What is Monero? [The Most Comprehensive Step-by-Step Guide]

Updated on: May 4th, 2020
This content has been Fact-Checked.
what is monero
Ameer Rosic
#SerialEntrepreneur, Investor, #Digitalmarketing Adviser and Cofounder of @Blockgks a #blockchain innovation hub

Like what you read? Give us one like or share it to your friends and get +16

0
newest oldest most voted
M
Mark Santos

monero vs navcoin?

M
Michiel De Ruyter

Dear blockgeeks: Is there a hardware wallet for monero like trezor for bitcoin? Also, how do I buy monero?

bedankt/thanks

A
Albert Doran

Sir: How do I get started investing in Monero, where do I start. I can I used my mastercard to invest. and which pool should I join. Thanks AJ Doran

E
Edi Geczy

All this is well and good but you are a little too restricted in choice here. I signed up to MyMonero.com and transferred some money into the account. Two days later it all disappeared and no one can tell me where it has gone to. And if you want to be involved with Monero there are little to no alternatives. and why won’t MyMonero.com ever answer my emails. All my other currencies are safe.Then when you look on the internet there are a lot of people who have had the same experience….so please beware…my quest continues.

d

Very insightful article. Thank you. Can I ask few questions?
Transaction, sender and receiver details can potentially be open for public eye is not something I like about Bitcoin. But not being able to trace transaction history at all also sounds extreme to me. I wish this world would have been full of people with good intentions. Unfortunately this is not the case. And when something bad happens, the most helpful thing is to follow the money.
In such cases, what is Monero’s response?

Rajarshi Mitra
Rajarshi Mitra

Hey dbtech07,

While it is true that keeping track of the money will help you a lot in knowing where and how something was purchased, Monero’s main focus remains on privacy and fungibility.

They usually say that it is not just criminals who need privacy, there are normal people who need privacy for their day to day lives. How many times have you bought a product on amazon and then seen your social media and google bombarded with results of that item?

Plus, remember, your transactions can be selectively transparent if someone has your private view key. So, in extreme scenarios, someone can be forced to hand over their private view keys so that their transaction history can be looked over.

d

Are not we mixing two different concepts here? Digital Advertising and Payment method. Monero is a currency. Even if you go Amazon and buy something with Monero (considering Amazon accepts is someday), your payment will be untraceable since you are paying with Monero. But Amazon has all other information to identify you and work with digital advertising agencies to push ads to your browser. The privacy you are talking about is already compromised when we use services of Google, Facebook or any other convenient ‘centralized’ internet based services. I understand there are initiatives to develop blockchain based decentralized applications or platforms. But Monero is not one of them. So we see Monero does not solve the problem of privacy you mentioned.
To force someone to give away his/her private key, you have to first reach him/her. With all imperfections of current financial systems, it has some kind of mechanism in place to help you to discover that path. Bitcoin also has it. In fact it has more than it is required. But Monero’s solution seems other extreme. This will, in my opinion, be rather a tool for exploitation than a way for common people to exchange values while protecting privacy.

Hungry for knowledge?
New guides and courses each week
Looking to invest?
Market data, analysis, and reports
Just curious?
A community of blockchain experts to help

Get started today

Already have an account? Sign In