Buy Monero in India

Other than the privacy factor, Monero follows an egalitarian perspective towards business and ensures that all its users and investors get equal opportunities. The developers of the Monero blockchain did not reserve stakes of the blockchain network themselves and instead relied on public and community fundings and contributions to develop the cryptocurrency. A fine example of their egalitarian outlook is evident in the mining process that the platform has implemented in order to accommodate everyone, irrespective of their hardware. The network allows its users to join mining pools to earn XMR coins without having to invest in expensive equipment for mining, or they can mine individually to have the lion’s share of the profit and a higher chance of earning XMR coins. Also, the platform enables users to mine on standard computers and does not require expensive and dedicated hardware products such as application-specific integrated circuits (ASIC) that are usually a necessity while mining cryptocurrencies such as Bitcoin and Ethereum.

One of the biggest benefits of investing in Monera is the security and privacy that the network provides to its users. Besides using the standard security measures that are common among most cryptocurrencies, the Monero network utilizes the concept of ring signatures in order to make users anonymous. The ring signatures enable the sending participant to conceal their identity among a group of other users. They are anonymous signatures that verify the validity of the transaction without revealing which member signed it. In order to generate a ring signature, the blockchain network combines the sender’s personal account key from a public key that is chosen from a plethora of choices that are available on the network, thus making the signature unique as well as private. This procedure hides the identity of the sender as it makes it impossible to decipher as to which of the member’s user key was used to create the ring signature.

Stealth addresses add another layer of security and privacy to the network as it helps in hiding the identity of the people on either end of the transaction by creating a unique one time use identity that is used for enabling the transaction. The stealth address conceals the actual destination of the transaction and hence maintains the privacy of both the parties involved.

Another advantage of Monero is its fungibility. This means that every denomination of XMR coin is not unique, that is, XMR coins of the same values are exactly the same. On the other hand, fiat currencies and even certain cryptocurrencies like Bitcoin are non-fungible as every BTC coin is unique in nature, even if they are of the same denomination. This particular nature of XMR coins makes them virtually untraceable as the transactions that are done in XMR coins do not have any transaction history. The best comparison of XMR coins is with that of gold bricks of the same weight and carat.

Since its launch in 2014, Monero created a ripple in the cryptocurrency exchange market with its revolutionary network and huge importance to privacy. As soon as it was created, the XMR coins in terms of BTC were valued at 0.007 per XMR coin, although the market cap and price against the dollar remained significantly low. In September 2016, the price of XMR coins in BTC peaked at 0.022 BTC per XMR coin while the Monero market cap went up to $168,619,001 USD. While the market cap and the BTC value of XMR fluctuated, its values against the dollar remained substantially low. In January 2018, the Monero cryptocurrency broke records by peaking its market cap at $7,106,525,755 USD while the price of XMR coin in USD stood at a massive $456.29 USD per XMR coin. But due to the subsequent crypto exchange market crash of 2018, the value of Monero as well as its market cap plummeted.

As of 18th July 2020, the Monero market cap is at $ 1,196,292,747 USD while the price of XMR coins in USD stands at $67.84 USD per XMR coin.