Sirwin
Sirwin
Security

Why Monero? A Brief Introduction

By gmoney777 | MoneroNews | 19 Dec 2020


With all of the cryptocurrencies available and expanding by the day, the question arises, why Monero? What makes it special? The answer goes back to some of the earliest and most pervasive misconceptions about cryptocurrencies like Bitcoin. For example, when you send or receive Bitcoin, it is a publicly known and recorded transaction. A specific address sent a specific amount of blocks to another specific address. This is a public and immutable transparent transaction, recorded on the blockchain that is synced with all copies of the blockchain. Due to this, it is impossible to send or receive Bitcoin anonymously. However, public perception is often that it is all anonymous and secret. While banking institutions did not need to be involved, the Bitcoin trustless network relies on the public availability of all transactions.

If Bitcoin is to function like digital cash, then it must be able to spend anonymously. When you buy with a debit card, you are spending money and it is digitally recorded. If you withdraw $20, then that withdrawal is recorded but what you ultimately buy is not.  Clearly, Bitcoin functions similarly to a debit transaction. What then fills the void of digital cash? Is it Bitcoin Cash? XRP? Ethereum? No - it is Monero. With Monero, you can send and receive transactions anonymously, and nobody can see the transaction.

Monero, by default, obscures sending and receiving addresses and the amounts transacted for all transactions. This is not an opt-in feature like Zcash - it is the standard privacy protection for all transactions on the network.  In addition, Monero cannot be "tainted." With Bitcoin, if individual Bitcoins were stolen or used for illicit purposes, those coins become "tainted" and are easily tracked. This means that not all Bitcoins are of equal value, reducing the fungibility of the coin. With Monero, all Monero is fungible and has no history of previous transactions. Therefore, it functions similarly to cash but without any serial numbers either!

Finally, Monero has an extremely robust and decentralized network. With Bitcoin, it is virtually impossible to mine with conventional electronics, and the network is heavily controlled by large-scale operations. With Monero, the hashing algorithm is changed frequently to deter ASIC development, and it can be mined profitably with a conventional computer with a GPU. This increases the total number of participants and decreases the chances of network crashes due to the vast and diverse network distribution.

Overall, Monero gives users the ability to transact anonymously - even more so than conventional cash. 

 


Free Crypto Reference List

Here is a list of sites and apps to get Monero and other cryptos for free.

 

Monero Faucet - http://monerofaucet.info/

Receive free Monero. Please do not withdraw directly to an exchange.

 

Coinbase - https://www.coinbase.com/join/kitche_fo

Receive $10 in Bitcoin (BTC) after making a trade worth over $100.

 

Binance.US - https://accounts.binance.us/en/register?ref=52108645

Binance offers Learn and Earns, similar to Coinbase. 

 

Fold - https://use.foldapp.com/r/LJTAMN4P

20,000 satoshis for signing up and a free daily spinner that pays 100 - 10,000.

 

Quicrypto (Android-only) - https://quicrypto.page.link/b635

Beta phase android app that pays you in your choice of BTC or NANO.

 

BTC Surveys - https://btcsurveys.com/ref/gmoney69

Surveys you can complete for Bitcoin (BTC) that transfers reliably.

 

WeBull - https://act.webull.com/pm/hQhr6GJmlSTZ/q8y/inviteUs/

WeBull offers you 2 free stocks and supports crypto trading.

 

Robinhood - https://join.robinhood.com/grantk206

Robinhood offers you 1 free stock and supports crypto trading.

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gmoney777
gmoney777

I put it all in dog money


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