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What Is Monero?

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Nov 22, 2022
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3 min read
what-is-monero

This blog post will cover:

  • About Monero (XMR)
  • Where did Monero (XMR) come from?
  • What are the advantages of Monero (XMR)?
  • What are the disadvantages of Monero (XMR)?
  • How to buy Monero (XMR) on SimpleSwap?

About Monero (XMR)

Monero is a type of decentralized digital currency that may be used without any third party. It’s now in the top-20 popular cryptocurrency in the world. Let's see what differs Monero from all the other types of digital currency.

Where did Monero (XMR) come from?

The story of Monero starts in 2012 when the first cryptocurrency based on CryptoNote technology appeared. It was Bytecoin. What makes it so special? CryptoNote ensures privacy of all the transactions by grouping public keys together. That was a great effort. But it didn't work out, because it turned out that 80% of coins that would never be mined already existed. The next step was inventing Bitmonero or Monero. We don't know names of all of the people who created it. Five of them decided to keep it in secret. Only two developers are known - Riccardo Spagni and David Latapie.

What are the advantages of Monero (XMR)?

Monero has a number of unquestionable advantages, such as

  • Absolute anonymity
    
    If you care about privacy, Monero is a perfect cryptocurrency. Mixing public keys makes it impossible to discover destination address.
  • Resistance to ASIC mining
    
    Unlike Bitcoin Monero can be profitably mined using CPU's as well as GPUs.
  • Limitless
    
    Such cryptocurrencies as Bitcoin have there limits. Sometimes you have to wait until it will be possible to make you transaction. There is no such problem with Monero. It is limitless.
  • No authority
    
    It is an absolutely decentralized system. Nobody can stop your transaction. Nobody can allow or not allow users to do what they want. This feature really shook cryptocurrency world.

What are the disadvantages of Monero (XMR)?

Monero also have minor flaws, such as:

  • Monero is not based on Bitcoin
    
    Although it has a number of advantages, nevertheless it is hard to develop applications that interact with it's blockchain.
  • There is small amount of wallets developed for Monero.
  • You don't know where your money came from
    
    You can't check if it was involved in illegal deals. It is a sideeffect of anonymity.

How to buy Monero (XMR) on SimpleSwap?

Let’s say you want to buy Monero. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • For example, you want to swap BTC for XMR. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select XMR in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. XMR will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to XMR exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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