Monero (XMR): How to Make It Work On CoinLoan
Monero is one of the most popular coins on CoinLoan, the first platform accepting XMR collateral for crypto loans. For the past 4 years we’ve been developing Monero-compatible products and achieved great results - Monero holders remain one of the most active users on CoinLoan.
Crypto lending market’s growth is accelerating rapidly, and we’re working hard to be head and shoulders above the rest and offer our customers the unique features and better terms than anyone else. Monero crypto is a coin many strive to hold and manage. If you are part of the XMR crowd or want to learn more, this article is for you.
Monero cryptocurrency was launched in April 2014 under the name BitMonero. The protocol was based on CryptoNote and Bytecoin projects. The former was created by Nicolas van Saberhagen in 2012, the name of the latter was later changed.
The first mass implementation of CryptoNote was Bytecoin cryptocurrency. However, Bytecoin's reputation suffered from pre-mining, a practice used by project's own developers to mine and keep a share of tokens they plan to release before allowing others to do so. Bytecoin's team mined and kept 80% of the total tokens' volume. As a result, a group of users led by Ricardo Spagna created their own version of the coin without pre-mining and named it Monero.
What Is So Special about Monero
Security, privacy, and decentralization — we’ve all heard these three words so many times from so many projects that they became borderline spam. Yet, for Monero they are not just buzzwords but cornerstones. Monero is all about privacy and security, hence that’s why the project is built around securing transactions cryptographically.
Privacy is Monero’s prime objective. Developers take it very seriously, claiming the project protects users identity and actions under any circumstances. While Bitcoin is all about decentralization and transaction transparency, Monero blockchain keeps transferred funds under the radar.
Decentralization is also part of Monero’s motto — its source code is publicly available, currency research and development are a global effort. Every development decision is publicly discussed at online meetings. For instance, on July 27 the Monero team posted a thread on their Twitter about the bug they spotted and promised to fix it.
Bitcoin vs. Monero
There is no open transaction history for Monero, the coin is fungible. It means that there is no difference between units of cryptocurrency in equal value, and they can be substituted for one another. Bitcoin and Monero operate in a similar way to dollar banknotes that have a unique serial number and an unmarked piece of gold.
Monero strives to be an anonymous cryptocurrency, secure and easy to use. That's why we are proud to allow CoinLoaners to utilize Monero as a financial tool.
Community brings value to the project. It's all over the internet: on social media (Reddit, Twitter, Facebook), messengers (Telegram), and GitHub. Monero is transparent with community members highly invested in its development. The most active community is probably on Reddit: discussions, predictions, memes, and different crypto platform talks happen weekly, if not daily. There is also a big and active Monero mining community on Reddit where you can find an answer to any question related to the topic.
Monero Price Change
XMR had two significant price rises: in 2018 and 2021. In 2021 Monero hit its all-time high ($483.58 on May 9, according to CoinMarketCap). After that, the currency experienced high fluctuations, reaching relative stability in June, 2021.
How to use XMR on CoinLoan
CoinLoan was one of the first platforms to accept Monero tokens (XMR). Every project goes through the strict vetting process — we spent a lot of time analyzing XMR and its potential before accepting XMR deposits.
Use Monero as Collateral for Crypto Loans
Today, CoinLoan offers crypto loans secured by Monero. Wallet feature enables users to keep tokens in their wallets: getting a loan is a quick and automatic process. The interest rate tends to change depending on LTV, loan period, and loan currency. To determine your rate, check out our web app for terms and conditions.
Use Monero to Receive Interest
If you deposit Monero in a CoinLoan Interest Account, you can earn 5.2% APY or up to 7.2% under the condition of staking our token (CLT). To use the latter option, deposit Monero and a certain amount of CLT to our Interest Account. We have no minimum deposit time for bonus rates - all interest rates in your Interest Account will increase by 0.1% with every 125 CLT you hold. The maximum reward rate is 2%, and you can get it by staking 2500 CLT.
How to Buy Monero
CoinLoan Crypto Exchange is a dedicated place for buying and selling cryptocurrencies and fiat with over 150 exchange pairs, including 24 XMR pairs. You can buy Monero now with BTC, ETH, USDT, USDC, and other currencies. You can also convert Monero to EUR, and GBP.