Cryptocurrency Monero (XMR) is in the top 20 by market capitalization. The key parameters of the coin are privacy, security and untraceability. The official ticker is XMR. Original name: Bitmonero. The cryptocurrency is traded on many crypto exchanges, including Binance.
Monero is a cryptographic currency based on the CryptoNote protocol, which ensures a high level of anonymity for each transaction. An important difference between a currency and its competitors is its autonomy. To make payments, the user does not need to interact with third parties or other users.
The structure of transactions is similar to Bitcoin: each participant signs the payment with their private key before sending it to the recipient. However, in the Monero model, the sender generates a one-time unique public key based on the recipient's address. The recipient must decrypt it using his private key.
Characteristics of the Monero (XMR) cryptocurrency
As of January 2022, the Monero cryptocurrency (XMR) has the following indicators:
- Market capitalization: $894,458,681.
- Course – $53.57.
- Cryptocurrency exchanges for buying/selling/trading: Binance, EXMO, Huobi and others
- Issue – 16.7 million.
- Mining algorithm – Cryptonight.
- Hashrate – 402 MH/s.
What's next for Monero in 2022?
2019 is shaping up to be a make-or-break year not only for Monero, but for virtually every cryptocurrency, as it is likely the first year to start with extreme bearish sentiment.
Most experts believe that the market is close to the bottom and the downward trend should end in the first quarter of 2019. Following this, a bull market and a gradual rise in prices are expected.
As the Monero cryptocurrency begins to face increasing competition from numerous privacy-focused ICOs, the coin will need to continually innovate and expand its community to maintain its position in the top 20 and attempt to break into the top 10.
Factors that could lead Monero to grow in the near future:
- Monero is a well-known brand that is widely used for anonymous transactions. It firmly holds its position in the top 20 by market capitalization and has no plans to leave it.
- The coin has a long history, which proves its popularity and usefulness.
- According to Kevin Rook, a Toronto-based crypto enthusiast, the platform now has 25,000 active addresses per day. This is an excellent indicator (8th in the market) and a good sign, especially compared to most other cryptocurrencies.
- Virtual currency is considered by some gurus as a permanent participant in the crypto market. Many coins from previous years have fallen into oblivion, but this one remains.
- There is an opinion that the Bitcoin blockchain is becoming more and more transparent, and for this reason the development of strong anonymous coins such as Monero is possible.
But there are also factors that can negatively affect the value of XMR:
- The policies of some exchanges (especially Japanese ones) prohibit anonymous cryptocurrencies. In the future, developments in AML and KYC procedures in the crypto exchange industry may adversely affect coins such as XMR.
- The market crash affected all cryptocurrencies. Even giants like ETH and Litecoin were hit hard.
- There have been cases of criminal use of Monero, notably by AlphaBay, Shadow Brokers and WannaCry.
Based on these factors, it can be assumed that the price of the most famous anonymous cryptocurrency could reach $100 in the first half of 2022, provided that the entire market begins to rise. Overall, you can expect the XMR price forecast for 2022 to look promising.
History of creation
Monero's date of birth is April 2014. The currency appeared as a fork of Bytecoin. The decision to reissue the cryptocurrency under the new name “Monero” was made by the community based on information that 80% of all Bytecoin coins had already been distributed. Monero did not have premining. The project got its name from the artificial language Esperanto, from which the word means “coin.”
Soon after the launch, the developers released a program that allows you to mine Monero on video cards. In September 2014, hackers launched an organized attack on the system, which, however, was unsuccessful. Still, experts believe that the attackers carefully delved into the algorithm and source code of the project.
How to buy Monero
The algorithm for purchasing Monero is approximately the same on all exchanges, but it is recommended to purchase it on the EXMO exchange. The purchasing algorithm here is simpler, and the exchange rate is more profitable. In addition, this exchange is distinguished by good Russification, which cannot be said about Binance and, especially, smaller exchanges where there is no Russian language at all.
To purchase Monero you need to follow these steps:
- If you do not have an account on the exchange, registration is performed, during which you must specify the correct e-mail.
- A registration confirmation email will be sent to the specified email address, to which you need to respond.
- After confirmation, access to your personal account opens, in which you must first top up your wallet when you go to the appropriate section.
- Replenishment can be carried out using both electronic payment systems and a bank card.
- After replenishing your balance, you can purchase Monero in the “Exchange” section.
Features of the Monero cryptocurrency, technical implementation
The software used to work with Monero is open source. Mining is carried out using the proof of work (PoW) principle. One of the differences between Monero and Bitcoin is that the emission of XMR is not limited by anything; the initial release is 18,400,000 coins, and further mining brings 0.6 coins per block. Block mining time = 2 minutes. This scheme has a specific purpose - to ensure that miners do not stop supporting the system even after the end of the main release.
Mining Monero on video cards is not very efficient. This is due to the active use of microprocessor commands under x86, as well as the use of a large amount of memory.
The “business card” of Monero is the CryptoNote protocol, which is based on ring signature technology. The base used in the protocol was developed back in 2001, and improved in 2007. The signatures are based on the EdDSA mathematical algorithm.
CryptoNote in combination with obfuscation (“obfuscation”) of transactions leads to the so-called passive mixing. This is when all transactions on the network are anonymous, and if necessary, each participant will be able to apply plausible deniability.
A few words about the shortcomings of the project:
- Monero has been repeatedly criticized for its anonymity - authorities believe that in this way the developers encourage the dissemination of illegal information, the purchase and sale of prohibited goods. However, anonymity on the Internet is far from absolute. If a hacker manages to take over a significant part of the system, then theoretically he can break through the anonymity of a number of transactions.
- Monero's transaction volume is eight times higher than BTC.
- In the fall of 2022, a vulnerability was discovered that allowed one to burn a deposit denominated in cryptocurrency; it was called Devs Patch.
Average prices table
- by month
- by days
- on years
| Month | Price, USD |
| January 2022 | 202.48000000000002 |
| December 2021 | 201.87 |
| November 2021 | 253.4325 |
| October 2021 | 268.985 |
| September 2021 | 258.9425 |
| August 2021 | 271.87 |
| July 2021 | 209.76 |
| June 2021 | 263.0925 |
| May 2021 | 379.95 |
| April 2021 | 330.40999999999997 |
| March 2021 | 225.17000000000002 |
| February 2021 | 202.7 |
| January 2021 | 143.78500000000003 |
| date | Price, USD |
| 13.01.2022 | 208.875 |
| 12.01.2022 | 200.23 |
| 11.01.2022 | 191.275 |
| 10.01.2022 | 189.0 |
| 09.01.2022 | 190.02499999999998 |
| 08.01.2022 | 189.57 |
| 07.01.2022 | 197.16500000000002 |
| 06.01.2022 | 202.48000000000002 |
| 05.01.2022 | 207.8 |
| 04.01.2022 | 225.20499999999998 |
| 03.01.2022 | 230.37 |
| 02.01.2022 | 244.46 |
| 01.01.2022 | 244.75 |
| 31.12.2021 | 224.245 |
| 30.12.2021 | 219.955 |
| 29.12.2021 | 207.94 |
| 28.12.2021 | 214.16500000000002 |
| 27.12.2021 | 224.055 |
| 26.12.2021 | 213.675 |
| 25.12.2021 | 209.51999999999998 |
| 24.12.2021 | 205.93 |
| 23.12.2021 | 211.255 |
| 22.12.2021 | 189.865 |
| 21.12.2021 | 194.985 |
| 20.12.2021 | 186.555 |
| 19.12.2021 | 180.72 |
| 18.12.2021 | 182.88 |
| 17.12.2021 | 180.755 |
| 16.12.2021 | 188.07 |
| 15.12.2021 | 189.45499999999998 |
| 14.12.2021 | 188.445 |
| 13.12.2021 | 184.8 |
| 12.12.2021 | 199.33499999999998 |
| 11.12.2021 | 198.82999999999998 |
| 10.12.2021 | 188.505 |
| 09.12.2021 | 193.04500000000002 |
| 08.12.2021 | 209.83499999999998 |
| 07.12.2021 | 203.345 |
| 06.12.2021 | 203.2 |
| 05.12.2021 | 201.87 |
| 04.12.2021 | 201.75 |
| 03.12.2021 | 226.055 |
| 02.12.2021 | 233.975 |
| 01.12.2021 | 236.32 |
| 30.11.2021 | 238.76 |
| 29.11.2021 | 237.60500000000002 |
| 28.11.2021 | 240.10500000000002 |
| 27.11.2021 | 230.315 |
| 26.11.2021 | 231.875 |
| 25.11.2021 | 250.51999999999998 |
| 24.11.2021 | 241.51 |
| 23.11.2021 | 235.62 |
| 22.11.2021 | 235.575 |
| 21.11.2021 | 246.39499999999998 |
| 20.11.2021 | 250.735 |
| 19.11.2021 | 235.54 |
| 18.11.2021 | 228.35000000000002 |
| 17.11.2021 | 240.135 |
| 16.11.2021 | 250.005 |
| 15.11.2021 | 269.25 |
| 14.11.2021 | 279.33 |
| 13.11.2021 | 268.105 |
| 12.11.2021 | 260.40999999999997 |
| 11.11.2021 | 266.09000000000003 |
| 10.11.2021 | 273.695 |
| 09.11.2021 | 280.11 |
| 08.11.2021 | 277.255 |
| 07.11.2021 | 267.615 |
| 06.11.2021 | 259.165 |
| 05.11.2021 | 256.13 |
| 04.11.2021 | 260.605 |
| 03.11.2021 | 270.63 |
| 02.11.2021 | 276.225 |
| 01.11.2021 | 273.895 |
| 31.10.2021 | 268.985 |
| 30.10.2021 | 265.42 |
| 29.10.2021 | 271.70500000000004 |
| 28.10.2021 | 265.95500000000004 |
| 27.10.2021 | 261.95000000000005 |
| 26.10.2021 | 279.745 |
| 25.10.2021 | 293.745 |
| 24.10.2021 | 279.82 |
| 23.10.2021 | 267.45 |
| 22.10.2021 | 264.32 |
| 21.10.2021 | 259.785 |
| 20.10.2021 | 261.94 |
| 19.10.2021 | 260.41499999999996 |
| 18.10.2021 | 259.195 |
| 17.10.2021 | 266.045 |
| 16.10.2021 | 267.105 |
| 15.10.2021 | 281.19 |
| 14.10.2021 | 269.845 |
| 13.10.2021 | 280.48 |
| 12.10.2021 | 274.005 |
| 11.10.2021 | 276.395 |
| 10.10.2021 | 274.815 |
| 09.10.2021 | 280.005 |
| 08.10.2021 | 279.91499999999996 |
| 07.10.2021 | 1 776 450 981.5517452 |
| 06.10.2021 | 290.18 |
| 05.10.2021 | 276.935 |
| 04.10.2021 | 264.64 |
| 03.10.2021 | 259.475 |
| 02.10.2021 | 256.58 |
| 01.10.2021 | 266.61 |
| 30.09.2021 | 249.765 |
| 29.09.2021 | 234.49 |
| 28.09.2021 | 230.82 |
| 27.09.2021 | 233.865 |
| 26.09.2021 | 236.915 |
| 25.09.2021 | 237.255 |
| 24.09.2021 | 237.445 |
| 23.09.2021 | 252.865 |
| 22.09.2021 | 238.20999999999998 |
| 21.09.2021 | 219.305 |
| 20.09.2021 | 233.56 |
| 19.09.2021 | 265.175 |
| 18.09.2021 | 268.98 |
| 17.09.2021 | 261.44 |
| 16.09.2021 | 266.74 |
| 15.09.2021 | 272.52 |
| 14.09.2021 | 275.14 |
| 13.09.2021 | 258.58 |
| 12.09.2021 | 255.16500000000002 |
| 11.09.2021 | 252.435 |
| 10.09.2021 | 252.5 |
| 09.09.2021 | 261.865 |
| 08.09.2021 | 259.305 |
| 07.09.2021 | 265.15999999999997 |
| 06.09.2021 | 319.61 |
| 05.09.2021 | 320.93 |
| 04.09.2021 | 305.105 |
| 03.09.2021 | 304.91999999999996 |
| 02.09.2021 | 303.055 |
| 01.09.2021 | 301.27 |
| 31.08.2021 | 285.74 |
| 30.08.2021 | 281.98 |
| 29.08.2021 | 295.68 |
| 28.08.2021 | 307.235 |
| 27.08.2021 | 312.005 |
| 26.08.2021 | 295.9 |
| 25.08.2021 | 318.6 |
| 24.08.2021 | 315.495 |
| 23.08.2021 | 318.67499999999995 |
| 22.08.2021 | 294.305 |
| 21.08.2021 | 283.31 |
| 20.08.2021 | 281.41499999999996 |
| 19.08.2021 | 265.255 |
| 18.08.2021 | 253.595 |
| 17.08.2021 | 260.13 |
| Data is provided for the dates on which the auction took place. Therefore, there is no data for weekends and holidays. | |
| The table is too large to display on the screen. | |
| Year | Price, USD |
| 2022 | 202.48000000000002 |
| 2021 | 243.465 |
| 2020 | 74.095 |
| 2019 | 63.2 |
| 2018 | 132.015 |
| 2017 | 44.295 |
| 2016 | 1.7325 |
| 2015 | 0.45355 |
| 2014 | 0.0 |
Wallets
Cryptocurrency developers provide users with an official crypto wallet for storing and managing XMR. The program is available for download at getmonero.org. There are versions for Windows, MacOS, Linux. The application supports about 30 interface languages.
The functionality of Monero Wallet allows you to send and receive transactions, as well as monitor your payment history and enter frequently used addresses into your contact book.
But the functionality is not limited to this. On the Advanced tab you can find the option of solo mining, checking and confirming transactions, and using RingDB, a tool for increasing confidentiality.
In addition to
the official Monero Wallet, there are other options for storing cryptocurrency:
- Online: Mymonero, Cake Wallet, Monerujo and others.
- Crypto exchanges: Exmo, Binance, Livecoin, etc.
- Hardware wallets: Trezor (Model T). Support will soon be added to another popular device - Ledger.
Full review in the article: Wallets for Monero.
Which exchanges trade Monero?
Monero is used on the already mentioned EXMO exchange, which has been operating since 2013, as well as on the Livecoin exchange. Both resources are designed for Russian-speaking users and, thanks to their simple interface, are suitable not only for experienced traders, but also for beginners. On both resources, account replenishment is available using common payment systems, including those used exclusively in Russia (for example, Yandex.Money).
Many other popular cryptocurrency exchanges also trade Monero.
XMR cryptocurrency mining
XMR mining can be done on both GPUs and CPUs. Both options can be beneficial under certain conditions. The CryptoNight hashing algorithm is an integral part of the CryptoNote protocol. During the Monero mining process, a PoW algorithm is implemented . You will find detailed instructions on the official website getmonero.org
Options for used equipment:
- Any modern processor running on x architecture.
- Video adapters from AMD or NVidia.
- Cloud mining (purchase of computing power for rent).
In addition, there is a distinction between mining in a pool and solo. Solo mode means that blocks are searched by one node (device). This process is quite lengthy, and it is almost impossible to win the “race” to create a block. The income from this method is unstable.
Therefore, most miners prefer to join pools. The pool has a much higher chance of creating a block, and the profit is divided fairly between all participants, depending on the invested capacity. However, the creators of Monero emphasize that solo mining greatly helps the project, maintaining its decentralization. It’s not for nothing that this function is even built into the official wallet.
There is an intermediate option - to combine several of your devices into a small pool. As practice shows, this option does not greatly increase the probability of finding a block.
Monero Outlook for 2022
Let us highlight the key advantages of the Monero cryptocurrency , which affect its success, relevance and prospects:
- Anonymity of transactions.
- No emission restrictions.
- Resistance of the algorithm to ASIC equipment.
- Extensive scope of partnership.
In recent years, currency has been introduced into many projects that provide services or goods.
In particular, cooperation with the AppStore provoked a huge jump in the exchange rate. If the developers pay enough attention to security and exclude the possibility of hacker attacks, then Monero has every chance of remaining in the top of the most popular cryptocurrencies for 2022.
How 2018 went for Monero
2018 was a tough year for all cryptocurrencies, and Monero was no exception. However, if we put aside the issue of cost reduction, 2018 can be called fruitful and even successful.
On April 6, the Monero cryptocurrency forked the protocol, the goal of which was to make the ecosystem more equal and fair. But as a result of the split, 4 blockchain chains emerged, each of which considers itself the “real” Monero. However, as one might expect, all of them did not pose any competition to XMR.
On June 7, the famous cryptocurrency exchange Huobi added the Monero cryptocurrency to its platform. This was a significant development online because Asian marketplaces had previously been moving away from XMR due to its alleged use by criminals. Interestingly, XMR trading on the Huobi exchange was not available to US citizens.
In July, another important event occurred in the Monero network - it successfully passed a security audit. Its result was the following verdict: the Monero blockchain does not have serious vulnerabilities; only non-critical problems were discovered.
In September, the Monero team introduced a version of the wallet that supports the Tor browser. The move further bolsters the cryptocurrency's anonymity, given the already existing ring signatures, hidden addresses, and confidential transactions.
On October 18, a hard fork of Monero took place, the main task of which was to download the Beryllium Bullet update, designed to increase the speed of operations. The downloaded update reduced transaction costs by 80%, and the transaction size was reduced from 18.5 to 3.7 kilobytes.
