Perhaps you’re familiar with Monero (sometimes referred to as XMR cryptocurrency), one of the most reliable cryptocurrencies currently available. Maybe you’ve heard about its enticing features — how it’s safe, dependable and even untraceable, offering the most security and protection in the industry. But could all these industry talking points be true? You only need to understand how Monero works to see that it’s as secure and untraceable as the proponents say.
What is Monero?
Monero is a type of cryptocurrency coin. You can think of it as digital cash. It was developed to be secure, private and untraceable. Just like when you use cash, Monero transactions are anonymous — the personal information of the person you’re exchanging the cryptocurrency with is never stored or traced during receipt or sending. And just like that tenner in your back pocket, Monero is stored in a wallet, a type of personal digital storage of which only you have access.
How does Monero differ from other cryptocurrencies, like Bitcoin?
The whole idea behind Monero is that it is focused on private transactions. Unlike Bitcoin and other common cryptocurrencies, Monero transactions are not traceable. Through its use of cryptography, Monero is able to shield addresses of recipients and receivers, preventing transaction tracing. Monero transactions are:
- Secure: The personally identifiable information of both the sender and receiver are protected through a highly secure network.
- Private: Monero’s built-in privacy features ensure secrecy, allowing businesses and individuals to make transactions confidentially.
- Untraceable: The sending and receiving addresses on Monero transactions are automatically obfuscated upon sending, and information about the transacted amounts is kept private and untraceable as well.
Private transactions sound great in theory, but how do I know that using Monero is actually secure?
Monero has a lot of built-in features that ensure it’s security. For starters, the cryptocurrency is decentralised, meaning individual users like you — and not a third party — operate the digital cash. Your Monero is protected from would-be thieves and other no-gooders through a series of one-time stealth addresses that obfuscate all normally traceable aspects of your transaction, including the amount, the origin and the destination. Because your transactions are untraceable, your real-world identity is also protected. With Monero, your anonymity and the anonymity of those you transact with are doubly assured.
What is used to house and protect my Monero from others?
If we return to our comparison of Minero to pound notes, then we can think in terms of how we house and protect our own cash. Most people use wallets to hold the fivers and tenners in their possession. Likewise, for this particular cryptocurrency, a Monero wallet is used to secure your own funds. Many suitable Monero wallet platforms exist, but many must be downloaded online and housed on your computer. A safe, reliable alternative to downloading is the web-based XMRWallet application. This free Monero wallet allows you to send, store and receive your cryptocurrency securely. What’s more, no personally identifiable information is needed to open your Monero wallet. You can log in to your account by using a personal Seed (a series of random words that only you have access to that opens your Monero wallet) or, alternatively, you can log in with a personal public key. Your Monero is stored safely and you have complete control over your transactions.
As you can see, Monero cryptocurrency provides some of the most secure and untraceable transactions available to date. But don’t just take our word for it — try it yourself, and use the XMRWallet to secure your Monero today.