What is Monero?

The Monero is an example of a digital currency which is secure and private. It is an untraceable cryptocurrency which can be accessed by everyone because it is open-source. When you have this, you literally own a bank because you can enjoy full control over the funds. Therefore, your transactions and accounts will be kept secret from others. This cryptocurrency is decentralized and this makes it super difficult for others to steal your funds. The transactions will be verified by distributed consensus. They are then recorded on blockchain. So, you will not need to depend on any third party to keep the Monero secure.

Monero will make use of ring signatures to hide the amounts, sources, and destinations of your transactions. Most importantly, it is untraceable because the receiving and sending addresses are disguised by default. It is not possible to link the block chains to any real-world entity.

Monero is also private and currently, it cannot be blacklisted by vendors because of association in prior transactions. Monero coin provides a very high degree of what is called “fungibility” which means that every currency unit may be replaced for another. So, in other words, all coins will have equal value. Since transaction history of Bitcoins is recorded on block chains, those which have been associated with thefts should ideally be shunned. But because Monero is indistinguishable, the coins are equal in the eyes of everyone. Without this feature, vendors may refuse to accept cryptocurrency on the grounds that these were used in previous illegal transactions.

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