Introduction to Monero coin (XMR) by forexbrokr

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hive-167922 · @forexbrokr · Oct 5 '21

$46.35

Introduction to Monero coin (XMR)

<center>![Introduction to Monero coin (XMR).](https://images.hive.blog/DQmexKd46xXNCsWe9NcrmezV63YZA54TX1nLMxyRU3Eq4Mx/introduction-to-monero-coin-xmr.png)</center>

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## An introduction to Monero coin (XMR), the leading privacy-focused, open-source cryptocurrency.

[Monero](https://www.getmonero.org/) is the premier *privacy coin* cryptocurrency.

A private and decentralised cryptocurrency, unlike what we see on the completely public Bitcoin ledger, Monero has been designed to keep your finances confidential.

It’s these properties that make Monero’s XMR coin the right choice for those who value the privacy of their balance and transactions, above all else.

<center>![An introductory image that represents the privacy aspects of Monero coin (XMR).](https://images.hive.blog/DQmURfTvpoo5LZnJpsqzHwdwfvLX8crzJUfrAcfn7sUwB7H/monero-coin-intro-web.jpeg)</center>

Monero’s goals are to focus on the development of privacy and security first, with ease of use and efficiency second.

That sentence should tell you everything that you need to know about why you would choose to use a privacy coin such as Monero, over a cryptocurrency that uses a public ledger. 

This beginner’s [guide to Monero (XMR)](https://leofinance.io/@crypto-guides/what-is-monero-coin-xmr) will explain how this privacy coin works, whether it’s traceable and what to consider before buying.


### Introduction to Monero (XMR)
Monero has a somewhat similar beginning to Bitcoin, with a pseudonymous founder known as *Nicolas van Saberhagen*, forking the Bytecoin (BCN) chain to launch.

Some going as far as suggesting that Nicolas van Saberhagen is in fact Satoshi Nakamoto himself.

After avoiding identification for this long, I think it’s safe to make the call that we’ll never actually know the identity behind either.

We do however, know that the Monero project began as a grassroots movement in April 2014 with absolutely no pre-mine or VC funding.

Practising what they preach, Monero still remains completely open-source and minable using nothing more than your own CPU.

#### The XMR Privacy Coin
Looking at the Monero (XMR) coin is an interesting one.

Monero is a privacy coin designed to be spent, not hidden away as a pure store of value like you see with some of the more die hard Bitcoin HODLers.

Either way, the XMR coin still trades on the open market like any other cryptocurrency, the price of which can be seen on the CoinGecko chart below:

<center>![The Monero coin (XMR) price chart from CoinGecko.](https://images.hive.blog/DQmZ1tDDaBPnBFwdn2UntNW6FfkCQaR7gW6QFJGWH3oUBWn/monero-coin-xmr-coingecko.png)</center>

With that in mind however, the XMR price is forever going to be open to extreme FUD thanks to its position as a privacy coin.

Monero can and will always be used for illicit activities such as for use on the dark web, but that shouldn’t ever take away from the legitimate privacy issues that cryptocurrencies using public ledgers face.

One example that comes to mind, is trying to spend BTC that had been previously used in a criminal bust.

Heck, something as mundane as using coins in a gambling app could potentially see them flagged by some.

The receiver could choose to blacklist those particular coins, rendering the BTC that you legitimately received unrelated to any past transactions, worthless.

By keeping addresses and transaction histories private, Monero (XMR) avoids these potential issues that are no doubt going to continue to pop up as cryptocurrencies gain greater adoption for everyday use.

Monero’s XMR token offers a level of fungibility that other cryptocurrencies can not.

2 XMR coins can be mutually substituted for each other in a way that 2 dollars or  BTC can’t 

While 2 different USD notes are technically equal in value, they each carry a unique serial number that can be traced.

We see exactly the same thing with Bitcoin addresses on its public ledger, offering savvy detectives the ability to trace identities via on/off ramps and the like.

Monero’s fungibility is unrivalled and clearly the biggest advantage offered by using XMR to transact over any other unit of account currently out there.

With that being said, we encourage you to now take a deep dive into the rest of our [Monero (XMR) guide](https://leofinance.io/@crypto-guides/what-is-monero-coin-xmr) below and see that the project’s scope is so much wider than the cliche criminal activities that the mainstream media portrays.

Best of probabilities to you.


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**Direct from the desk of Dane Williams.**

*Why not leave a comment and share your thoughts on Monero coin (XMR) within the comments section below?  All comments that add something to the discussion will be upvoted.*

*This Monero (XMR) blog is exclusive to leofinance.io.*

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@forexbrokr/introduction-to-monero-coin-xmr)

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penguinpablo	426,674,570,227	12%
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shawnlauzon	49,782,441,092	50%
mitchelljaworski	18,225,406,440	100%
mangos	1,447,205,891,617	31%
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l337m45732	607,526,317	20%
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iansart	2,579,493,337	1%
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stackin	1,256,324,581	20%
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munazir	26,223,575	100%
scooter77	42,451,037,059	100%
bitcoinflood	1,676,270,797,229	100%
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webcoop	6,760,501,448	50%
parejan	3,699,031,327	100%
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roleerob	83,699,002,172	20%
fatman	8,096,600,022	2%
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kaniz	4,902,983,603	100%
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katerinaramm	84,557,289,713	100%
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cryptwo	9,531,494,137	90%
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funt33	529,089,712	100%
cryptonized	52,731,952,876	12%
elbrava	2,918,918,014	30%
jordan.white306	1,172,525,725	50%
not-a-gamer	528,438,143	40%
bengy	2,165,371,057	3%
bala41288	150,742,029,854	20%
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purefood	6,179,132,008	87%
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warpedpoetic	25,154,446,607	40%
gio6	893,792,167	50%
pkocjan	731,500,209	0.8%
citimillz	70,943,668,087	100%
organduo	561,493,260,600	87%
positiveninja	14,414,318,041	50%
erikah	133,152,795,280	10%
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sapphic	9,798,911,228	50%
onepercentbetter	14,243,561,585	12%
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manniman	124,220,577,663	22%
sbi2	24,890,457,623	1.48%
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bobaphet	2,909,628,183	10%
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gadrian	23,756,633,061	16%
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lifeofryan	8,445,818,509	50%
cryptospa	83,764,848,527	100%
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crystalhuman	2,093,824,056	100%
pladozero	30,592,841,031	10%
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spamfarmer	729,281,933	10%
therabbitzone	712,346,787	50%
niouton	11,405,553,392	40%
merlion	581,205,901	12%
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darmael	0	100%
linco	1,641,111,974	0.9%
swisswitness	520,368,394	1%
danewilliams	974,816,521	100%
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gallerani	2,447,471,020	40%
antoniojoseha	61,228,569,899	100%
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rilo	3,787,981,895	20%
deividluchi	2,396,175,707	50%
raiseup	872,836,265	12%
dlike	6,102,801,649	1%
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director.rar	121,211,099	100%
limka	0	15.24%
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hashkings	5,941,653,122	6%
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gangstalking	1,263,351,655	1%
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steem.leo	6,265,863,591	1%
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leo.voter	23,839,970,071,710	40%
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no-advice	8,015,313,506	100%
empoderat	230,189,405,041	20%
vxc.leo	629,341,508	100%
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bala-leo	3,402,054,038	40%
scaredycatcurate	2,793,906,220	50%
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mktmaker	655,566,475	72.75%
learn.leo	1,977,046,114	87%
babytarazkp	3,188,446,224	40%
asteroids	3,160,132,362	87%
poam	2,061,376,094	86.13%
arctis	1,596,402,830	85.26%
midlet-yourleo	668,173,684	69.6%
agro-dron	1,459,403,157	40%
eloi	1,667,930,641	86.13%
refinement	1,820,534,415	87%
furtherance	1,640,439,485	87%
beta500	1,090,313,422	1%
revise.leo	5,647,835,385	100%
bastionpm	2,085,627,790	40%
tomhall.leo	1,534,902,622	100%
claudio83.leo	643,009,571	100%
kanibot	4,659,887,134	20%
arslan.leo	1,403,678,467	100%
ph1102.leo	661,098,863	100%
rpi	22,282,795	10%
hongdangmu	1,327,372,874	20%
astraeas	969,342,366	87%
chloem	1,419,521,571	87%
leotrail	3,446,120,857	87%
oelgniksivart	1,402,730,760	43.5%
viki76	764,635,337	40%
javb	1,580,603,543	50%
snoochieboochies	577,769,963	20%
crimianales	3,273,978,662	43.5%
autowin	1,780,908,165	87%
meosleos	1,762,599,083	86.13%
bella.bear	2,924,807,313	50%
pjansen.leo	130,039,397	100%
rehan.blog	807,096,832	40%
leomaniacsgr	2,049,180,657	100%
onestop	6,015,442,748	20%
bilpcoinbpc	1,067,452,540	5%
sportal	718,138,013	40%
grad.best	688,814,422	40%
mice-k	40,784,453	1%
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penned-bullshit	690,698,466	80%
polish.hive	1,498,589,650	1%
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behiver	79,269,489,159	100%
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cronicasdelcesar	1,932,176,553	100%
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ztfo	2,316,047,197	100%
bepresent	1,618,161,605	82.65%
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kaef	2,071,459,073	100%
rdfield	1,983,882,702	100%
gcomplex	1,660,453,549	87%
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integrated	1,845,470,570	87%
hanez	2,078,368,220	87%
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scrpt	1,721,662,660	87%
tin.aung.soe	16,064,828,429	34%
druma	1,797,749,571	87%
ropehold	1,658,100,940	87%
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fitlet	1,120,512,672	87%
tokenx	730,084,685	40%
strk	1,654,209,492	87%
stackfi	1,863,422,026	87%
hemerit	1,717,376,596	87%
midtrain	1,621,773,481	87%
starle	1,664,966,216	87%
thorc	1,635,732,734	87%
basechain	1,629,308,315	87%
janku	716,509,893	40%
torrey.leo	585,574,195	100%
flowc	1,632,241,014	87%
psgood	1,730,605,186	87%
tv-d	1,632,631,867	87%
supersla	1,621,070,632	87%
alorian	1,635,277,725	87%
slat	1,632,022,315	87%
protoleo	1,633,342,066	87%
muski	1,663,232,814	87%
leoline	17,669,491,408	100%
netaterra.leo	1,259,685,015	36%
twrk	1,719,385,696	87%
leoschein	1,920,162,170	90%
gualteramarelo	22,512,829,859	90%
eth2	1,798,249,187	87%
tslap	1,764,212,835	87%
hodol	1,749,594,663	87%
sapphirecrypto	2,739,938,635	95%
jmsansan.leo	67,202,589	10%
theco	1,761,871,307	87%
muskland	1,765,134,545	87%
emrebeyler.leo	1,549,133,819	100%
hochismin	1,733,314,478	87%
finleo	1,681,941,809	87%
sharkleo	580,943,914	25%
givup	1,760,876,907	87%
dcrops	5,724,134,567	0.5%
etheru	1,782,178,007	87%
leo.tokens	3,629,373,337	40%
bynd	1,783,889,184	87%
elong	1,758,812,539	87%
ammonite.leo	1,215,368,174	100%
hivehabits	75,314,349	100%
logroll	1,815,271,239	87%
outperform	1,771,859,617	87%
perfi	1,748,826,571	87%
foreo	1,779,778,347	87%
bruton	808,139,905	40%
capsule	1,773,576,542	87%
sn8	1,775,700,624	87%
fundament	1,775,351,124	87%
livingdigitally	813,892,639	20%
v10r8	764,101,578	40%
index-a	1,742,702,648	87%
myvest	263,687,070	100%
trumpikasleo	289,009,681	50%
kropak	1,716,814,069	87%
bitbi	1,752,123,948	87%
cielitorojo	20,255,035,125	20%
feelfor	1,745,614,284	87%
mercador	1,723,098,814	87%
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kannannv	10,693,493,323	20%
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foreverhero	511,992,145	100%
seed-treasury	3,469,005,787	20%
lexansky	1,078,643,227	100%
dlmmqb	731,300,438	20%
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williamtboy	186,006,707	12%
trasto	135,024,841,062	20%
loot.leo	261,138,624	100%
yemre	892,333,685	100%
tokenizedsociety	1,079,896,220	10%

@bitcoinflood · Oct 5 '21

Ah one of my favs! Been stocking this one up for a long while. Privacy is going to become ever more important with the crazy headwind we are finding ourselves in.

👍 forexbrokr

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@forexbrokr · Oct 7 '21

XMR is one cryptocurrency from a project I love, but that's because it has real use as a currency rather than a buy and hold investment.

How do you see your XMR investment and do you have any qualms actually spending it when you have to?

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@forexbrokr/re-bitcoinflood-3l34fc)

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@chekohler · Oct 5 '21

Strange that you don't mention Moneros biggest flaws in your guide, the fact that they hard fork every 6 months to  maintain resistance to miners means this project is not decentralised if they can just issue hard forks at regular intervals

Secondly with all the data hidden behind key signings you cannot effectively audit the supply so why would I want to hold this long term?

It's easier to do a coinjoin on Bitcoin or do a confidential transaction on liquid and cheaper since you dont' have to do an asset swap making it a pointless project 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@chekohler/re-forexbrokr-5emakq)

👎 anddumbcunts

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@forexbrokr · Oct 5 '21

The content has definitely been looking upon the project favourably.

I'd love for you to write a blog with a link to the guide that addresses some of your concerns.

The more help we can get, the better.

Would you be okay to help?

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@forexbrokr/re-chekohler-4smjxx)

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@cryptospa · Oct 5 '21

I do like Monero!

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@cryptospa/re-forexbrokr-6nkm3)

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@forexbrokr · Oct 7 '21

Do you ever spend XMR in a normal transaction, or just trade it from a technical analysis point of view?

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@forexbrokr/re-cryptospa-5gxhkx)

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@fabian98 · Oct 5 '21

You really only need the CPU? because I have some old ones that I don't use.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@fabian98/re-forexbrokr-3chbms)

👍 forexbrokr

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@forexbrokr · Oct 7 '21

The mining aspect of Monero is a missing part to our guide.

While I'm going to do a bit more of a deep dive in a future post, to summarise I don't think it looks profitable as an individual miner using your old CPU.

Yes it's possible to mine XMR using your own computer, but the chances of getting successful blocks are extremely low, meaning you will likely be unable to offset your costs.

However, there are some other ways to mine Monero, such as joining a mining pool or the like.

Cheers for bringing this up :) 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@forexbrokr/re-fabian98-4i2qvl)

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@finguru · Oct 5 '21

Best privacy coin ever. Do we have any other as good as Monero? I don't think so.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@finguru/re-forexbrokr-3uryqd)

👍 forexbrokr

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@fbpowers · Oct 5 '21

Pirate coin. It’s a must buy but not on major exchanges yet.

👍 forexbrokr

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@forexbrokr · Oct 7 '21

Have you done a deep dive into the two?

You should do a Monero (XMR) vs Pirate (ARRR) comparison section for our guide.

Just looking quickly myself, the tech behind Pirate Coin that hides your transaction, rather than just getting it lost in a sea of dummy transactions on Monero, is definitely cool.

But there seem to be a few questions around the security/decentralisation of the blockchain itself.

I'd love to read a full blog post from you comparing the two.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@forexbrokr/re-fbpowers-srtxq)

👍 fbpowers

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2 replies

@forexbrokr · Oct 7 '21

We did the Monero vs ZCash comparison for the guide and I'd say Monero clearly comes out on top there.

Pirate is an interesting one that I hadn't looked into much.

The tech sounds cool, but not sure its got the legs behind it to truly scale.

For me, Monero is the clear leader in the privacy coin space.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@forexbrokr/re-finguru-2hmjew)

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@sapphirecrypto · Oct 5 '21

Definitely the best privacy coin. I remember seeing sometime back that the US government was trying to hire some smart minds to unmask XMR transactions... I wonder how that went?

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👍 forexbrokr

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@forexbrokr · Oct 7 '21

If we haven't heard anything since, then I think we have your answer ;)

There is always going to be risk that future technology is going to uncover which XMR transaction is the 'real' one.

But there's always risk that quantum computing is going to break Bitcoin (and the legacy credit card systems, mind you!) as well.

Right now, Monero is by far the best privacy coin.

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👍 sapphirecrypto

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@shawnlauzon · Oct 9 '21

Thanks for the write up I’ve held Monero for a num...

 Thanks for the write up I’ve held Monero for a number of years 

 Posted using [LeoFinance Mobile](https://leofinance.io)

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@williamtboy · Oct 5 '21

Please is this coin a new coin. How can I get this coin. I like to invest in a new coin. While I like investing in a new coin is, when the coin start uptrend,I will gain immediately 

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@forexbrokr · Oct 7 '21

Google is your friend.

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@williamtboy · Oct 7 '21

I don't normally Google any crypto currency information to avoid fraudster

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