Monero (XMR) is an open-source, privacy-oriented cryptocurrency that was launched in 2014. It is built and operates on the concept. These blockchains, which form the underlying technology behind digital currencies, are public ledgers of participants’ activities that show all the transactions on the network.

Monero’s blockchain is intentionally configured to be opaque. It makes transaction details, like the identity of senders and recipients, and the amount of every transaction, anonymous by disguising the addresses used by participants.

Along with anonymity, the mining process for Monero is based on an egalitarian concept. This is the principle that all people are equal and deserve equal opportunities. Its developers did not keep any stake for themselves when they launched Monero but they did bank on contributions and community support to further develop the virtual currency.

As of August 26, 2021, Monero was trading at $295.05 and had a market capitalization of $5.3 billion. That’s a stark difference from the closing price of $89.12 on August 26, 2020. The market cap on that date was $1.58 billion.

How to Mine Monero

Monero runs on all leading OS platforms, including Windows, macOS, Linux, Android, and FreeBSD. The currency supports a mining process where individuals get rewarded for their activities by joining mining pools, or they can mine coins individually.

Monero mining can be performed on a standard computer and does not need any specific hardware such as the application-specific integrated circuits (ASICs). An ASIC is a costly form of hardware that is commonly used to mine cryptocurrencies like Bitcoin. Instead, you can use the CPU or GPU of your own computer to mine the currency. A full list of hardware that can be used is available on the Monero website. Users can also install certain software, which may cost a developer fee.

According to the company’s website, Monero relies on proof-of-work mining. This is an algorithm that provides security to certain cryptocurrencies like Monero. This system prevents problems surrounding double-spending, which can skew the supply, showing there’s much more than actually available.

Purchasing the currency is as easy as going on an exchange or looking for a seller who’s willing to unload their supply. You can also buy Monero through an automated teller machine (ATM) that is enabled for cryptocurrencies.

Is Monero a Good Investment?

If you’re interested in cryptocurrencies, Monero may be a good investment. The price of the currency jumped more than 231% between August 26, 2020, and August 26, 2021.

 Additionally, it doesn’t cost much to start, as you don’t need any special hardware. You can actually use the CPU of your own computer to mine it, and Monero works with all major operating systems. This will save you a lot of money in fees and charges.

Where Can I Buy Monero?

You can purchase Monero through a digital or virtual currency exchange. Or you can search for an individual seller or an ATM enabled for cryptocurrencies.

Source: https://www.investopedia.com/tech/introduction-monero-xmr/#toc-moneros-challenges