Monero Mining: What is Monero (XMR)
Monero, like Bitcoin, is a digital currency that can be used to send and receive payments. Imagine Carl wants to pay $100 to Ava, and they agree to do the transaction in cryptocurrency. Carl can make the payment using Bitcoin, Litecoin, Monero, or any other similar cryptocurrency.
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So, why would Carl use Monero?
How Monero is Different from Bitcoin?
If Carl and Ava want that their transaction remains untraceable and private, then Monero may be their best option.
Let me explain this further:
If Carl sends Ava some money using Bitcoin, the transaction is visible to everyone on the network. Everyone can see who the sender is who the receiver is. This means that transactions sent in Bitcoin are public and out there for everyone to see.
Even though Bitcoin is decentralized, it is not private. Monero, however, is both decentralized and private. Monero’s technology allows all transactions to remain 100% private and untraceable.
Monero mining: Monero coins stacked up in front of a computer screen.
If the transaction is done using Monero, then Carl and Ava are the only two people who will know about this transaction. There is no one else on the Monero network that could find out that this transaction ever took place.
The privacy that is offered by Monero is what has made it so popular. As some people feel uncomfortable letting others know what they are spending their money on.
In addition to complete privacy, here are some more other unique features of Monero:
Monero is Fungible
Sounds complex? Well, it isn’t. In fact, it’s a very simple concept.
Fungibility simply means that units of a currency (or asset) are interchangeable. For example, a $100 bill can be replaced by another $100 bill, or even two $50 bills. This is what makes fiat currency (USD, EUR, JPY, etc.) fungible.
Bitcoin is not fungible. That’s because someone might refuse to take a Bitcoin which has previously been used in illegal transactions. This is possible because everyone can see the transactions which have taken place on the Bitcoin network.
So, one unit of Bitcoin might not be interchangeable with another Bitcoin, but this is not the case with Monero. Since no one knows anything about the previous transactions of a Monero coin, all of them are considered equal and are interchangeable with one another.
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Monero Mining Does Not Require an ASIC
An ASIC (Application Specific Integrated Circuit) is a special type of hardware used for Bitcoin mining. An ASIC can cost anywhere between $600 to $1000, which has made Bitcoin mining unattractive for anyone except professionals.
Fortunately, Monero mining doesn’t require you to purchase an ASIC. Instead, Monero mining can be carried out using your computer’s CPU/GPU. This has made Monero a good option for beginners and other people who don’t want to invest lots of money to start mining.
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What an attacker can do once the network is taken over is quite limited. Under no circumstances could an attacker create counterfeit coins, fake transactions, or take anybody else's money. An attacker's capabilities are limited to taking back their own money that they very recently spent, and preventing other people's transactions from receiving confirmations. Such an attack would be very costly in resources, and for such meager benefits there is little rational economic incentive to do such a thing.bitcoin spend ethereum vk что bitcoin bitcoin будущее As a miner it’s worth keeping aware of industry shifts by keeping tabs on the latest mining news as well as Ethereum protocol upgrades.What Is Ether?As we explored in 'What is Ethereum?', Ethereum aims to function both as a kind of decentralized internet and a decentralized app store, supporting a new type of application (a 'dapp') in the process.bitcoin 99
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