Monero is a secure, private, and untraceable cryptocurrency. That is the definition offered by its official website and it could not be more accurate. This cryptocurrency was born in April 2014 with one purpose: to provide an alternative focused absolutely on privacy and that was not based (like many others) on the bitcoin code. This has made it an increasingly attractive alternative in various fields, but unfortunately cybercrime is one of these.
The development of Monero is practically anonymous, since, of its 7 developers, 5 do not know who they are. David Latapie and Riccardo Spagni, “Fluffypony”, are the two developers that have come to light, and Monero has 5 characteristics that make it a very special and coveted cryptocurrency.
▸The coin is yours
Control of transactions is entirely yours, that is, you are responsible for your money. The identity of Monero users is completely private, no one will be able to see what you spend your tokens on.
▸It is a fungible asset
Expendable goods are all those that cannot be used properly without consuming them, these can also be legally replaced by another of the same value their transactions are totally private and nobody can know what has been done before with the tokens. If there is no transaction route, it is impossible to distinguish them, so they should be considered a fungible good.
▸Dynamic scalability
The size of the blocks that make up Monero do not have a preset size. To prevent someone from sabotaging the network with large blocks, a reward penalty is incorporated.
▸ASIC resistant
Monero is not mineable with ASIC machines, it is really that the cost of doing so makes it unprofitable. This is because being based on Cryptonote it uses an algorithm called Cryptonight.
▸Multiple keys
Monero is not as “straightforward” as Bitcoin or Ethereum. To guarantee the privacy of your transactions, the Monero system incorporates multiple keys. View Keys and Spend Keys.
The privacy and anonymity provided by Monero have made this cryptocurrency one of the most interesting for those dedicated to profiting from their efforts in the field of cybercrime. In fact, Monero became popular and listed in 2016 thanks to its adoption by AlphaBay, that black market for goods of all kinds that ended up being closed in July 2017 by the security forces.
Undoubtedly the advantages are obvious, but they are also so for those who want to protect their privacy and the anonymity of their transactions (totally legal) for the simple reason that they do not feel watched.
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