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Total Market Cap 🛈

24h Volume (Global) 🛈

Circulating Supply 🛈

17,174,299 XMR
Max Supply N/A
Circulating Supply 17,174,299
Total Supply 17,174,299
Issue Date 2014-04-18
Cryptographic Algo CryptoNight-V8
Consensus Protocol PoW
GitHub https://github.com/monero-project/monero
White Paper https://web.getmonero.org/resources/
Explorer https://monerovision.com/
Website https://getmonero.org/
What is Monero (XMR) and how does it work?

Monero (XMR) entered the digital currency industry in 2014. Unlike all the other cryptocurrencies that are currently in existence, Monero (XMR)’s sole focus is centred on privacy. Monero (XMR)’s privacy orientation means that any Monero (XMR) token is invisible when transacting. In practice, this means no one can know who owns Monero (XMR), no one can know who spends the digital currency and no one can know who is receiving Monero (XMR). Sounds confusing right? Well, you simply need to continue reading to learn more. Monero (XMR)’s privacy translates to invisible transactions which are kept from the public including the Monero project founders themselves. All the transaction information is kept locked inside the blockchain database where it’s virtually impossible to retrieve transaction history. Monero (XMR) runs on the Bitcoin Blockchain technology, the same Blockchain that uses a public ledger to all of its databases. However, unlike Bitcoin transactions, Monero transactions are hidden from the public through a process called the ring signature. Whenever one initiates a Monero (XMR) transaction, the blockchain database generates a signature which is basically a key that locks all the details about that transaction.

Without this ring signature key, all that one can see when they attempt to view transaction history is garbled code. While the person who initiates a Monero (XMR) transaction is protected by the ring signature key, the recipient (suppose the transaction initiated involves Peter sending money to John), in this instance John is protected by stealth addresses. These stealth addresses ensure that only the sender in this instance Peter knows that John has received Monero (XMR) tokens. To access Monero (XMR) tokens, one will need to engage in the process of mining. While the Monero (XMR) mining process requires as much technical nous as Bitcoin mining, it differs from Bitcoin mining in that it consumes far less computing power than power required for creating new Bitcoin tokens. This, therefore, means that Monero (XMR) mining is more appealing than Bitcoin mining to miners. The main benefit of Monero (XMR) however does not lie on the mining front but rather on Monero (XMR)’s fungibility. Fungibility is concerned with asset interchangeability with other individual goods or assets of the same type. In the case of fiat currency, Peter may borrow from John a $20 note. In repaying, Peter may hand John another $20 note, two $10 notes, four $5 notes or twenty $1 notes; either way, Peter would have successfully managed to repay the debt.

However, this is not always the case when it comes to cryptocurrencies other than Monero (XMR). Cryptocurrencies operating as open books/ledgers allow everyone to see transaction history. If one in the past may have received cryptocurrency sourced from some illegal transaction for example selling drugs, the transaction detail is forever imprinted and accessible by all. What this therefore means is that this ‘tainted’ cryptocurrency will not carry the same value as ‘clean’ coins hence on an exchange, ‘tainted’ and ‘clean’ will not be worth the same value. This erases fungibility which is premised on the interchangeability of individual goods or assets of the same type. Monero (XMR) as a private currency, however, is immune to this as all transaction details are private hence no one can distinguish the ‘tainted’ coins from the ‘clean’ coins.

Purchase Monero (XMR) with GBP safe, legal and instantly on Cryptomate

At Cryptomate, all that one needs to purchase Monero (XMR) tokens is an online banking account with readily available British Sterling Pounds. Purchasing Monero (XMR) tokens on Cryptomate is legal and very much safe as the exchange platform is secured with 256-bit SSL technology. For those who are based in the UK looking to purchase some Monero (XMR) tokens, the best place to visit and purchase the tokens is on Cryptomate. Cryptomate is a highly advisable exchange platform to use as it does not store any payment information on its servers meaning there is no need to worry about fraudsters and hackers getting access to online banking details. Additionally, the exchange platform uses the industry-standard 256-bit SSL technology to secure all communications.

Why is Cryptomate the best UK digital currency gateway?

We aim to deliver your coins within one hour of your order being placed and payment being confirmed. Thanks to Faster Payments, you are now able to purchase in no time using just your online banking account to purchase.

We do not store any payment information on our servers. You make your payments through your online banking service, not through a 3rd party processor. All communication is secured through 256-bit SSL.

Our service couldn't be easier to use. The only thing required from you to use Cryptomate is access to online banking within the UK. Joining the cryptocurrency revolution has never been simpler! More info here.