Monero (XMR) Live Price

What Is Monero (XMR)?

The Monero cryptocurrency was launched in 2014 with the intention of enabling anonymous, private transactions.  While it's common to think BTC conceals identity, blockchain networks are transparent, so it's often simple to trace payments back to their source.  By contrast, XMR uses advanced cryptography to obscure both senders and recipients.

Security and privacy are Monero's top priorities, also including ease of use and efficiency.  This software provides protection to all users, regardless of how technologically adept they may be.  Overall, XMR's main objective is to let users make fast, cheap, and censorship-free payments.

A Brief History of Monero

Originally established in April 2014, Monero was a fork of Bytecoin, another private cryptocurrency.  Forks were originally called BitMonero.  Initially, the fork didn't go over well.  Community members were disappointed by the lack of features expected by the community, such as an improved block time and block reward system.  Therefore, community members decided to improve it themselves.

 "Monero" means "coin" in Esperanto, so the name was changed to reflect that.  Three of the developers of Monero were anonymous, while the other two were known to the public.  Among those five, Riccardo Spagni is still working on the project.  As a result, the developers worked on the project out of curiosity since the crypto industry wasn't popular at the time.

The concept of cryptocurrency was an experiment, as they were referred to as "magic Internet money.” The idea of Monero was to be used for payments on the DarkNet, as well as for experiments.  In addition to illegal activities, private coins were used for anonymous money storage.  It is for this reason that cryptocurrency was invented - to allow people to own their own funds.

XMR price

With the XMR cryptocurrency, Monero users can conduct anonymous transactions with the help of a privacy-focused, censorship-resistant blockchain.  A cryptocurrency like XMR is inflationary and issues tokens according to two schedules. 

There will be 18.132 million XMR tokens in circulation by May 2022, which will mark the beginning of the first stage (main curve).  After that, every new block will release 0.6 XMR tokens into circulation, according to the tail curve issuance schedule.  Every two minutes, Monero blocks are discovered, irrespective of the number of miners involved.

In order to prevent application-specific integrated circuits (ASICs) from dominating the network hashrate, the Monero community developed the RandomX Proof-of-Work algorithm.  There are significant differences between ASIC miners and laptops and other ordinary devices used by Monero miners in terms of hashes per second.  In comparison with other miners, owners of such equipment enjoy an unfair advantage.

It took Monero's price until January 2018 to reach its first peak, right around the time when virtually every other asset on the market was experiencing substantial price gains.  The price of XMR rose as high as $469 before dropping as low as $37 by year's end.  In the period between March 2020 and May 2021, XMR price climbed 1,886% to a new all-time high of $517.62 as the Coronavirus pandemic was announced.

What Makes Monero Unique?

It may sound similar to Bitcoin due to its anonymous group developers and open-source code base, but Monero has some major differences, one of which is how updated software is handled.  It is not uncommon for Bitcoin to request long periods of discussion before implementing even the most simple of upgrades.  By contrast, Monero's software is designed to automatically update every six months.

A new feature known as "bulletproofs" was introduced by Monero in 2018.  By using the technology, transaction sizes decreased by at least 80%, and fees for users were reduced significantly.

However, Monero probably has the largest market cap and is the most well-known privacy coin.  The privacy feature is also by default, unlike some alternatives like Zcash, where it needs to be enabled manually.

How Is the Monero Network Secured?

Keeping Monero decentralized is one of its main objectives.  Using CryptoNight, a proof-of-work consensus mechanism, the network achieves consensus.  In this way, large mining farms are prevented from dominating the mining industry.

Where Can You Buy Monero (XMR)?

Some significant exchanges aren't listing XMR because of its privacy-focused nature.  Coinbase does not support XMR, despite Binance allowing you to buy it.  Because of this, you may have to go through a smaller trading platform to convert your fiat into Bitcoin.  With the help of this guide, you'll discover how easy it is to convert fiat currencies into cryptocurrencies.  Prices between XMR and EUR and XMR to AUD have seen an increase in interest as its use grows.