Most of us have heard of cryptocurrency, the monetary transaction method that is becoming more and more popular in our modern age. The process decentralizes transactions giving its users more freedom and the opportunity for anonymity. No one person, group, or organization is in charge of the cryptocurrency market, making it revolutionary in the financial world.

Monero is one such form of cryptocurrency that has surfaced in recent years. Launched in 2014, Monero has since improved efficiency and flexibility with new blockchain methods. The site boasts safe and secure transactions with no one looking over your shoulder at spending patterns. “You are your own bank,” the company says, offering anonymous transactions just as you would have with the use of cash.

Just as with any type of currency, the Monero only really work and have value when people use it. Prices and usefulness can fluctuate with the market for Monero. The users give the currency its worth - when the system changes, so does the money.

How do you get Monero? Like with any cryptocurrency, you can purchase Monero in a conversion from “normal” money electronically or through an individual. Be sure to take extra care to keep your passwords and codes safe somewhere you will not forget - it is very difficult to regain your account once you have been locked out or forget your password.

The lingo of Monero can be confusing and difficult to grasp, especially if you are new to the world of cryptocurrency. First of all what is a blockchain? Basically, your monetary transactions are recorded in a block of memory storing your Monero, or whatever cryptocurrency system you choose to use. After two minutes, a new chain is added with new history information. This helps with maintaining stability and security because it makes it harder for an online attacker to centralize the material. You can feel confident that your money cannot be taken, that your information cannot be leaked to anyone else.

The system uses Pederson commitments to verify transactions and to make sure Monero is not created from nothing and cannot just disappear. While maintaining anonymity, these commitments verify spending and ensure the reality of the money that is spent to convert into Monero.

Monero’s site does remind us that they have no control over users’ actions outside of internet transactions. If you give someone your key image or password, your privacy could be destroyed. They cannot help with loss of funds if you give out your name, address, or account information. It is up to you to maintain the safe and secure environment Monero has created for users. The site encourages us to use common sense when utilizing the system. It also says that even if you wear a seatbelt you can die in a car crash - using caution and thinking things through does not eliminate all risk, as with any financial venture. Be bold but not foolish. Monero is constantly changing and looking for ways to improve even more.

Published by Yatin Arora