What is Monero?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is Monero?
  • Where did Monero come from?
  • What are the advantages of Monero?
  • What are the disadvantages of Monero?
  • How to buy Monero on SimpleSwap?

What is Monero?

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 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?

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?

Monero also have minor flaws, such as - There is small amount of wallets developed for Monero

  • 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.
  • 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 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:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select XMR in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient’s Address. Monero will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

This is everything you need to know to buy XMR.

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