Monero is known for being the ultimate privacy coin in cryptocurrency but what does that really mean from this video. Do you understand how privacy works in the cryptocurrency world? If you are or would like to be a crypto investor? This is important information I will explain, how does Monero compare to other crypto coins like bitcoin? How does mine privacy work in fact isn’t all cryptocurrency anonymous and much more including the crazy name.
Behind the team but to start what is Monero? Monero was founded in 2014 and is known for being the ultimate privacy coin in cryptocurrency. It is designed to be a peer-to-peer digital currency to explain Monero. In basic terms, if you go to a coffee shop and buy a coffee paying with your bank card.
There is a paper trail to link you back to that coffee shop at that time. However, if you pay with cash, there is little to no evidence that you were there and then if they do declare the cash, there is little to no evidence that coffee was even brought.
This is in basic terms the foundation of what Monero cryptocurrency is based on. So, how does this compare to other crypto coins like Bitcoin? Monero was built on crypto note protocol and yet has a completely different technology to Bitcoin more on this to come.
For example, as one sending cryptocurrency toa merchant, once the funds have been received, they can see the equivalent of your bank statement details. Like where you spend your cryptocurrency? Who transacts with you? How often you use your wallet? Are suddenly visible to all that you interact with. For those concerned with cyber securities and those using the dark web. This is just not a convenient feature.
So, how does Monero privacy work? Introducing Monero’sring confident transactions ring CT for shorties decoy addresses to scramble the ability to identify. What came from where this supports? The centres of Monero coin to maintain their privacy. Now for the merchants, Monero has what is called stealth addresses? Stealth addresses are a one-time address that can not be linked to anyone sharing Monero addresses.
This gives Monero an untraceable blockchain. So, isn’t all cryptocurrency anonymous and private? Technically no, although your personal details are not on your wallet. Everything else can be seen and that makes it easier to link you to the address. The moment you give your wallet’s addressed to someone and your name your wallet can then be linked to you.
This is what Monero is designed to avoid. There is no access to an outsider with your addressing. Your balance transactions or any other recognizable features with Monero’s one-time public addresses.
You get a fresh address for every transaction making it completely fundable. So, how do I start with Monero? Once you have obtained a complimentary wallet for your Monero, you create three things a private view key to signal incoming payments to your account. A private send the key to make payments public addresses to receive transactions when you’re using Monero. Unlike zcash which has the option to be private or not all transactions on money are private. So, who is behind Monero while David Ladderpieis the head of Monero. These days I do feel. It’s to say even the Monaro team themselves lack their privacy so cool. Monero team Ricardo Fluffy, Pony Spagny, Luigi one noodle doodle smooth. Tacotime Francesco antique wine cabanes and otter. So, what are the other featuresof Monero untraceable, adaptive, parameters unlikable transactions and blockchain resistance? So would you invest in Monero? .