What is Monero?
Monero (XMR) is the number one privacy-oriented and censorship-resistant cryptocurrency. Most existing cryptocurrencies like Bitcoin and Ethereum are famous for their transparent blockchain. However, in terms of financial privacy, you don't always want anyone to be able to track your activity and potentially get access to your real-world identity throughout your wallet address. Monero provides a secure place to conduct transactions, using cryptography to shield sending and receiving addresses, as well as transacted amounts.
Monero is very special because it is both anonymous and easy to use. And we're super-proud that CoinLoan has become the first on the market to accept Monero as collateral.
Who Invented Monero?
Launched in 2014 by the Monero Core Team, Monero continues to develop with goals of privacy and security first, ease of use, and efficiency second. Thanks to its unique privacy features, Monero faced a rapid growth in market capitalization during 2016, stronger than any other cryptocurrency that year.
Monero is an open-source project with no centralized management behind it. There is a core team, and interested developers can join the team doing their part. More than 500 developers have contributed to the project since then, improving the coin's efficiency and flexibility.
How Is Monero Different from Bitcoin?
Monero wasn't based on the Bitcoin protocol. It emerged as a CryptoNote fork. Bitcoin transactions are shield the participant's identity using pseudo name addresses, but anyone still can see how much money transfers between the two sides. Monero makes operations private, protecting all the information about users.
As there is no open transaction history for Monero coins, they are fungible, unlike non-fungible Bitcoins. It means that there is no difference between units of cryptocurrency in equal value, and they can be substituted for one another. Here, Bitcoin and Monero operate in a similar way to dollar banknote, which has a unique serial number and an unmarked piece of gold.
How To Buy Monero?
You can buy Monero on exchange services that accept fiat currencies. For instance, on CoinLoan Crypto Exchange. Exchanges connect you to online marketplaces, where you can exchange traditional currencies for digital ones.
To buy your coins, you should first sign up for a digital wallet, and then you can use traditional payment methods such as a bank card or a bank transfer to buy Monero on the marketplace. XMR will be transferred to your Monero wallet.
Three Steps to Give Borrowing a Shot
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You may use crypto, stablecoins or even fiat as a collateral asset. It will be held at our custodian and returned safely to you as soon as you repay your loan.
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