Monero is the new life given to Bytecoin when the later was forked. It is headed by a group of seven developers out of which two are publicly known, while the other five are still pretty much a mystery. It is a crowdfunded and open source project.
You might be wondering what it is about Monero that makes it special or hot at the moment, well there are some key properties that it benefits from the CryptoNote algorithm.
Your currency is completely yours
Monero offers 100% control over your transactions. Your money is completely your responsibility. There are not third parties that will help you manage transactions, which turns out to be the ultimate safety that you need. No one will have access to your statements or see how you spend your money, because your identity is private.
It is Fungible
Another unique property that Monero offers is it’s Fungibility, thanks to the high level of privacy. For those who are not familiar with the term “fungibility,” Investopedia defines it as follows:
“Fungibility is a good or asset’s interchangeability with other individual goods or assets of the same type.”
With Monero, no one knows what kind of transactions a previous coin owner has made with their coins, making them extremely fungible. This is why Monero truly stands out from the rest. Since there is no transaction history attached to your coin, it remains a clean coin thereby retaining its value.
Monero’s marketplace functions just like many other crypto markets. Interested investors can make outright purchases through exchanges including Kraken, Bitfinex, and Poloniex.
Where to sell Monero
Monero can be sold in different Cryptocurrency market places. You can sell Monero through exchanges, which kind of resemble the traditional stock exchange such as the LSE or the NASDAQ, allowing you to sell your Monero coin without any physical or personal contact. The transactions are completely private. This process is referred to as matchmaking. Crypto exchanges are usually targeted towards professional traders, offering trading features that are advanced, which can be quite hard to use and complex for many beginners.
Another method of selling Monero is through brokers. Selling from a broker simply means that your transaction is with the broker service and not with another trader. Selling Monero through this method might come with a charge that is higher than cryptocurrency exchanges.
Finally, the peer-to-peer directories allow you to feel your Monero directly from other traders. However, selling Monero on P2P platforms can be risky due to the absence of a third party.
If you are looking for where to trade or sell your Monero, you can check out the following platforms: Bitfinex, BC Bitcoin, Bitbay, and Anycoin Direct.
Date Published: Monday April 1, 2019
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