Monero is a cryptocurrency created on Monero blockchain whose transaction takes place from one peer to another without involvement by the government thus is being considered to be decentralized. Monero cryptocurrency was created as a result of the hard-fork of bytecoin.
Monero transaction takes place on the Monero blockchain Explorer based on Monero blocks and timestamp. To view how Monero transaction takes place on the Monero blockchain explorer, simply follow the link below;
Monero was first released to the public in 2014 as a result of the hard-fork of Bytecoin .
Founder Of Monero
Monero was created by Riccardo Spagni a South African based Programmer. Beside him, there are other six cofounders.
Process of creating Monero
Monero is created through the mining process by aid of GPU and CPU in the presence of internet and electricity using the CryptoNight algorithm. To mine using CPU and GPU, you have to download the software . You can either become a solo miner or pool miner. In solo mining, you are not sharing your computing power with other miners which is very slow while in pool mining different miners pooled their computing power to increase the mining speed. To speed your mining, just join pool mining for faster mining of your monero coin.
Maximum circulation of Monero
The maximum number of Monero coin that is expected to be circulating in the Monero blockchain upon its completion of its mining process should be 18,400,000. Unlike in bitcoin where the supply keeps on halving every year, In Monero, the reward per block per 10 minute will keep on reducing by a certain number.
Currently, 1 Monero is worth more than $90 and its price is expected to increase over the next period of time. Monero symbol is abbreviated as XMR.
Converting my Monero to other cryptocurrencies
To convert your Monero to other cryptocurrencies such as bitcoin , you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Monero to bitcoin
Storing my Monero
To store your Monero, you need a Monero wallet or other supported cryptocurrency wallets.You can use , coinpayment or other supported Monero wallets. For the safety of your Monero, you can use offline Monero wallet like USB cold wallet or Monero desktop wallet.
Transferring my Monero to other Users
If you want to transfer your Monero to another user, the two of you must have trust on each other. The trust should be the Monero address provided for the receiver while the sender must have the Monero in their account to send to the receiver .For the sender, a blank space to insert receiver address and another blank space to insert amount to send to receiver is indicated .Here is how it looks like;
Knowing more about Monero
If you would like to know more about Monero cryptocurrency, then you can follow them on their website. Here is the link redirecting you to their website
Now that you know, i think that it is time for you to start owning Monero. If you feel that i should also own some for helping you to know more about this cryptocurrency, here is my Payment id and Monero address ;