What is Monero (XMR)? submitted by
Monero is a secure, private, untraceable (crypto-)currency. It is open-source and freely available to all. Don't believe us? Click here.
Monero is a tool that people can actually use. It makes receiving payments hassle-free, since merchants and individuals no longer need to fear the source of funds they are accepting
. With transparent systems like Bitcoin, Ethereum, Verge, or Dash, these people need to hope (or spend substantial resources verifying) the sender did not use the funds illicitly. Furthermore, merchants do not want all their vendors known, and individually do not want everyone to know how much they are spending. If I spend more than I should at Newegg (store), that's my own business.
Monero is different because every transaction
is always private
. There is no way for pools and exchanges to opt out of sending private transactions. Thus, Monero's anonymity set far exceeds any other coin's anonymity set. Over 86,000 transactions in the past month of August, 2017
hid the sender and receiver, and about 99.95% of them also hid the amount (will increase to 100% of all
new transactions in September)! There is no suspicion in using a private transaction, since all transactions are private. A single transaction does not stick out.*
This privacy is afforded with the best technology
. I implore you to take a few minutes to learn about the four main technologies that Monero uses to provide privacy:
- Ring signatures hide where the money comes from. Spent inputs in a transaction are hidden among several others that also appear to be spent. Thus, no one knows which source of money is actually being spent. Think of inputs as individual dollars or euros. View a video about this topic here. Note: this is NOT the same as mixing.
- RingCT hides the amount. Instead of spending a known value of an input, you can cryptographically commit to a certain value without revealing what the value actually is. This is a very complicated topic, so please view this video for more information.
- Kovri is a work-in-progress tool to hide the transaction broadcast. Kovri will make it easy for users to hide their IP address when telling the network that they would like to make a transaction. Kovri will work with other cryptocurrencies and other projects through a common API, and Kovri can be used in a way to hide that you are using Monero at all. Kovri adds additional layers of network security for miners and pools, and it allows for the highest level of censorship resistance possible. A video for this project is available, and you can also check out the Kovri website. In the meantime, there are several guides to using Monero with Tor that work today, including an unofficial Tails build.
- Stealth addresses hide where the money goes to. Instead of sending money to a specific address directly, certain outputs are allocated for addresses, but outside observers do not know which addresses these belong to. Even if ring signatures were compromised for some reason, then people would still not know the sending address in a transaction thanks to stealth addresses. View a video about this topic here.
There are several other things that make Monero great! It has a smooth tail emission, dynamic blocks and fees, and an accessible Proof of Work (mining) algorithm.
*You can optionally choose a very large, unusual ringsize to make the transaction stick out. This is not recommended, and normal users who leave the ringsize at the default setting will not experience any issues. Also, it's possible for a user to manually add identifying information to the tx_extra field, which is something that a user must seriously go out of their way to do. Now you know Monero (XMR) has the best technology. What else makes Monero (XMR) different than other cryptocurrencies?
- Fungible: Every Monero remains equal and identical to any other Monero. It is the property of a crypto asset whose units/value are capable of mutual substitution no matter what historical transactions occurred in the past.
- Value-Growth: Monero has a proven chart record of growth and will continue to grow. Don't believe us? August 2015: $0.45, August 2016: $12, August 2017: $100. Growing really fast right? The difference is that it is growing because it's being used appropriately for it's technology and the demand keeps increasing. Swiss banks and offshores management organizations are starting to move from physical assets to Monero (XMR). Monero is dedicated to continue growing.
- Development-Growth: Monero has the best team. Over 270 contributors have brought Monero to where it is today. The vast majority of people donate their time to help Monero, but a few get paid through the Forum Funding System (FFS). This is how Monero can be a strong project despite not taking a portion of the block rewards or launching with a premine.
P.S. Want a quick-start, simple your-grandma-could-do-it guide? Here's a great one! Am I a bad person to consider using this?
No, Monero is freedom money. You can do whatever you want with it, whenever you want, where ever you want. We make it clear that you should own your wealth 100%. What you do with it, is none of our concern. Where does the word Monero come from?
The word Monero comes from the language Esperanto. Monero means coin oand currency. The plural way of saying Monero in Esperanto and in our cryptocurrency is Moneroj.
How do I store Monero? Monero Core Monero Core GUI
(If you don't know how to use it, click here for instructions and tutorial
) Monero Web-Wallet Offline Wallet Generator
Is there a lightweight wallet for Monero?
Not yet, but you can use the official GUI with a remote node.
Are there any other ways to store Monero (XMR)?
Yes, there are many mobile wallets out there that allow you to store Monero (XMR). We do not
recommend them, because they are not official releases of Monero. If you do decide to use other wallets, please make sure to do your research first before storing any Moneroj in the wallet. Anything used for Monero outside of official releases, will be used at your own risk. Some may be used for scamming purposes. If you still decide to take the risk; do not use them for large amounts. Also keep in mind that there is a high chance that Monero support will not be able to help you if you bump into any problems from applications outside of official releases. Why should you not use non-official wallets? Well would you buy a house and give your only key you have to the buildemanagement and wait for him/her to open the door to the house you supposedly own? No. Same goes with cryptocurrencies. You should always have possession of your private keys, and your Moneroj. Most non-official releases own your private keys, therefore you do not own the Moneroj.
How do I buy Monero (XMR) with fiat? Kraken Bitfinex Monero For Cash Local Monero Other Options
Which exchanges support Monero (XMR)? Poloniex Bithumb Kraken Bitfinex Bittrex Bitsquare ShapeShift Livecoin BTER
How do I setup a offline cold paper wallet? Step-by-step guide for cold storage and offline transaction signing with optimal security Guide For Securely Generating An Offline Cold Paper Wallet USB Monero Cold Wallet Guide
Is there a Chinese translation so I can understand Monero? 是否有中文翻译，以便我能理解Monero？ Monero (XMR) Chinese Translation
Can I buy Monero (XMR) with CNY? 我可以用人民币买Monero吗？ BTER
*Can I buy Monero (XMR) with KRW? Bithumb
Where can I find a good mining pool? Monero Pools
What miner should I use? CPU: XMR-Stak (Windows-Linux) CpuMiner by tpruvot (Windows, Linux) CpuMiner By Wolf xmr-stak (MacOS) cpuminer(MacOS) By correcthorse GPU: XMR-stak (AMD) Ccminer (nVidia) by KlausT, psychocrypt, and fireice-uk Claymore's CryptoNote GPU Miner (AMD)
If you are a Windows user, click here.
Can I use a proxy for mining?
You can use XMR Proxy
. If you want to monitor your rigs you can use Monero Mining Monitor
How can I setup a local wallet while running node with little bandwidth?
You can use GUI, as a remote node as it uses very little bandwidth. Go to settings tab and change: "localhost:18089"
. If you are still having problems, then just use our Monero Web-Wallet
Can I run Monero through Tor or I2P? Guide to use Monero with Tor correctly Monero Safety Through Tor Monero I2P
My vendor only accepts bitcoin but I only have Monero, and I know bitcoin is not private/anonymous. What should I do?
, but you should also educate them about bitcoins lack of privacy. Tell them to visit this post.
How long does it take to sync to the blockchain?
It can take from a few hours (using SSD drive) or even 24 hours, depending on hard drive and connection speed.
How do I generate a QR-code for a Monero address? How to generate a QR code for a Monero address Moneroqrcode.com for a personalized code Guide to check balance
List of scams:
(Always do a background check / research for anything outside of official releases.)
- Freewallet (Mobile Wallet App)
Did you know over 50 high profile artists accept Monero on their online stores?
Check out Project Coral Reef
Are there any other sub-reddits that specialize in certain parts of Monero or just related to Monero?
Yes, there are a few. However, please keep in mind that this sub-reddit (/Monero
) is the official Monero sub-reddit. /xmrtrader
- Trading, and investing related discussions & inquires. /MoneroMining
- Mining related discussions & inquires. /MoneroCommunity
for those who want to help grow the community. /moonero
for shitposts and memes. /MoneroMarket
for buying and selling wares for Monero. /MoneroSupport
for, you guessed it, Monero support. Want to get involved? Click here for a list of sources.
How can I participate in the Monero community?
We welcome everyone to join us and help out. Check the "Community Info" section on our subreddit for our website, forum, stack exchange, github, twitter, and facebook. Anyway, we hope you stick around beyond the hype. Monero has a lot going for it, and we hope you agree! We really need your help, since this project is entirely driven by the community!
Nun vi spertis liberecon.
Hi, it’s some weeks that I’m getting into Monero and I really see a great future for it. My problem is that I have a very low budget so my mining capability is a joke (around 80 h/s). I cannot help this coin to grow by mining it, so I’m making this FAQ hoping that can be useful for new users. If you want to support me, the tip jar is at the end of this post. Thank you!
I noticed a lot of confusion around Monero. Many of the most asked question are basically the same , so I collected some of them from /monero
and monero.stackexchange and I made this Monero Faq. Please feel free to suggest any new frequently asked question or correction/modification/ (also about the grammar, my english is not very good), i’d like to keep this post updated.
Last update: 1/03/2017
Where can I find a good mining pool?
Is Minergate good for mining?
Minergate is known for being linked to Bytecoin (read here
) and many users are noticing lower or differences in hashrates when using other miners (just make a research using the word “minergate” here on reddit). don’t be fooled by the nice graphical interface.
What miner should I use? CPU: XMR-Stak
by tpruvot (Windows, Linux), CpuMiner
By Wolf, xmr-stak
(MacOS) and cpuminer
(MacOS) By correcthorse GPU: XMR-stak
(nVidia) by KlausT, Claymore's CryptoNote GPU Miner
If you are a Windows user read this
Does it worth to mine monero?
You can check by yourself using these tools: XMBTC charts:
How can I calculate my CPU or GPU capability of mining?
Check this link
for CPU & GPU Benchmark
Can I use a proxy for mining?
I personally use XMR Proxy
. If you want to monitor your rigs you can use Monero Mining Monitor
How can I setup a local wallet without running a node? How to get a wallet without running a node
Can I run monero through Tor? Guide to use monero with Tor correctly Monero safety through Tor
or i2p? Why we chose i2p over Tor
What type of wallet exists?
How long take to sync to the blockchain?
It can take from few hours (using SSD drive) or even 24 hours, depending on hard drive and connection speed
How do I generate a QR-code for a Monero address? How do I generate a QR code for a Monero address Moneroqrcode.com
for a personalized code
How can I buy some Monero coins? Directly: exchanges:
How do I use the Monero GUI? Tutorial
How do I connect to a remote node using the GUI? Connect GUI wallet to remote node on network
Where can I follow updates and/or make questions about Monero?
More useful links:
My address for donations: 48DYna5JiDrHz5xkcoSii4WzFNXLzCFjkPPugp7XNZ1N6v8NUhjaC6Sf1BEBEJ35JaJAYKK4XGc2ZEKGeEQ2ySDmFDZdAHy
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