Monero (XMR) appears to be the most interesting cryptocurrency out there. It very nicely meets the following objectives of the very idea of cryptocurrencies:
Security: Transactions are cryptographically secure using the latest and most resilient encryption tools available.
Privacy: The details of every transaction, including sender, receiver, and size, are recorded on a public ledger, but are obfuscated to make them untraceable.
Decentralization: It is not run by any large group. An accessible “Proof of Work” algorithm makes it easy to mine Monero on normal computers, which makes it more difficult for someone to purchase a large amount of mining power.
Limited Supply: Although theoretically Monero has unlimited supply, but the annual supply is capped at only about 158,000 coins once the total supply reaches about 18.2 million coins.
Monero was launched in April 2014. Much like bitcoin, Monero’s creator is anonymous. It has made several large improvements since launch. The blockchain was migrated to a different database structure to provide greater efficiency and flexibility.
Monero had no premine or instamine; It did not sell any token; It had no presale of any kind.
Monero continues to develop with goals of privacy and security first, ease of use and efficiency second.
There are about 15.6 million coins currently in circulation. The initial supply target is about 18.2 million coins by the end of May 2022; thereafter, 0.6 coins per 2-minute block (about 158,000 annually), translating to <1% inflation, decreasing over time. This continuing supply is meant to provide an incentive to the miners to manage and secure the blockchain even after the original 18.2 million supply has been reached.
Monero is a decentralized cryptocurrency, meaning it is secure digital cash operated by a network of users. Transactions are confirmed by distributed consensus and then immutably recorded on the blockchain.
Monero does not have a hard block size limit. Instead, the block size can increase or decrease over time based on demand. It is capped at a certain growth rate to prevent outrageous growth. Block time is 2 minutes. May change in the future as long as the total supply target is preserved.
Owing to it’s strong privacy features, it’s often accused of being the favorite cryptocurrency of cybercriminals. The hackers behind the global ransomware incident WannaCry, which infected 230,000 computers running Microsoft Windows, reportedly converted their bitcoin payments to Monero.
Visit https://getmonero.org/ for further details.
How to buy Monero from India ?
The best option would be to first buy Bitcoin or Ethereum from an Indian exchange such as Koinex and then use them to buy Monero from an International Exchange such as Binance, Bitfinex, etc.
I had put about 1% of my NW in a basket of cryptocurrencies. Thereafter, after the amount slightly more than doubled, I took back my original amount and the income tax payable. Hence, I am currently playing this cryptocurrency game with the “Casino’s Money”, as it is called . Within Cryptocurrencies, Monero is currently my third biggest holding, after Bitcoin and Ethereum.