Question 1

Has the price of Monero (XMR) increased today?

Accepted Answer

At the moment, the price of Monero (XMR) is A$ 395.37. It has increased by +2.42% over the last 24 hours.

Question 2

What is Monero (XMR)?

Accepted Answer

Monero is a decentralized cryptocurrency with a strong focus on privacy and censorship resistance. It makes use of an obfuscated public ledger, which means anybody can broadcast or send transactions, but no outside observer can decipher the source, amount, or destination.

Question 3

Who created Monero?

Accepted Answer

Monero was launched in 2014 by a user on the Bitcointalk forum who went by the name "thankful_for_today". The project is now maintained by a decentralized team of developers and community contributors, known as the Monero Project.

Question 4

How does Monero work?

Accepted Answer

Monero works by using a unique type of cryptography to ensure all its transactions remain 100% unlinkable and untraceable. Unlike Bitcoin, Monero doesn't feature a transparent blockchain. Instead, it implements cryptographic techniques like Ring signatures, Stealth addresses, and Ring Confidential Transactions (RingCT) to hide information about the sender, receiver, and amount of each transaction.

Question 5

What Makes Monero Unique?

Accepted Answer

Monero is unique in its use of privacy-enhancing technology and its commitment to enabling anonymous transactions. All transactions on the Monero network are obfuscated by default, unlike other privacy-focused cryptocurrencies that offer optional privacy features. This makes its currency fungible as there's no way to tell the 'history' of any individual unit of Monero from its blockchain.

Question 6

How Is the Monero Network Secured?

Accepted Answer

Monero uses a consensus algorithm called CryptoNight, which is a variant of Proof of Work (PoW). This means the validity of transactions and the creation of new XMR coins are secured by miners, who use hardware to solve complex mathematical problems.

Question 7

How Much Monero Is in Circulation?

Accepted Answer

Currently, 18.4M of Monero (XMR) is in circulation. Unlike many digital currencies that have a capped supply like Bitcoin's 21 million coins, Monero has a slight inflation mechanism built in to incentivize miners in the future.

Question 8

How scalable is Monero's technology?

Accepted Answer

Monero uses a unique technology called the Cryptonote protocol, which is inherently more scalable than the technologies used by many other cryptocurrencies. This protocol uses something called a ring transaction which helps scale the network as the user base grows, while maintaining strong privacy and security.

Question 9

Who Are the Largest Corporate Holders of Monero?

Accepted Answer

Due to Monero's anonymous nature, it's hard to determine the largest corporate holders of Monero. However, it's widely speculated that cyber-security companies, privacy-focused organizations, and darknet marketplaces might hold significant amounts of XMR.

Question 10

Is Monero political?

Accepted Answer

Monero itself is a technology and is not inherently political. However, its emphasis on privacy and anonymity has made it a topic of discussion in political conversations around financial privacy, surveillance, and individual freedom.

Question 11

Where Can You Buy Monero (XMR)?

Accepted Answer

Monero (XMR) can be purchased on a number of digital currency exchanges including the ones listed in BitMEX, Kraken, KuCoin.

Question 12

How to keep your Monero safe?

Accepted Answer

To keep your Monero (XMR) safe, it is advised to use a secure wallet, preferably a hardware wallet that keeps the private keys offline. Also, avoid sharing sensitive information like your wallet's private keys, and be cautious of phishing scams. Regularly updating your wallet software can also help to ensure maximum security.

Question 13

Are Monero Transactions Traceable?

Accepted Answer

One of the key features of Monero is untraceable transactions. With the use of ring signatures and stealth addresses, it's nearly impossible to trace the sender, recipient, or amount of any given transaction, preserving the privacy of all users.

Convert XMR to AUD

Try our Crypto Pro app