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I have been milking my crypto faucets now for about 3 years now and while I have not amassed a fortune its more than I would have gotten if I had spent every evening , all evening watching TV ! I've also learnt quite a bit about various coins and the tokenization. Two of my favourite faucets are Allcoins.pw - and Cointiply . Allcoins because it has a wide range of coin types and also by playing every day you build up a number of free Autofaucel claims and Cointiply because by playing every day you can build up to 100% bonus which doubles each claim and they also have a jackpot that builds to many 100, 000s of coins, the valus of which is dependent upon the current valsue of Bitcoin. So in Allcoins I had collected just over 0.008 Monero and wanted know where I could withdraw it to . I cannot deposit in My Holdler as My Holdler does not accept Moneto XML just yet. So I did some research which other might find interesting. It comes for the "College Investor - Investig and Personal Finance for Millennials" which is probably a bit cheeky of me because I'm decades past being a millennial !! Original article link .
Monero (XMR) is an alt coin that differentiates itself from other cryptocurrencies through its strong use of privacy. Or as Monero’s website states, it is a “private digital currency”. It is currently ranked #13 on coinmarketcap.com.
Monero launched in April 2014. It was previously called Bitmonero. Starting at a price of around $2.47, it began climbing Aug. 22, 2016, and now stands at $310.47. It has a circulating supply of 15,636,799 XMR, which is less than BTC. This means the cryptocurrency has the potential to continue rising in price. Compare XMR’s supply to that of other popular alt coins such as Ripple, which stands at 38,739,142,811 XRP. Or over 2477 times more than XMR.
Monero has a vibrant developer platform, consisting of 30 developers. Continued innovation is critical for any alt coin that wants to set itself apart and Monero seems to be investing in that area. Other alt coins like EOSalso have strong development teams.
Monero is similar to BTC in that it is digital currency. Like many alt coins, Monero has a few additional features that do differentiate it from BTC.
There are three main aspects of Monero’s privacy, which we’ll go over more: security, privacy, and the inability to be traced.
Basically, Monero hides its users and transactions. A user can choose to hide all traces of their transactions, including who they are, details about how much currency was exchanged and any information about who they executed a transaction with. Monero does this by using stealth addresses to generate encrypted addresses that can’t be linked to previous transactions.
All Monero transactions are private. They don’t show up on the blockchain, making them untraceable transactions. Part of the technology behind Monero includes ring confidential transactions, which hides the amount of Monero being sent. It inherently prevents any one from checking account balances of others.
Also, ring signatures are used, helping create multiple fake signatures. By having multiple fake signatures, it’s nearly impossible to link transactions to a user.
As to be expected, this type of obfuscation is drawing interest from the FBI.
Monero uses dynamic block sizes. Miners can choose to take a bigger or smaller transactions depending on the volume of the network. Proof of work verifies transactions and prevents malicious attacks.
Block rewards don’t drop below 0.3 XMR. Inflation is set at 0.3 XMR per minute.
Monero is a Cryptonote coin. In fact, it is one of the first. Cryptonote is an application layer protocol. It’s the reason Monero can provide many of its privacy features.
Cryptocurrencies built with Cryptonote can use decentralization, privacy, fungibility, ring signatures, egalitarian proof of work. Monero uses all of these features.
As mentioned earlier, Monero has a community of 30 developers and is open source, using popular, reliable languages such as C++.
As with many alt coins or those that aren’t a base currency, you can’t buy XMR directly. Instead, there is a round about way to purchase XMR. The flow looks like this: Buy BTC through Coinbase then transfer to Cryptopia, where you can buy XMR with your BTC.
Let’s walk through the process in detail.
"Sabotage or theft? Inside the $24m Cryptopia heist | Stuff ...
https://www.stuff.co.nz/.../119263192/sabotage-or-theft-inside-the-24m-cryptopia-heist
Cryptopia could have been one of New Zealand's most successful hi-tech start-ups. Its end was caused by one of the country's biggest heists worth $24 million."
Final Thoughts
Monero offers the advantage of completely private transactions. While this may attract a certain crowd that is trying to hide illegal activities, there are plenty of reason to keep transactions private.
Some reasons may include simply not wanting others to know you are transacting with a cryptocurrency. You might want to keep the amounts private or you could simply want to remain anonymous.
Monero still has a circulating supply that is smaller than BTC, which could make it a great investing opportunity. Coupled with the ability to remain anonymous and there are plenty of reasons someone might look into investing in Monero.
If you’re not sure about using a digital wallet and this whole process, and want to invest via an ETF, you can’t do it yet. However, there is a Bitcoin ETF – GBTC, and you can invest in it for as little as $5 on Stockpile. We’ll give you $5 for free when you sign up for Stockpile through this link.
I have not tried this method so cannot comment on how profitable it might be. I will explre it more closely.
