Planning To Trade Monero Cryptocurrency?

Bitcoin, the first decentralized cryptocurrency, built on this premise to pitch to a wider audience that needed a cryptocurrency free of government interference at the time.

Unfortunately, Bitcoin has proven to have some weaknesses, such as lack of scalability and mutable blockchains. All transactions and addresses are written to the blockchain, so anyone can easily connect the dots and reveal the user's private his data based on existing records. Some governmental and non-governmental organizations use blockchain analytics to read data on the Bitcoin platform.

Such shortcomings have led developers to look for alternative blockchain technologies with improved security and speed. One of these projects is Monera, usually represented by the XMR ticker.

What is Monera?

Monera is a privacy-oriented cryptocurrency project whose main goal is to provide greater privacy than other blockchain ecosystems. This technology protects user information with stealth addresses and ring signatures.

Stealth address refers to creating a single address for solo transactions. You cannot associate two addresses with one transaction. The whole process is confusing for outside observers, as the received coins are sent to a completely different address.

Ring signing, on the other hand, refers to the mixing of account and public keys to create a "ring" of multiple signers. This means that the monitoring agent cannot associate signatures with specific accounts. Unlike cryptography (a mathematical method of securing cryptographic projects), ring signatures are not the new child of blocks.

Its principles were investigated and documented in a 2001 article by the Weizmann Institute and MIT.

Cryptography has certainly won the hearts of many developers and blockchain enthusiasts, but the truth is that cryptography is still a new tool with few applications. Monera uses already-tested ring-signing technology, which makes it emerge as a legitimate project worth adopting.

What You Need to Know Before You Start Trading Monera

Monera Market

The Monera market is similar to other cryptocurrencies. If you want to buy, visit exchanges like Kraken, Colonies and Bitfinex. Colonies launched first, followed by Bitfinex and finally Kraken.

This virtual currency seems to be mostly associated with dollars or other cryptos. Available pairings include XMR/USD, MR/BTC, MR/EUR and XMR/XBT. The trading volume and liquidity of this currency have very good statistics.

One of the nice things about XMR is that anyone can participate in mining, either as an individual or by joining a mining pool. A computer with very good processing power can mine Monera blocks with very little trouble. Never mind ASICs (Application Specific Integrated Circuits), which are currently mandatory for Bitcoin mining.

Price Volatility

Impressive cryptocurrency network, but not great in terms of volatility. Virtually all altcoins are highly volatile. Avid traders need not worry. Because this is profitable in the first place. Buy when prices are falling and sell when prices are trending upward.

XMR started at $0.25 in January 2015, climbed to $60 in May 2017 and is now over $300. Monera coin started to drop to $300 along with other cryptocurrencies after hitting an all-time high of $475 ATH on January 7th. At the time of writing, virtually all decentralized currencies are in a price correction phase, with Bitcoin fluctuating between $10,000 and $11,000 from a glorious ATH of $19,000.

Fungibility and Adoption

Thanks to its ability to provide reliable privacy protection, XMR has been adopted by many people, allowing them to easily exchange their coins for other currencies. Simply put, Monera can be easily exchanged for another.

Bitcoin All Bitcoins in the blockchain are recorded, so in the event of an incident such as theft, each coin involved is locked from operation and cannot be exchanged. Monera cannot distinguish one coin from another. Therefore, sellers cannot refuse any of them as they lead to bad affairs.

Monera Blockchain is currently one of the hottest cryptocurrencies with many followers. Like most other blockchain projects, its future looks bright despite the threat of government crackdowns. As an investor, you should exercise due caution and research before trading cryptocurrencies. Start on the right path with the help of a financial expert if possible.

Rodgers is an aspiring Forex and Cryptocurrency writer with over 3 years of writing experience. His mission is to write actionable, informative content that enriches the lives of his readers.