What are your thoughts on the Monero (XMR) cryptocurrency?

Cryptocurrencies are increasing in popularity. These are virtual or digital currencies that are decentralized and can be used to trade or spend using blockchain technology. Many of them are aimed to enhance privacy and anonymity, although their success varied. A few of these currencies allow public viewing of all transactions, while others make privacy optional. And still, others keep the privacy feature strictly implicit.

When most of us think of cryptocurrencies, Bitcoin is usually the first one that comes to mind. It was one of the first of its kind, using peer-to-peer technology to allow users to make payments with their coins. But there's another currency that has achieved a high level of popularity and acceptance, mainly for its privacy-oriented features. This one is called Monero. This article explains the key concepts, features, and challenges of Monero.

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Understanding Monero (XMR) Cryptocurrency

Monero (XMR) is an open-source, privacy-oriented cryptocurrency that was launched in 2014. It is built and operates on the concept. These blockchains, which form the underlying technology behind digital currencies, are public ledgers of participants' activities that show all the transactions on the network.

Monero's blockchain is intentionally configured to be opaque. It makes transaction details, like the identity of senders and recipients, and the amount of every transaction, anonymous by disguising the addresses used by participants.

Along with anonymity, the mining process for Monero is based on an egalitarian concept. This is the principle that all people are equal and deserve equal opportunities. Its developers did not keep any stake for themselves when they launched Monero but they did bank on contributions and community support to further develop the virtual currency.

As of Jan. 15, 2021, Monero was trading at $155.94 and had a market capitalization of $2.778 billion. That's a stark difference from the closing price of $65.68 on Jan. 15, 2020. The market cap on that date was $1.143 billion. That's a jump of more than 137%.