How To

How to Trade Monero?

We have got 1300 cryptocurrencies which are prevailing in the world. These cryptocurrencies have got varying degrees of privacy features attached to them. On the scale of privacy, these cryptocurrencies have seen incremented levels of privacy after the advent of the first cryptocurrency of the world that is Bitcoin. Bitcoin which was the first cryptocurrency of the world had the ability to scale up; was launched with much fan fair of having the feature of privacy and anonymity embedded in it. The quest for privacy was evident in the features which attempted to give a greater level of privacy by hiding the identities of the users just behind the addresses which were pseudonymous. These pseudonymous addresses were set of Strings which were randomly generated out of letters and numbers. However soon it was found that the approach is not conclusive and is not able to protect the identity of the user in an effective way. It is quite possible that despite having a pseudonymous Bitcoin address many of the transactions could be mapped back to the source; hence, it was a case of smart guessing to find the person by analyzing his shopping trends. So, it was felt that a fully furnished cryptocurrency is needed which could provide the actual cryptographic features of hiding the Identity of the person who was behind the transactions was necessarily required. The quest for the privacy has given birth to privacy oriented cryptocurrencies such as Zcash and Monero. Dash cryptocurrency uses an algorithm by aggregating the information of several users into one account to eliminate the probability of finding a single person’s real identity. Zcash which is another cryptocurrency fully devoted to the task of privacy employs zero knowledge construction of proofs by using a technology known as zk-SNARKs. Monero cryptocurrency too uses ringing structures and still, it addresses to fully hide the identity of recipients as well as senders. By using the ring structure it is now possible to mix up the account keys of a user with the publicly available keys from the blockchain of Monero to create a ringing structure of probable recipients. This feature completely hides the identity of Monero cryptocurrency user. The trading of Monero cryptocurrency is possible via cryptocurrency exchanges such as Kraken, Bitfinex, and Poloniex. It is easier for the people to go for mining of Monero cryptocurrency due to the inherent features inbuilt in it which provide lower fungibility level so that by using central processing units mining could be done.

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