNM adopted it and sold them before the exit scam became public. XMR is the ideal cryptocurrency for insider trading.
Several respected sources recommended the altcoin for being a reliable way to obscure the trail of your Bitcoin. Most sources that supported it for that reason still stand by their decision. If you're considering investing in Monero, this would be an excellent starting guide for you to read. You'll learn about the history of the coin, it's features and how to trade it.
Why Monero Vs. Bitcoin?
There are several differences between Monero and Bitcoin. They differentiate in identity in that Bitcoin is BTC and Monero is XMR. BTC launched back in January of 2009, whereas XMR wasn't around until April of 2014. Satoshi was the client for BTC and Monero was a fork of Bytecoin.
Both of the currencies had a fair initial distribution that had no pre-mining and was public. There was also proof of work for both. One of the significant differences was with the hashing algorithms - BTC works on the SHA-256 were XMR works on CryptoNight. Another huge difference between the two is that BTC has an average block time of ten minutes whereas XMR is only two.
The next significant difference between the two is the maximum block size. BTC has a maximum capacity of one MB versus XMR's variable sized blocks. The block rewards for BTC is halved every four years, but XMR's gradual per-block decreases. BTC is capped at 21 million and XMR is 18.4 million over 8 years at only a 1% annual inflation.
The economy and ecosystem for BTC are quite extensive, and XMR is highly limited. The difference in privacy is also very different; BTC is pseudonymous, XMR is anonymous. Lastly, the client interface for BTC is a command line and GUI with multiple implementations. XMR is a command line and experimental GUI with limited deployments. There are a lot of differences as you can see between the two.
What Makes Monero Unique Vs. Other Cryptocurrencies?
When launched in 2014 the altcoin progressed at a slow but steady rate and became one of the top cryptocurrencies in the world. The altcoin took the role of the tortoise rather than the hare - that was at least until XMR started its sprint in 2016.
Monero continued plugging away at the cryptocurrency world. The developers were focused primarily on perfecting the code and upgrading it for the aspects of reliability and anonymity. They didn't pay much attention to the cosmetic aspects of the system. And it's because of that decision that that company remained mostly unseen by the larger crowd who was less experienced. It was overshadowed by many other altcoins like Dash. Monero was almost never mentioned and usually was dismissed as a boring coin with a hard name, no GUI wallet and lacking in PR. The currency is not just another pretty face; it deserves a level of respect given by some of the most significant cryptocurrency experts in the world.
Live Monero XMR/USD Price Chart
Best Monero Trading Strategies
The first step is setting it up. The easiest way to do that is to send anonymized bitcoin payments. The best results are to do so through the darknet. Even if your Bitcoin wallet is wholly compromised, no one will be able to track the ultimate destination to XMR. The full version of the system is where you'll want to begin; it's the safest and most secure by far. You can also buy the cryptocurrency on various exchanges.
If you want to make real money with Monero, another way to do so is to join a mining pool. You'll need to download mining software and have the right hardware. But this is one of the best ways to make money on Monero without having to buy whole coins. One of the most significant questions regarding Monero is whether it's anonymity can hold up or not. Bitcoin started off the same way, but specific exchanges now make it impossible to stay completely anonymous. Still, as of now, Monero is one of the best platforms out there for remaining completely unknown.