Monero is one of the many decentralized cryptocurrencies available. This Crypto uses a public distributed ledger. The ledger used has privacy-enhancing technology. The technology available provides anonymity and fungibility of the transactions. The Name “Monero” simply stands for money explaining its function itself. Monero is also known as XMR, which is commonly used. If you are looking for information regarding Monero and its price, you have come to the right place.
History of Monero:
Monero was launched in April 2014 and was created by a team of seven developers. Among them only two of them are known, the remaining are anonymous. The known ones are Riccardo Spagni and David Latapie. It was created as a grassroots movement. This had no pre-mine and VC funding while it was launched. It was launched as a fork of bytecoin and Monero and its price was very low at that time.
Price of Monero:
The price of Monero today is 231.63 USD, which is up by 11.34% from the last price. The highest price was obtained on 8th May 2021 i.e, 475.47. The lowest price was on February 11, 2015, i.e 0.2542. It is also equivalent to 0.00451 bitcoin. And, also equivalent to 0.05665 Ethereum coins. It also currently ranks in the 44th position in the coinmarketcap.
Ways Monero is different:
Monero is an open-source project which is entirely permission-less and is potentially world-changing. None of the authorities can be able to stop you from using this cryptocurrency. This also means you can participate in the digital economy without modern banking. This feature is not allowed by many cryptos, making it hard for users. Just with the help of some internet connection and mobile, it can be mined.
Another great thing is the privacy it offers. The Monero works in such a way that, the transaction can not be linked to you. Privacy is very important to the consumer, even if it does not involve any illegal activity. The fungibility it offers is also appreciatable and important. The Monero network can grow very well according to demand.
How to buy Monero (XMR) and know its price?
Although it is not supported by coinbase it can be bought on finance. So, you might have to take the tedious way of first buying the bitcoin. After which you can exchange it to Monero using a small platform. The steps are similar to any other crypto:
- Open an exchange account, you will need to register to trade this or other coins.
- Buy a digital wallet to store your coins, which is a must-have.
- Now purchase Monero (XMR) directly or buy the bitcoin first. After you buy bitcoin, you can exchange it for Monero using many websites.
- Now you can easily store the monero digitally or on hardware.
Storing a Monero:
After you purchase Monero (XMR) at certain price then here is how you store it in your wallet.
Creating a Monero account:
Firstly, you will have to visit the official website of the monero, www.mymonero.com. Click on create on the account and make sure to read the website carefully. After that, you will get a private login key which you will have to log in. Now, you will have to input the login key and your account is ready.
Firstly check the address on the overview section and make a note of it. Now, go to the exchange account to start the withdrawal process. One can also provide the address to your friends if they are sending you one. You can also send monero through this and can also store the monero in some of the most popular hardware storage.
Withdraw money from monero:
You can easily withdraw money from monero, using the following steps:
- First of all, visit your wallet.
- Now, click on the withdraw button and select ” monero” from the withdraw field.
- Then you can select the withdrawal address or add another address.
- Now, select the amount of Monero or XMR at its price you would like to withdraw, then click on review.
- After which you will get a confirmation dialogue pop up, after which your withdrawal is complete.
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Is Monero(XMR) at its price Worth Investing?
Monero might not be worth investing in for the short term. However, In the long run, it might be one of the best ways to invest your money. More and more people are looking for the privacy of their money. Due to this, Monero is a great choice for many of these people and its price is also not very high currently. But invest at your own risk.
It can be concluded that it is easy to handle the currency. The market is also expected to grow largely in the upcoming year. The distinctive features of this coin play a vital role in its popularity. There are many indicators that show its overall positive growth.
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