XMR/CNY - Monero Chinese Yuan

Monero (XMR) is a privacy coin that can be mined in several ways. The first option is to mine it on your PC, which is challenging since you may not get frequent block rewards. Another option would be to join an XMR mining pool which entails combining your computing power with others to boost mining efficiency and increase your chances of earning block rewards. The final option would be an XMR cloud mining service. These service providers run data centres that host the mining rigs, and you will be required to pay a fee for using the provider’s resources.

Monero can be purchased by signing up on several exchanges. After signing up on their respective platforms, you can buy Monero on popular exchanges like Binance, Huobi Global, Kraken, Kucoin, and Bitfinex.

Monero is a decentralized, peer-to-peer (P2P) digital currency that aims to make transactions on the blockchain anonymous. While transactions on Bitcoin and Ethereum are pseudonymous and transparent, Monero takes this anonymity feature further and randomly generates public addresses for transactions on the network. Monero’s anonymity feature attracts investors who desire to keep their crypto transactions away from the public eye. Discover more about what crypto is and how it works in our Academy.

Monero’s unique value proposition lies in its privacy feature. Given that it mixes transactions on its blockchain, this makes it difficult for real transactions to be identified. However, it is not better than Bitcoin as the premier digital asset is transparent and also deflationary. The finite supply of only 21 million Bitcoins makes the crypto bellwether a better store of value and a better hedge against constant fiat devaluation than gold.

Monero is accepted by several merchants and businesses, including NowPayments, CoinPayments, Plisio, Cryptonator, Globee, and ShapeShift. Exchanges like Crypkon, Bitlive.pro, and Alfa-coin also accept Monero. Additionally, conventional businesses like crypto-based luxury boutique BitDials.eu, Hustles Casino, Playhub Casino, and web hosting companies MonsterMegs and Abaco Hosting accept XMR. VPN service providers NordVPN, VPN Tunnel, and marketplace InvizBox are Monero-friendly.

Like Bitcoin and Ethereum, the Monero blockchain is a large network of distributed data. According to the team, there is no fixed size for the privacy protocol; however, it currently has 95-100GB of data on its full blockchain. Its pruned or lightweight blockchain is said to be about 30GB in size.

Monero can be supported by many crypto wallets depending on your preference. Hardware wallets like Ledger Nano X and Trezor are popular choices for many who want to send and receive XMR. Another option is to use MyMonero or Edge for remote synchronisation and Cake Wallet and Monerujo for local synchronisation. Other viable options are Monero GUI Wallet, Freewallet, Exodus, and Monero Paper Wallet.