Monero (XMR)

Monero (XMR)

Summary and problem that it solves

Monero is what is referred to as a privacy coin. One of the concerns with Bitcoin is that all Bitcoin transactions are transparent in that they are forever identifiable on the Bitcoin Blockchain. According to some commentators, this brings into question the notion of fungibility – that all coins will always be treated equally. With Bitcoin, given that the transparent nature of the blockchain enables all Bitcoins to be traced back to when they were mined, there is concern that some coins will be tainted because of previous illegal transactions and consequently valued differently to other Bitcoins. To date this hasn’t been the case, but it is one of the selling points of Monero, as all sending and receiving transactions are untraceable.

Protocol

Cryptonote

Total tokens

18,132,000 then 0.6 XMR every two minutes to infinity. The idea is that having a slightly inflationary currency will incentivize miners to contribute hash power, thus keeping the network secure.

Price Range (last 12 months)

 

Competitors

The other major privacy coin - Zcash.

Consensus Algorithm

Egalitarian proof of work (designed to be fairer to mine than Bitcoin, as dedicated mining equipment -such as ASICs, GPUs and FPGAs, gives miners less of an advantage). A important claim by the Monero core development team is that they remain ASIC resistant, so that a small number of miners can never control the hash power of the network.

Current best use cases

Internet based cash transactions where untraceable transactions are important.

Some argue that an essential attribute of money is that it should be private. With Bitcoin, it is currently possible to work out how many Bitcoin a particular wallet holds by tracing all the transactions in and out of that wallet. This could lead to physical threats (think extortion), selective pricing by companies you deal with, or even government expropriation (again through physical or other threat).

Current Criticisms

Scaling issues – in order to prioritise privacy, Monero has compromised its transactional efficiency, with an average transaction size up to 30X larger than Bitcoin. With this comes increased cost, with high transaction fees despite reasonably low daily transactional volumes.

Whitepaper

https://cryptonote.org/whitepaper.pdf




Also in Coin Summaries

Bitcoin (BTC)
Bitcoin (BTC)

Bitcoin is a digital cash payments system allowing individuals to transact directly with each other without the need for a trusted third party to sit in the middle of the transaction.

Developed out of the Global Financial Crisis as an antidote to Central Bank quantitative easing (money printing). After 10 years is a globally recognized currency.

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Bitcoin Cash (BCH)
Bitcoin Cash (BCH)

Bitcoin Cash was hard forked from Bitcoin on 1 August 2017. It is very similar to Bitcoin except that it aims to solve the scalability issue that Bitcoin faces in terms of transactions speeds and costs.

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Litecoin (LTC)
Litecoin (LTC)

Similar to BCH, LTC is an early attempt at increasing transaction speeds and reducing transaction costs. Often referred to as digital silver against Bitcoin’s digital gold.

Continue Reading

Use Digital Currency – How it works

How our Bitcoin Gift Card works

What is a Bitcoin Gift Card?

A Bitcoin Gift Card is the perfect way for the newcomer to get their first Bitcoin. It comes with a paper wallet and simple instructions to set up a software wallet so that you can transact with Bitcoin over the internet. Bitcoin Gift Cards are available in AU$25, $50, $100 and $500 denominations.

Who should buy a Bitcoin Gift Card?

Anyone new to Bitcoin will find no easier way to get their first Bitcoin.

They can be gifted by an existing cryptocurrency enthusiast, or bought by anyone wanting to get involved for the first time themselves.

How can I pay for my Bitcoin Gift Card?

You can pay with either cryptocurrency through our coinpayments.net payment gateway, or you can use Australian Dollars through our POLI Pay facility.

Can I use a Bitcoin Gift Card to top up an existing software wallet?

Yes. When you receive your additional Bitcoin Gift Card, you can simply import the "Secret" wallet identifier from your Bitcoin Gift Card into your existing software wallet. This will move your Bitcoin from your Bitcoin Gift Card into your existing software wallet. 

What does my Bitcoin Gift Card include?

Your Bitcoin Deposit, wallet and key generation and network transfer.

How long does it take to receive my Bitcoin Gift Card?

Going through to checkout takes about 2 minutes. You won't find an easier process anywhere. Once you've placed your order, it can take between 10 and 60 minutes to receive your Bitcoin Gift Card depending on the speed of the Bitcoin network at time of purchase.

How our Flexi eGift Cards work

We have partnered with GiftPay, an aggregator of online deliverable eGift Cards in Australia.

Through our agreement with GiftPay, you are able to purchase a Flexi eGift Card from us, redeemable at a broad range of retailers in Australia.

Watch the Video to see how it works

What is a Flexi eGift Card?

A Flexi eGift Card is an electronic gift card that lets you choose where you'd like to shop! In the past if you were given a gift card for a particular shop but didn't want to buy anything from that shop, you were stuck. But now with a Flexi eGift Card, you get to choose at which shop you spend your gift. 

What's more, you may be able to split your Flexi eGift Card and spend it at different shops! For example, if you have a $30 Flexi eGift Card, you could choose to split it up into a $20 Myer eGift Card and a $10 iTunes eGift Card. 

Where can I spend it?

You can spend your eGift Card at a broad range of Australian retailers. For a full list of our retailers, click here. (page showing full list of retailer logos)

How do I redeem it?

Your Flexi eGift Card will be emailed to you. Click the link in the email to open your Flexi eGift Card.

Then convert your Flexi eGift Card into any combination of gift cards or vouchers up to the total available balance. How you redeem your chosen gift card depends on the card or voucher chosen.

Pay a BPay Bill

What Bills can I pay?

You can pay any bill that has the BPAY logo and Biller Code including credit cards.

Are there any payment limits?

Yes. You can pay a maximum of $1000 per transaction based on regulatory limits. You can however break up a bill into multiple $1000 tranches and enter the same biller and customer reference code.

How does the transaction work?

When you enter the amount you wish to pay, the BPAY biller code and your bill’s customer reference number, you will click through to our checkout.

At checkout, you will be asked to leave your details, which enables us to satisfy our legal requirements under the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017. This sounds ominous, but takes about 2 minutes.

When you proceed to payment, you will be shown the digital currency amount payable and the wallet address to send your digital currency to.

Once you have sent your digital currency to our payment gateway wallet, you will receive an email notifying you that your payment has been received. We then convert your digital currency to AUD and pay your BPAY bill on your behalf.

Are there any fees?

Yes. At checkout you will notice our 3% fee added to your bill amount. This is to help us manage the currency risk of a volatile digital currency market when converting to AUD for us to pay your bill. We use a third party payment gateway to enable the digital currency transaction. Our considerations when choosing a gateway was security, pricing (spread) and speed. You’ll note when at checkout (before proceeding to payment) that the price you receive on your digital currency is very competitive. Other digital currency BPAY facilitators charge up to 6% per transaction on the currency alone, which in our view is akin to highway robbery.

 

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