This page is created for educational purposes regarding Monero cryptocurrency. Below are the questions, video explanation, and relevant links about the Monero cryptocurrency that slaves are mining on MineFor.me
#1 – WHY MONERO?
Because it is absolutely private, untraceable, fungible and accepted on all currency exchange websites.
#2 – HOW MONERO WORKS?
Check out the video below explaining how Monero works. For a list of the basic terms related to cryptocurrency, check out technical terminology page.
#3 – HOW MUCH 1 MONERO IS WORTH?
Just as every other currency in the world, the value of Monero varies. You can always see the current value in the real-time widget in the right sidebar of this page or on the Monero chart. The design of cryptocurrencies is made in a way to ensure their growth in value over time. You can check historical graph on any of the major exchange sites to see this trend.
#4 – HOW IS MONERO’S PRIVACY DIFFERENT FROM OTHER COINS?
Monero uses three different privacy technologies: ring signatures, ring confidential transactions (RingCT), and stealth addresses. These hide the sender, amount, and receiver in the transaction, respectively. All transactions on the network are private by mandate; there is no way to accidentally send a transparent transaction. This feature is exclusive to Monero. You do not need to trust anyone else with your privacy.
#5 – HOW IS MONERO DIFFERENT FROM BITCOIN??
Monero is not based on Bitcoin. It is based on the CryptoNote protocol. Bitcoin is a completely transparent system, where people can see exactly how much money is being sent from one user to another. Monero hides this information to protect user privacy in all transactions. It also has a dynamic block size and dynamic fees, an ASIC-resistant proof of work, and a tail coin emission, among several other changes.
#6 – WHAT IS FUNGIBILITY, AND WHY IS IT IMPORTANT?
Fungibility is a simple property of money such that there are no differences between two amounts of the same value. If two people exchanged a 10 and two 5’s, then no one would lose out. However, let’s suppose that everyone knows the 10 was previously used in a ransomware attack. Is the other person still going to make the trade? Probably not, even if the person with the 10 has no connection with the ransomware. This is a problem since the receiver of money needs to constantly check the money they are receiving to not end up with tainted coins. Monero is fungible, which means people do not need to go through this effort.
#7 – WHERE I WILL KEEP MY MONEROS?
Just as with any other cryptocurrency, the currency is kept in the electronic wallet. There are different types of electronic wallets. Check out technical terminology page for the details.
#8 – WHERE I CAN GET MY WALLET AND IS THERE A FEE?
There is no fee for having a wallet. The easiest way to get a wallet is by opening it on this website. For the personal offsite wallets take a look at official Monero website.
#9 – WHAT IS THE OFFICIAL MONERO WEBSITE?
For more info, tutorials and knowledge, visit Get Monero, the official site for Monero open source project.
#10 – WHERE I CAN EXCHANGE MONERO?
Some of the most famous exchange sites are exchanging Monero for BTC (bitcoin) that you can convert to USD, GBP, EUR. Some of them are:
|Poloniex||Poloniex offers market pairings with Monero: XMR/LTC, XMR/XDN, XMR/BCN and other.|
|Shapeshift||XMR/BTC, XMR/Dash, XMR/Ripple, XMR/Nxt, XMR/Dogecoin|