What is Monero?
With the latest hype about the Bitcoin, you might have had some basic idea about what it is. However, are you aware about Monero? If not let us try and understand what Monero is? Let us also understand about the other aspects of this crypto currency. Much like other Crypto Currencies, Monero too is a Crypto Currency, which means that it is a digital currency. As per the website for Monero, it is a currency system which is secure, private and at the same time untraceable. However, it is a crypto currency with a difference.
How Monero is different from other Crypto Currencies?
Be it Bitcoin, or Ethereum or for that matter most other crypto currencies, they are ones which have transparent block chains. This means that the transactions can be openly traced and verified by anyone in the world. Apart from this the person’s real identity in the world can easily be identified through the sending and receiving addresses. However, in case of Monero it uses cryptography which shields the sending and receiving addresses along with the amounts transacted as well. The primary difference of Monero from Bitcoin is that it focuses on the privacy aspect of transacting with a digital currency.
The Monero has a feature known as the “Spend Key” which is used to spend funds and the “View Key”. This is something which enables the user to share selectively information about specific transactions to a certain group of individuals he or she wants. This is other words an optional transparency and has certain benefits. For example, the user can submit information in regard to tax purposes and so on.
The Monero team
Monero has a strong core development team. 5 of the 7 are pseudonymous whereas 2 are known to the public. At present Monero at present is updated once in every 6 months which is usually mainly used for adding new features and security enhancements.
Monero can be used to make payments anywhere
In case of the traditional currencies there are restrictions regarding the flow of the currency to certain countries which experience economic instability. In comparison with Monero which is cash in electronic form you could use to pay in a fast and inexpensive manner to and from anywhere in the world.
Some features of Monero you should know:
Monero is Fungible
This means that the in case you are holding certain units of Monero, the same cannot be blacklisted either by vendors or exchanges due to their association in the past. In other words, Monero units held by someone cannot be tainted through its participation in the previous transactions.
Your Currency is yours
While dealing with Monero you should keep note of the fact that your currency is yours. This means that you have complete control over your transactions. Thus, in this way you alone are responsible. Since your identity is held privately, no one else is able to see where the money you hold is being spent on.
Monero offers dynamic scalability
If you keep track of what is happening in the world of crypto currencies at present you would know that the scalability of Bitcoin has been a much talked about topic. The Bitcoin did not have any block size limit initially. However thereafter for the prevention of spam transactions, the size limit was imposed thereafter.
In case of the Monero, it did not have a preset size limit. This means that malicious miners can use this up to clog up the system with huge block sizes. In order to prevent this from happening developers have made the built-in system of block reward penalty.
Monero is ASIC Resistant in some ways
It is true that Monero is not fully Application Specific Integrated Circuit (ASIC) resistant. However, at the same time it is to be noted that the cost of manufacturing ASIC is so high that it is not worth doing it. So, in this way it is almost like saying that Monero is ASIC resistant.
Monero uses multiple Keys
In case of most crypto currencies like Bitcoin, etc. you have 1 public key and 1 private key. In case of Monero however this is not as simple. Here you have a private view key and a public view key.
About the Monero Wallet
Monero wallet is the electronic wallet where the Monero held by someone is stored. The Monero is one crypto currency which has gained great popularity in recent times. This is why the Monero price has escalated rapidly in recent times. However, in spite of its growing popularity, Monero is still not supported by two of the main hardware wallet companies, which are Trezor and Ledger. My Monero is the only web wallet which is to be used for transacting in Monero. This is owned and operated by Riccardo Spagni, who happens to be one of the lead Monero developers.
How to buy Monero in India?
In case you are looking to buy Monero directly in INR, then you must take note of the fact that INR first needs to be converted to Bitcoin. Thereafter you can use the Bitcoin to buy Monero coin which you could use even for trading from your Monero Wallet. First you need to buy Bitcoin with INR. You could do so on websites like Zebpay or Unicon. Thereafter with the Bitcoin you could buy Monero coin.
There are certain websites like coinswitch which serve as an exchange aggregator where you could buy Monero at a cheaper rate in INR itself. What is best about dealing with Coinswitch is that they offer the best rates for Monero. So, you could use this to do trade more profitably.
Converting Monero to INR
As already mentioned earlier you cannot buy use INR to directly buy Monero. Much in the same way you can not directly convert Monero to INR. In order to convert Monero to INR you first need to convert Monero to Bitcoin, once this is done on platforms like Coinswitch. Thereafter once converted to Bitcoin, you could thereafter convert the Bitcoin so exchanged into INR through platforms like Zebpay.
In conclusion we hope that we have been able to give you a basic idea about what Monero is and certain other aspects like its features and how it differs from the other crypto currencies. To summarize we can say that Monero too is a digital currency which is quite popular for trading. Here the transactions are much more private and the identity of the users cannot easily be identified. Trading in Monero in India cannot be done directly in INR, but has to be done through other crypto currencies like the Bitcoin.