With the passage of time and the increasing popularity of cryptocurrencies, the competition for crytocurrencies is increasing day by day, both for mining and for purchasing them outright on Cryptocurrency Exchanges. There are newer products and coins being launched on a regular basis, taking the opportunity of the crazy demand for fantastic returns in the cryptocurrency market. However, most of them do not make it to people’s consciousness as they do not perform the way it is expected to.
Monero is a cryptocurrency that has not been rejected by the people, in fact, it has risen to be one of the most popular cryptocurrencies in the market today, grabbing the tenth spot amongst all the cryptocurrencies with a market capitalization of $3.26billion. Created just four years ago, Monero’s rise has been nothing but spectacular.
In 2017, the value of one Monero was just $10, by the early months of 2018, the value had risen $494 per coin, a jump of 4800 percent. This type of performance is nothing but a miracle, making even some sceptics feel that cryptocurrencies do have what it takes to be a great place to park excess funds.
However, still some sceptics are yet to be convinced about the benefits of Monero.They are still pointing questions about the working of Monero and how valuable it will be for them in the long run.
For some sceptics who do not yet know much about Monero, here is what it is all about.
Monero is similar to Bitcoin, yet different from it in many ways. The biggest difference is that Monero is decentralized and private unlike Bitcoin, which is decentralized but the transactions are public. Mining Monero coins allows you to have 100 percent private and secure transactions with only the sender and receiver having details of the transations. Exchanging Monero and the unique privacy that it offers to miners, investors and developers alike is what makes it a popular investment medium for parking funds.
It is not just privacy that sets Monero apart from its peers. Here are some of the other features that attract miners to mine this increasingly popular cryptocurrency.
In Economics, Fungibility means the capacity of a product to be interchangeable with any other individual units of the same product. Monero is a cryptocurrency that is fungible, you can exchange 100 Monero with 2 transactions of 50 Monero each. This is not the case with other cryptocurrencies like Bitcoin. Each Monero coin is of equal value and can be exchanged securely without any issues.
No need for an ASIC
Mining Monero does not need a ASIC or Application Specific Integrated Circuit that mining Bitcoin dies. This is a special type of hardware that is needed to mine Bitcoin and is proven to be a drain on the resources of Bitcoin miners, especially the amateur ones, where it eats into the profits.
Monero does not require an ASIC . A regular CPU is all that is needed to mine Monero. This makes it attractive to amateurs who do not wish to spend a dime on expensive hardware for mining cryptocurrencies.