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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Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.This episode in bitcoin’s history demonstrated that no one was in control of the network. Not even the most powerful companies and miners, practically all aligned, could change bitcoin. It was an incontrovertible demonstration of the network’s resistance to censorship. It may have seemed like an inconsequential change. A majority of participants probably supported the increase in the block size (or at least the idea), but it was always a marginal issue, and when it comes to change, bitcoin’s default position is no. Only an overwhelming majority of all participants (naturally with competing priorities) can change the network’s consensus rules. And it really was never a debate about block size or transaction capacity. What was at stake was whether or not bitcoin was sufficiently decentralized to prevent external and powerful forces from influencing the network and changing the consensus rules. See, it’s a slippery slope. If bitcoin were susceptible to change by the dictate of a few centralized companies and miners, it would have established that bitcoin were censorable. And if bitcoin were censorable, then all bets would be off. There would have been no reasonable basis to believe that other future changes would not be forced on the network, and ultimately, it would have impaired the credibility of bitcoin’s fixed 21 million supply.
