Monero (XMR) is a digital currency that provides anonymity to its users and their transactions. It is a decentralized peer-to-peer cryptocurrency just like Bitcoin. Unlike Bitcoin, Monero is more of privacy-oriented digital cash. When you make transactions using Bitcoin, the recipient has to disclose his public address to the sender. The sender is able to see a recipient’s wallet and how much Bitcoin the recipient has. All Bitcoin transactions are documented in the blockchain which is basically a public ledger. This means anyone can discover how much a Bitcoin holder is using his money if they really want to.
This is what sets Monero apart. When you want to pay someone using Monero, you won’t be able to see the recipient’s holdings. Monero’s ledger will record the transaction on a one-time address and there’s no link between the sender and the recipient. If there’s a need for regulators to audit, for instance, Monero enables users to let others a view of their holdings using a key without being able to use the funds.
The digital age has made so many things simpler, accessible, and mobile for us. We can shop, arrange vacations, research medical conditions, do our banking, just about everything. Every time we use an app, visit a website, or use social media, our information is collected. The data that’s gathered each time we are online can be collected, analyzed, sold, or stolen. Data privacy is a crucial issue these days and more and more people are finding ways to keep their online data and actions as private as possible.
The privacy that Monero provides absolutely appeals to those who value staying anonymous in their digital transactions online. It helps users avoid having their spending habits tracked by advertising companies and protects them from any entity knowing how they use their financial resources. It is erroneous to assume that only those with criminal intent would use privacy-oriented digital cash such as Monero. There are many people with legitimate transactions who prefer that everything be anonymous because they put a premium on their privacy.
The privacy that Monero guarantees also brings other very important features that make it extremely attractive to those who value confidentiality. Monero is considered secure because it uses the Ring Signature, which scrambles a transaction between two parties with those of other users. The transaction is then recorded on the blockchain along with other transactions so the transaction’s origin can’t be found. The Ring Signature also breaks the amount of XMR sent into several smaller amounts and mixed with other transactions. It will be nearly impossible to know what the original amount is.
Untraceable and Fungible
Aside from the Ring Signature, Monero also uses the technologies of RingCT and Stealth Addresses to make XMR untraceable. It makes it impossible for third parties or government entities to know the activities of users. These technologies also make Monero truly fungible. Monero as a privacy coin cannot suffer from the potential to be tainted, unlike other cryptocurrencies. Individuals, merchants, or companies cannot blacklist Monero from a connection with any previous transaction.
Where can I use Monero?
Monero is a digital currency and of course, you can use it as such. More and more establishments are accepting Monero payments and here are some of them:
✓ Abaco Hosting - offers e-mail hosting, WordPress hosting, SSL, security, and servers, among others
✓ Azur Samui - a club complex in Thailand with facilities for dining, sports, and spa treatments
✓ AUGET Paris - scented candles
✓ Coincards - gift cards with more than 150 brands in electronics, gaming, beauty, grocery, restaurants, retail, sports, and travel
✓ Veldt Gold - online bullion dealer of precious metals
✓ Travala - travelling service
✓ NordVPN - VPN service
✓ Ronaldrohdelaw - a US-based legal service
✓ Dope-Gallery - online contemporary and urban art market
✓ Mod.af - pharmacy
✓ Reflectacles - spectacles
✓ Sphinxgadgets - offers alternative password managing solutions
✓ Userbase - tool used by developers to create secure and private web apps
✓ MonsterMegs - Wisconsin-based web hosting company
There are a host of establishments in varied industries that accept Monero as payment. With confidentiality and decentralization at its core, Monero will continue to attract companies to offer it as a payment method.
To keep your XMRs, you’ll need a crypto wallet that supports Monero. XMRWallet is a web-based anonymous Monero wallet. Just like the coin, XMRWallet provides an open-source web setting which means you don’t need to download any software to use Monero. It has multiple language support and it’s completely free, including the import of past transactions. Get your XMRWallet now. No registration is required!