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Why Monero is the next best thing for Investors?

Cryptocurrency is the new currency that is being used by many businesses for trading and payment purposes. This has opened a new door to conducting business in a more fast and efficient manner. Since the introduction of Bitcoin, the market of cryptocurrencies has become an ever-expanding domain where there are over 1,300 cryptocurrencies currently in the market.

Even still a cryptocurrency expert will not know about all the cryptocurrencies. This is because of the effective technologies are not employed by all cryptocurrencies. Bitcoin, the first of the cryptocurrencies employed the best technologies for the encryption and security of the transfers and funds known as the Blockchain technology.

The Blockchain technology has only been employed by a few cryptocurrencies that are found on the top of the best cryptocurrency list. Out of all the best cryptocurrencies, Monero has been gaining the attention of the investors. There are many aspects that investors consider before investing in a cryptocurrency. Here are those aspects of Monero that have gained the attention of the users.

Significant things to know about Ethereum

There are over 1300 cryptocurrencies in the digital currencies and there are more getting introduced to the market every day. But even though cryptocurrencies such as Bitcoin, Dash, and Zcash are in evergreen demand and the market value is stable. A cryptocurrency that is gaining prominence like the above-given names is Ethereum.

Ethereum is on the rise in regards to the market value and the user audience. It is even mentioned in the categories that Bitcoin belongs to. The growing market value and demand has made Ethereum a favorite choice for the investors along with the Bitcoin, Dash, and Ripple.

Understand Blockchain technology

In all likeliness you have heard the word “Blockchain” mentioned numerous times during 2017. If you have not heard about “Blockchain” then the word “Bitcoin” might ring some bells. Bitcoin was the technology which made many people millionaires last year. Bitcoin and Blockchain are actually connected. The Blockchain is the reason cryptocurrencies like Bitcoin function effectively.

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The Bitcoin blockchain and blockchain explorers

The blockchain is the core of Bitcoin. It’s what makes everything works. It’s what makes a fundamentally different currency than normal money like USD or EUR.

The blockchain is the source of truth. The blockchain is the public ledger where all transactions ever made is stored and this ledger is stored on thousands of computers all around the world, which means that everyone knows exactly what coins are sent where and what the balance of all wallets are - but there is no way to know who owns those wallets.

Because the source of truth is spread across lots of computers, it is very difficult - almost impossible - to cheat the system and send some money to dont really have. Or claim that you sent some coins somewhere, if you didn’t send the coins. The blockchain knows exactly how much coins was sent and where they were sent.

Who has a copy of the ledger?

Every wallet has a copy of the ledger. The wallets uses the ledger to calculate the balance on the wallet, by looking at all transaction to the wallet minus all the transactions sent by the wallet. The result is the amount of unspent coins in the wallet, hence the wallet balance. Desktop wallets has their own blockchain ledger and participate in the network. Online wallets like Blockchain.info or Coinbase also keep a copy of the ledger and since the ledger contains all transaction - to all wallets - ever made, they can use the same ledger to calculate the balance of all wallets on the system.

Blockchain.info

How does it work?

When you want to send coins from you wallet to someone else, you simply broadcast the transaction to the network. Before you can broadcast the transaction, your own wallet will check if the have enough coins on your wallet to make the transaction. When the transaction is broadcasted to the network, the other computers in the network will also check against their copy of the blockchain ledger, that you have enough coins to make the transaction. If the transaction is accepted by the network, it will become part of the blockchain, which means everyone in the network will have a record of that transaction, making it impossible to spend the coins again. And the is how the blockchain controls the flow of coins in the network and makes fraud impossible - or at least very difficult.

Also watch this great video, which does a good job of explaning how everything works.

Online blockchain explorers

The Bitcoin blockchain is currently more than 60gb. What if you want to check the balance of a wallet or see if a transaction was sent to a certain wallet? Blockchain explorers is the answer. Blockchain explorers lets you search the entire ledger and find transactions. You can find out when an transaction was made, how many confirmations it has and you can even see if the coins are still on the wallet or if they have been sent somewhere else.

These are some of the most popular Bitcoin blockchain explorers: