The world needs more privacy – from finance to data sharing, our personal space gets breached almost every day. Private coins are among the oldest crypto assets on the market. DASH was launched in January 2014. Monero was launched in April 2014. These were the years when crypto wasn’t as popular as it is now, and mainstream media didn’t even know the word “Bitcoin”. Cryptocurrencies were the vehicle of transferring value and paying for goods between computer geeks as some kind of an experiment. This experiment was deemed successful and more and more people started using cryptocurrencies. Among many other great features cryptocurrencies have one particular quality, a greater privacy compared to fiat currencies. That’s why Monero was created, as a response to those who wanted total privacy, who wanted to protect their personal life and finances.
Monero was created as a fork of Bytecoin, the first privacy-oriented coin which is still present on the market. Initially, the project had 5 developers, only 2 of them are known, 3 still remain anonymous. One of the people who started the project – Riccardo Spagni (also known as Fluffy Pony), is one of the main developers in Monero today.
The unique feature of Monero is, of course, privacy. The coin offers almost total anonymity due to its advanced technology. While Bitcoin allows checking all details of every transaction on its blockchain, Monero hides everything that could lead to the participants. The chain hides the address of the sender and receiver, as well as the value of the transaction. What’s the purpose of hiding your funds? That’s very important in a world where your bank account can be frozen anytime with all your funds whenever the service provider wants it. It’s about financial privacy and controlling your money on your own instead of handing that right to a third party.
Why is it hard to trace Monero transactions? The network uses ring signatures and stealth addresses. Ring signatures are the way to hide the traces of the initial sender in the blockchain. When a transaction gets sent, it has to be signed anonymously, the unique signature of the sender gets combined with non-senders and forms a ring. All of these users from this point are considered valid and equal. Then the transaction gets verified with a one-time key and gets sent to the receiver. Stealth address is also one-time use only. Overall, these features allow Monero users to stay anonymous and keep their funds in secret.
To exchange Bitcoin to Monero, few things are needed – an XMR wallet, an exchange platform and some amount of BTC to swap. Next question is – how do you find an appropriate exchange for making a crypto trade? Monero has been delisted from some of the major exchanges recently, so the offers are not as abundant as they used to be. However, non-custodial services still offer their support for XMR (and do not violate your privacy).
What's the best Monero exchange, where can you exchange Bitcoin to this cryptocurrency? If you want to convert Bitcoin to Monero with maximum profitability, first of all, you have to check all available offers. Thus it would be great to visit an exchange aggregator, such as https://swapzone.io/. It collects all offers from many crypto exchanges and allows you to convert BTC to XMR at best rates.
How to exchange Monero on Swapzone? You have to follow these simple steps:
Monero is a privacy-oriented crypto coin with lots of applications. In our world, where central banks control everything and can freeze your account whenever they like to, blockchain technologies offer a way to truly own assets. Nobody would be aware of how much money you have and how you spend it. It’s very important and in the future, it's possible that blockchains with privacy features will become more popular - not for illegal activities, but rather for keeping funds in secret. None of Monero transactions can be traced back to senders, unlike Bitcoin transactions. Bitcoin blockchain has a blacklist of certain coins and addresses, which belong to hackers and criminals. Once moved to this list, it’s impossible to sell them - all exchanges don’t accept such tainted coins. That’s why investment funds buy Bitcoins exclusively from miners, sometimes with a premium - because those are clean coins. But there’s no such thing as a clean or a tainted coin in Monero - all coins are equal, and nobody knows who was their previous holder. It could be right - 80% of American dollars have some criminal activities associated with them, but it’s not money responsible for bad things, it’s people. The same logic can be applied to cryptocurrencies. Cryptocurrencies are the means of payment of the future, and now we see that banks and governments also experiment with blockchain-based money. But even if they succeed with creating governmental cryptocurrencies, the decentralized ones will continue to thrive – that’s why Monero XMR is promising.