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What is Monero?

  • June 22, 2020

There’s no shortage of cryptocurrencies out there. Why the need for so many? That’s all because each cryptocurrency holds a different philosophy. It’s not just about creating a currency; it’s about trying to influence the world in some way or another. 

One of the leading ideas behind cryptocurrency was that it could boost privacy, which is not what happened in reality, with many currencies at least. Some did stay true to the cause, like Monero. So what is Monero? It’s a digital currency that dates to 2014 and puts great emphasis on security and privacy. 

Indeed, Monero is probably the leading currency in this field. For the team behind the currency, Monero should serve freedom and anti-censorship principles. To get a real grasp of what Monero is trying to achieve, we need to take a look at how they differ from other currencies, specifically the big ones such as Bitcoin and Ethereum, where the transactions can be verified by anyone. Monero isn’t like that because they use special technology to keep the identity of both senders and receivers as well as the amount being sent private

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Due to their philosophy, the currency has generated a lot of admiration by big names, who find it to be the best solution for privacy issues. There is an active community and a team of 500 developers who contribute to the project. It is currently one of the largest currencies in the world, but the possibility to use it for crime purposes means it may generate more backlash than other currencies. 

Want to know more about Monero? Open up an online bank account, deposit your crypto, and start using your BlockCard as soon as your application is complete.