- This topic has 4 replies, 5 voices, and was last updated 4 years, 10 months ago by
.
-
Posts
-
-
Hello!
As someone who tried bitcoin mining and entering that field, I know about bitcoin, but not much about other cryptocurrencies.
Could some of you enlighten me in what is Monero and how does it work ?
My research on this virtual currency is not that deep and an experience from a first hand user/miner/owner would mean a lot.
Thanks.
-
Unlike Bitcoin which is pseudonymous, Monero (XMR) is a fully anonymous cryptocurrency, allowing users to make transactions without the possibility of them being traced.
That is the very short answer, we will have a short forum description of each coin in the coming days.
For now you can check out the full description of each coin by selecting “Coins” from the top menu. Here is the link to the XMR post:
What is XMR by: coins.community-
I began reading the info provided on Monero and was intrigued by this statement: “More and more people want their money private from banks and governments …”. A long time ago they people used to hide their money in mattresses because they didn’t trust banks. Several years ago in the USA people started throwing around the phrase about banks being “too big to fail” and there was a bailout because … well! … we don’t want the whole country to fail, do we? Incredible! So is Monero the “new mattress”?
-
-
I like the sense of privacy with Monero, because it’s a fully anonymous cryptocurrency which makes your wealth absolutely private and fungible as well. Monero uses crypto technology that prevents anyone from tracking down your payments, as well as the transacted amounts.
-
Monero introduced ring signatures and stealth addresses which are inextricably linked. Transactions done online can be track-less or cannot be traced because of a sysytem that Monero uses wherein the source of your transactions are kept by the blockchain itself. Or a system wherein the transactions have become autonomous because it only runs within an independent system which will not reveal the sender or receiver of such transactions .
-
- You must be logged in to reply to this topic.