Monero is also a truly fungible currency. This enables others to view incoming transactions without the permission to spend the balance there.Ī shareable public address also allows users to receive Monero from others, without identifying them on the blockchain. Monero users can opt for some transparency by sharing their view key with someone they choose. Monero addresses, along with the amounts being transferred, are only visible to the sender and the recipient, and hidden to everyone else. Ring signatures obscure the sender, while stealth addresses hide the recipient.Ĭryptocurrencies like Bitcoin on the other hand are easily traced, because all payments are made to a single, publicly visible address. Monero achieves this level of privacy mainly through a pair of cryptographic technologies called ring signatures and stealth addresses. This transaction info is stored in users' Monero wallets, where they can view data regarding their own transactions, but no one else's. (Keep in mind: it does record transactions in a public ledger.) Monero, which aims to function like "electronic cash," is unique from other cryptocurrencies because transaction info (i.e., senders, recipients, and amounts) is kept private. With an emphasis on privacy, it claims to be both untraceable and unlinkable. It was created in 2014, originally forked from the codebase of Bytecoin. Monero is a decentralized, open-source, CryptoNote-based cryptocurrency. In this guide, we'll take a look at some of the best ways to buy Monero. Whether you're looking to buy Monero as an investment or for private transactions, you have to know where to buy it first. Monero (XMR), on the other hand, is a cryptocurrency designed for privacy. With KYC (know your customer) protocols, your identifying info is usually required to complete a purchase. While many people think cryptocurrency is anonymous, the truth is that's not the case.
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