Monero (XMR) Price

What is Monero?

Monero is a cryptocurrency that focuses on privacy, security and decentralisation. The open-source cryptocurrency operates on the concept of blockchain. With Monero coins, transactions are untraceable back on the blockchain thanks to encryption. The identity of sender and receiver along with the amount of the transaction remain anonymous as addresses of the participants are disguised. All transactions on the network are private and there is no way to accidentally send a transparent transaction.

Monero is based on the CryptoNight proof-of-work hash algorithm, that originates from the CryptoNote protocol. CryptoNote is an application layer protocol which powers various decentralized currencies.

History of Monero

Created in April 2014, Monero was originally launched under the name BitMonero. However, it was soon shortened to Monero in order to disassociate itself from Bitcoin. The currency is known by code XMR.

Features of Monero

  • Security: As Monero is decentralized, the cryptocurrency is operated securely by a network of users. Transactions are recorded on the blockchain only after getting confirmation by distributed consensus.
  • Private: In order to obscure the origin, amount and destination of the transactions, Monero uses technologies like ring signatures, ring confidential transactions, and stealth addresses.
  • Interchangeable: As they are associated with previous transaction, Monero cannot be blacklisted by vendors or exchanges.
  • Untraceable: As addresses of senders and receivers are obscured, it is not possible to link transactions on the Monero blockchain to a particular user.

Where to buy Monero?

Monero is listed on several popular markets such as Bittrex, Upbit, Binance, Poloniex HitBTC, Livecoin and others. The market capitalisation of Monero as of April 2018 is $3,657,447,559. The total supply of the currency is capped at 15,945,484 coins.

Monero Wallet

The official Monero wallets are available for download on Windows, Mac, and Linux. The price on 1 Monero coin was $228.90 at the time of writing this article.

Monero Mining

Just like Bitcoin, Monero coins can be mined.

Monero Price Trends

Low
DateOpenHighLowCloseVolumeMarket Cap
CloseVolumeMarket Cap
5/30/2018157.6161.27152.87155.23253434000023704800
5/29/2018150.04166.33147.93157.57241229000051033600
5/28/2018166.23168.22149.74149.96267205000038161100
5/27/2018164.47170.17161.17166.08264316000032033800
5/26/2018164.84168.59162.99164.55264850000017384600
5/25/2018171.66173.66162.92164.72275753000026129900
5/24/2018171.21177.51160.85171.49274982000044489500
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Risks associated with investing in Monero

Similar to other cryptocurrencies, Monero is volatile in nature and comprises of several risks. It is better to invest your money in mutual funds instead of taking a risk of investing in Monero.

Disclaimer:

"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.

A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."

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