A decade after the launch of Bitcoin, it is now clear that blockchain has forever revolutionized the finance industry. It has disrupted the absolute hegemony of fiat currencies. Public availability of information on each transaction made crypto less susceptible to data breaches. Yet it did not eliminate the threat to privacy completely. Essentially, despite being anonymous, Bitcoin users can still be easily identified if their crypto address becomes known to a third party.
Monero is a cryptocurrency designed to tackle the issue of privacy. The superior level of anonymity makes Monero an ultimate currency for transfers that require secrecy. NOWPayments can help any business and individual to start accepting Monero payments and donations and enjoy all of the benefits of this digital asset.
Learn more about Monero on monerodocks.
- Monero is a currency which upholds the highest standard of privacy
- Monero obfuscate the addresses of the sender and recipient. It is impossible to link a transaction to a person
- NOWPayments assists organizations and individuals in deploying a Monero payment gateway. It offers API, invoices, a donation widget, or plugins
Advantages of Monero
Exceptional Standard of Privacy
As it was mentioned before, Monero is a true manifestation of a secure currency. It promotes untraceable transactions which are impossible to link to any user on the network. Ensuring anonymity for every single person who utilizes the services of the Monero blockchain requires employing more than one technology.
Therefore, the team behind Monero integrated a variety of ways to safeguard its network. Ring signatures are one of the layers of protection of the Monero blockchain. In the case of Bitcoin, whenever a user initiates a transaction, they sign it with their private key, which demonstrates their ownership of the tokens they send. Monero network obfuscates the sender’s private key by randomly mixing it with several public ones. Essentially, it becomes virtually impossible to tell the address of the actual user who transferred the sum.
Additionally, Monero operates stealth addresses as another measure to prevent any external agents from accessing the private information of users. This technology allows the sender to create one-time addresses on the part of the recipient, to obscure the real address of the latter.
Thus, Monero’s privacy-related mechanisms are not simply a marketing-trick, since they serve the purpose of assisting users in avoiding unnecessary attention and data collection. For instance, businesses that pay in Monero to their suppliers and employees eliminate the risk of disclosing sensitive financial information. Essentially, Monero payments are a great solution for every individual and organization that believes in privacy being their inherent right and not a privilege.
Mining Algorithm and Supply
Mining constitutes an essential element for all blockchains run on the proof-of-work protocol. Apart from yielding good rewards to the miners, the process helps maintain the stability and security of the network. Yet, unlike Bitcoin, which has a top max supply of 21 billion coins, Monero’s supply is practically infinite. Specifically, when the total circulating volume of Monero reaches 18 million XMR, its reward per block will become 0.6 XMR which will amount to 432 XMR per day. Thus, the amount of XMR will constantly be growing while Monero’s blockchain will not lose any support on the part of miners. Moreover, the mining algorithm the network employs is also different from Bitcoin’s. Namely, it uses RandomX, which reduces the effectiveness of ASICs, specialized mining hardware, and ensures a better decentralization and balance among ASIC, CPU, and GPU miners.
Speed and Scalability
Monero can also be viewed as superior to Bitcoin in terms of speed of transactions thanks to the size of its blocks, which can accommodate far more transactions per block than other virtual currencies. One of the greatest features of the Monero network is the scalability of its blocks which adjust their size to meet an increase in demand. Such flexibility ultimately guarantees to all Monero users that they will not have to wait more than a couple of minutes for their transfer to complete.
Vendors that Accept Monero
The number of businesses and organizations which have opened their operations for Monero payments is increasing every year, as more people get to learn about the advantages of this currency.
Coincards.com is a website where any crypto investor can stock up on numerous gift cards by paying for them with their digital assets. The platform accepts Monero payments and has an extensive range of products in different segments.
Snel.com is another company which is willing to take Monero in exchange for its services. It provides various hosting solutions, including web, cloud, and dedicated hosting. The business has an excellent reputation and offers high quality at affordable prices.
The Bitcoin Wardrobe
The Bitcoin Wardrobe is the ultimate choice for all crypto enthusiasts who want their clothes to speak about their interests openly and proudly. This store has an assortment of crypto-themed merch and accessories and accepts Monero alongside numerous other currencies.
How to Start Accepting Monero
While many believe that setting up the infrastructure for crypto payments is complex and tiresome, in reality, it is completely the opposite. NOWPayments offers three ways one can deploy their own crypto payment gateway and begin receiving digital assets right away.
Invoices are a simple tool for featuring crypto payments on your web page. An invoice contains all the necessary details, including your crypto address and the amount in crypto your client has to pay. NOWPayments’ invoices can be used indefinitely and will automatically adjust the price of your products in XMR or other coins.
Bloggers, developers of free software, non-profit organizations may make use of a donation widget by NOWPayments with a built-in feature of auto crypto conversion. Essentially, one can choose both the coins they want to accept and the currency in which they would like to receive their funds, including fiat. Users can place their donation widget on any web page.
Users who host their ecommerce stores on platforms such as Shopify and WordPress also can benefit from partnering with NOWPayments since the service has plugins for both of these websites, which can automate the process of crypto payments. All one needs to do is to download a plugin, generate an API key in their NOWPayments account and embed it in the plugin settings. Then they can enjoy the speed and security of cryptocurrencies such as Monero.
Monero boasts one of the most secure and private blockchain networks on the market. It naturally attracts thousands of people who value their anonymity. Monero transactions are untraceable thanks to a number of technological solutions implemented by the developers of the coin. There are many vendors which accept Monero as payment. Anyone can join their ranks with the help of NOWPayments. With a crypto donation widget, invoices, or a plugin integration, NOWPayments has a solution for everyone.
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