The crypto currency Monero

Logo of the crypto currency Monero
Logo of the crypto currency Monero

Monero is probably known to very few people and yet probably every one of you has already dealt with Monero. How is that, you will ask yourselves now? I'll get to that in a minute, first I'll tell you something about Monero himself.

Monero was invented by a programming team of 7 people. Since Monero attaches great importance to anonymity, only 2 of these people are known by real name, the rest of the founders are still anonymous. Monero is not a modification of Bitcoin Core, but a completely independent code, so there are some big differences to other crypto currencies. Most digital currencies are merely variations of Bitcoin Core, which is not the case with Monero.

Youtube-Video: What is Monero? A Beginner’s Guide

What is the main feature of Monero?

Probably the biggest difference of Monero compared to other crypto currencies is the mining itself. The mining of Monero is very memory intensive, so it can be done from almost any PC. Also, Monero does not offer the possibility to successfully mine on a large scale with ASICs, so Monero's mining can also be worthwhile for individuals on their home PC.

Many pages use a mining script in the background. Such a script digs in the background with your PC and earns the operator of the site additional money at your expense. Monero is almost always being mined. That's the reason why everybody has been in contact with Monero, even without knowing it. Unfortunately many sites use such scripts, but there are different addons for all browsers that prevent this. Basically, there is nothing to be said against financing a site with this. But if you decide to implement such a script, the user should be informed in any case and asked for his consent. In no case you should let something like this run in the background without informing the user and thereby paralyzing his PC. But such a script can be used as an alternative financing of a blog, if you don't want to place an advertisement.

Another big difference to other crypto currencies is the complete anonymity. With other currencies you can theoretically trace all transfers in the block chain. This is not possible with Monero. Even if the wallet address can be assigned to a person, the transactions are not traceable. This means that the users of Monero remain completely anonymous and transactions are not traceable.

This is why Monero is very popular in darknet, because it is truly anonymous. There Monero is also used for illegal things, so the currency has a bad reputation. But the currency itself is of course not illegal and can be used for legal things just like any other crypto currency.

Advantages of Monero

A big advantage is, as already written above, the complete anonymity. Transfers with Monero cannot be traced. Also the fees with Monero are generally low. Also, Monero's fees decrease over time. A system has been built in that allows the fees to decrease the more transactions are made. So if Monero is successful worldwide, the fees would decrease significantly. This is exactly the opposite with other crypto currencies. There the fees increase when many transactions are made. This gives Monero a big advantage over other crypto currencies, because there is no problem with transactions becoming very expensive if you want them to be performed quickly.

  • Complete anonymity
  • Low transaction costs, which will continue to decrease over time
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Disadvantages of Monero

Of course, Monero also has some disadvantages. For example, the problem of the large block chain was not solved here either. At the moment the block chain is still small, but this could change abruptly if Monero would find worldwide acceptance. As soon as the blockchain has a size of some 100 gigabytes for the first time, many people will not be able to download the blockchain to create a pure offline wallet. Of course, there is also the possibility to use online wallets, but the highest possible security is only possible if you save the entire block chain on your computer.

Another disadvantage of Monero is the currently bad reputation. Monero is used, due to the complete anonymity, mainly for payments in darknet. Many different illegal things are bought there and therefore Monero has a bad reputation on the Internet. But Monero has this reputation wrongly. However, the bad reputation prevents many new users from getting closer to Monero. Therefore it is questionable whether Monero will ever become accepted worldwide.

As with all other crypto currencies, the price of Monero also fluctuates very strongly. Therefore an investment is connected with a high risk and should be transacted only if one was occupied before intensively with Monero and other crypto currencies. Otherwise it can happen very fast that one loses much money.

  • In the future the Blockchain could be too large to be downloadable for all users
  • Monero has a bad reputation as a means of payment for illegal things in darknet
  • The price of Monero fluctuates very strongly, therefore an investment is very risky
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How do I create a Monero wallet?

Monero has an excellent community. This means that there are already numerous instructions online.

For high amounts and the highest possible security, a paper wallet is recommended, but of course you can also use online providers.

For Monero I use the App Edge for my Android smartphone, with this app you can manage different wallets directly. Of course this app does not offer 100% protection against theft, because the app provider is a third party provider and works like a bank. So if the provider's servers are hacked or the provider himself becomes criminal, the credit can be stolen. Real security can only be achieved with a pure offline wallet. But this is actually only recommended for very high amounts of money, since the creation requires some effort.

Services where you can earn Monero for free:

Rating Name Country Earnings Currencies Type
of Service
Payment
Proof
Start
Autofaucet Dutchycorp France Good Bitcoin Bitcoin Cash Dash Doge EOS Ethereum IOTA Litecoin Monero Ripple Stellar Tron Zcash Bitcoin Faucets, Paid Clicks, Paid Surfing 2018
Allcoins USA Low Bitcoin Bitcoin Cash Dash Doge Ethereum Litecoin Monero Ripple Stellar Tron Bitcoin Faucets, Paid Clicks 2018
FreeFaucet Australia High Bitcoin Bitcoin SV Doge Ethereum Litecoin Monero Bitcoin Faucets 2017

Can I get Monero without having to pay money?

Yes, this possibility exists. There are so-called faucets, with these you can get small amounts of different crypto currencies without having to invest money. The whole thing is financed by advertising, mostly you have to solve a captcha or confirm a short link on the page of a faucet and in return you get small amounts in crypto currencies. There are less faucets from Monero itself than from other crypto currencies, because Monero is not as popular as Bitcoin Core or Litecoin. But still there are faucets and if you want you can get some Monero in a fast way to get familiar with it. Try it out, you can't lose anything, because there are no fees or costs for creating a wallet or faucets.

Our conclusion about Monero

Monero is an innovation in the field of digital currencies. Most crypto currencies are based on Bitcoin Core technology, which is not the case with Monero. Since Monero is based on a completely proprietary technology, Monero has great advantages over other crypto currencies. Unfortunately, Monero has a bad reputation as a means of payment, as it is increasingly used to buy illegal things in darknet. Whether Monero can build up a reputation as a serious crypto currency, nobody knows yet. The technical possibilities to use Monero worldwide as a frequently used currency are definitely available. One can be curious, therefore, how Monero will continue. All those interested in crypto currencies are recommended to keep an eye on Monero.

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