Monero (XMR) 12 days of christmas Wirex

SHARE
← Back to articles
SHARE

On the 8th day of Christmas, Satoshi gave to me… Monero (XMR)!

December 19, 2017 9:00 am Published by

Sshhhh! We’re getting secretive today.

Satoshi is giving us Monero on the 8th day of Christmas.

There’s a massive misconception about Bitcoin that it is used by drug dealers or criminals because they’re untraceable…

This is isn’t true.

Bitcoin and most cryptocurrencies are actually transparent because there is a public ledger that can be accessed and traced by anyone around the World (known as the blockchain).

While transparency is a great thing, sometimes people prefer a bit more anonymity. That’s where Monero comes in.

Let’s explore why the crypto experts are so interested:

What is Monero?

Monero (XMR) is an open-source, decentralised cryptocurrency with a focus on privacy (and making transactions and accounts untraceable).

Some facts about Monero

  • Founded in April 18 2014
  • Circulating Supply: 15,473,595 XMR
  • Max supply: Infinite
  • Current Market Cap: $4.74 billion USD
  • Key Team Members:
    • Riccardo “fluffypony” Spagni
    • Franciso “ArticMine” Cabañas

The Price

At the beginning of 2017, XMR started at roughly $13.50 US dollars.

Today the price of one Monero is at $306.46 USD

That’s a 2,170% return on your investment in the past year!

Monero price graph

Source: Coin Market Cap

Why the hype?

What’s different about Monero is it focuses on privacy; Transactions are untraceable, unlinkable and resistant to analysis.

Monero does this by implementing ‘Cryptonote’, a technology which features ring signatures to mask sender identities by mixing, and one time keys(or wallet addresses) that make transactions unlinkable.

So if drug dealers, money launderers, and other criminals were looking for privacy, Monero would be a better pick than Bitcoin. That being said, Monero was created, not for the criminals and shady figures, but for the ideal of privacy.

Aren’t we all entitled to a little privacy?

Buy, Store & Spend Monero with Wirex

Did you know you can spend your Monero (and other altcoins) with the Wirex app?

Although Wirex does not yet have Monero Wallet Integration, you can still deposit your XMR into your Wirex Bitcoin wallet (we’ve integrated with Shapeshift), making it ready to spend via your Wirex debit card.

It’s just a few taps away. If you’re new to Wirex, it’s free to sign up.

As always, we encourage the Wirex community to develop a strong understanding of projects before investing (don’t succumb to FOMO!). Let us know what you think about Monero in the community forum below.

How Singapore is becoming a crypto-hub

When it comes to cryptocurrency adoption, the Asia-Pacific region is way ahead of the curve. The likes of South Korea, Hong Kong, China and Japan were early adopters of crypto and blockchain technology; now, Singapore is quickly emerging as a world leader in the mainstream adoption of digital currency. Regulatory Stance The Monetary Authority of… View Article

ICO image
Why Wirex is not an ICO

Initial Coin Offerings (ICOs) have received a lot of press but not always for the best reasons. Experts estimate that over 80% of ICOs have fraudulent intentions. Unfortunately many people tend to associate any company that works in the crypto space with ICOs, and this may have a negative effect on the entire industry. So,… View Article

Where crypto fits in the land of the free

How does crypto feature in The Land of the Free? From Bitcoin’s inception to the present day, the United States has been a key player in the spread and success of cryptocurrency and its associated technology. With this in mind, it was only right that Wirex should have a presence across the pond. Following the… View Article

Crypto in Canada

Canada is a significant player in the global cryptocurrency market. Although the UK and US are marginally ahead in the rankings for traditional blockchain adoption, Canada leads the way in Ethereum blockchain technology. This can be attributed in-part to Vitalik Buterin, the prodigious Russian-Canadian programmer who founded Ethereum. Buterin, energy and the crypto miners Buterin… View Article