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Monero Review

What is Monero?

 

Monero (XMR) is a cryptocurrency project that is well-known for its security, privacy, and the fact that it cannot be traced. Monero is an open-source project developed to meet the growing demand for financial privacy and to address scalability challenges.

 

 

 

 

Key Features and Takeaways of Monero

Monero is a popular project with the following key features:

  • Monero is open-source, and its development is based on several donations along with a loyal and dedicated community.
  • Monero’s transactions are not visible to others and users are considered a proprietary personal financial institution or bank for themselves because no one else can see or control their transactions.
  • Monero focuses on addressing issues that other blockchains and projects face with transaction privacy.
  • Monero also aims to achieve high levels of decentralisation and to be a different type of crypto energised by the Proof-of-Work consensus mechanism, allowing for XMR to be mined.
  • The blocks on the Monero blockchain do not have any limits, questioning the block size limitation that creates market value for cryptocurrencies.
  • Monero creates a permanent block reward for its miners which does not fall below 0.3 XMR.
  • Monero uses “Ring Signatures” to create transaction mixing. When users send or receive XMR, no one can pinpoint the origin of funds or their destination.
  • Monero is actively busy developing Kovri, a decentralised anonymity technology based on I2P, an anonymous network that allows for secure and anonymous communication through the Internet.

 

Monero Mining

Monero uses a PoW consensus method, which means that XMR is a mining-based token. Monero mining, however, does not depend heavily on Application-Specific Integrated Circuits (ASICs) like Bitcoin, and users can run mining software either on a CPU or a GPU.

The Monero mining PoW does not favour ASIC mining rigs like Bitcoin and it was designed to attract smaller nodes instead of heavily relying on farms and large mining pools.

The mining requirements for XMR are not as stringent either and users merely need either AMD or Nvidia graphics cards, an XMR compatible digital wallet, reliable internet connection, and the necessary power capacity to run hardware.

 

Pros and Cons

PROS CONS
Monero is a privacy-orientated project There are some issues faced with storing XMR
The Monero blockchain is known for its high scalability There are only a few XMR compatible wallets
Transactions cannot be linked back to the sender Monero is not beginner-friendly
Monero is well-known and respected  
Monero is ASIC-resistant  
Ring Signature technology which is highly sought after  
Transactions cannot be linked or traced  
There is a constant 0.3 XMR mining reward  

 

Transaction Fees

Type of Fee Information
XMR lowest fees 0.0037 USD
XMR median fees 0.0067 USD
XMR highest fees 0.22 USD
Withdrawal fees 0.001 XMR

 

Should you buy Monero?

Monero and XMR are worthy of investment because:

  • With price volatility, it is perfect for short-term trading strategies.
  • Monero cannot be traced, making it an ideal project for institutions and government systems.
  • Monero’s anonymity is sought-after.
  • XMR is expected to appreciate over time.
  • There is no maximum supply of XMR, and the mining reward is consistent.

 

How to buy Monero (XMR)

 

Step 1 – Register an account with Gate.io

 

 

Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.

 

Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.

 

 

Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.

Log into your account using your credentials and complete the reCAPTCHA.

 

 

Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.

Before you can use the platform to purchase Monero/XMR and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.

Click on “KYC Now” at the bottom of the webpage to start the process.

 

 

Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.

 

 

Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.

Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.

 

 

Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.

Once you have done this, click on “Confirm and Submit”.

Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.

 

 

On the new page that loads, select “Click here” to set up Two-factor Authentication.

 

 

Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.

Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.

 

 

Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.

 

Step 2 – Deposit funds

You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added is to transfer existing crypto into your Gate.io wallet.

XMR can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.

Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.

 

 

You will be redirected to a page that generates a deposit address for the coin that you wish to deposit.

 

 

Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading XMR.

 

Step 3 – Explore your trading options

 

 

Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.

To start trading XMR, select the option from the “Trade” Menu. Enter “XMR” into the search bar to see which trading options are available.

 

 

For spot trading, for instance, and as an example, select XMR_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair XMR/USDT.

 

 

 

Here, you will see that you have the option to buy or sell XMR either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.

 

Step 3 – Buy XMR via Limit Order

To buy XMR and create a limit order for it, you can enter the amount of XMR you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.

 

 

Step 4 – Sell XMR via Limit Order

To sell XMR, find the panel under the chart and create a limit order for USDT according to your preferences. Note that with a peg to USD, XMR that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.

 

 

Step 5 – Withdraw funds

To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.

Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.

Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.

 

 

FAQ

 

When was Monero first launched?

Monero launched in 2014.

 

Who founded Monero?

Monero was developed and founded by Nicolas van Saberhagen.

 

What is an “ICO”?

It is an Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.

 

When was Monero’s ICO and how much did it raise?

There is no indication of an ICO for Monero.

 

Is Monero legit?

Yes, Monero is legit and one of the most popular cryptocurrencies in the world.

 

What is Monero’s total supply?

XMR does not have a limited supply.

 

What is the purpose of Monero?

Monero is aimed at the privacy and security of transactions, ensuring that they cannot be traced through a series of security features.

 

On which blockchain is Monero based?

Monero is based on a proprietary blockchain.

 

Does Monero work with smart contracts?

No, Monero does not work with smart contracts.

 

Does Monero have the potential to become more valuable?

Yes, Monero has the potential to become more valuable as its unique technology is well sought-after, especially by large corporations and governments.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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