Cryptocurrency started its journey as Bitcoin in 2008, and became famous for every business within one decade. Especially in the recent two years, it is booming in all areas as it is proving to make transaction safe and secure. When bitcoin was accepted in the market, its price increased and looking at the other coins started coming inside. One such private currency is the Monero.
Difference Between Private and Public Coin
Before understanding about Monero, you must know the difference between bitcoin and Monero. Bitcoin is a public coin, and the privacy is not foolproof. Unlike a private currency is tamper-free and offers excellent security feature that allows an individual and safe transaction. Now you must know why Monero is gaining importance in the cryptocurrency arena.
How Does Monero Offers Security?
The new coin when introduced understood the need for privacy that bitcoin failed to offer and it was a transparent transaction. Every blockchain user can access details of others.
Monero deployed methods like i2P and TOR to provide additional protection to the users that can hide the information about all to all. The security offered is taken care, and various levels or layers and hence they claim to have been successful in providing untraceable transaction.
It is a crowdfunded and an open source project born as Bitmonero. Later, it became popular in the name of Monero.
It trades for about $404 in Dec 2017 from $14 when it was checked last in Jan 2017. Within a year and less, it has grown close to 3000% with a market cap of 6.2 Billion.
It has happened because of the privacy it offered to the users. Also, customers have complete control of the currency. Further, the fungility made it accessible. It means one can interchange their goods and assets of similar type with Monero currency.
If you should understand the concept of fungility, naturally you’re allowed to exchange anything for Monero and not necessarily a digital currency. Therefore, users have the flexibility of giving away what they feel is not relevant to a tainted coin and much in exchange for Monero coins.
Benefits Offered By Monero
Monero can become an edge in the Cryptocurrency business based on all the unique features it has introduced to the users.
It allows business to grow by preventing any data trace and hence manipulations are no longer possible. In other words, every single winning must happen only by using the skills and not by copying others work.
Firms cannot trace user transaction, and hence people are free from the fear of others getting to know what and how much they spent. This privacy is mandatory as people have rights to spend their money without letting others know.
The tainted coin exchange has offered a great sign of relief for the purchasers as they have a place to get them exchanged and no longer worry about that when carrying out any transaction.
Thus, Monero has made every single effort to stand in the Cryptocurrency based market, and it has won by leaps and bounds.