Monero – What’s all the fuss about and why buy it vs. bitcoin?

Monero has now increased it’s price by over 500% – I’m sure you’ve started to wonder what it is and how you buy it.

So what’s all the fuss, and what has this happened recently to cause this increase? Why should you look at this coin instead of bitcoin? These are all great questions, and I hope our short blog goes some way to answering your more immediate questions.

 

In Brief

While bitcoin is dealing with technical issues with blocksize, and political problems related to obtaining consensus of action – Monero has come along as the new and improved privacy-conscious cryptocurrency coin – more like cash than bitcoin, better at keeping your details safe, just as usable, having an improved privacy of transaction and also totally fungible.

The interest from investors, prospective buyers on markets, and speculators has been tremendous, reminding us of the early days of bitcoin. And there are more features to come which enhance the technology that drives this coin in particular.

The main issue we see is that the available Monero wallets in the ecosystem hasn’t yet had enough time to develop – but these are coming. For now, we would recommend you store your Monero on SimpleWallet or maybe one of the trusted web-wallets – be careful out there, there are no safe phone wallets at time of writing (5th September), but more are definitely coming!

 

The Future

Watch this space, and maybe buy a few for yourself in UK pounds while you wait for the next burst of action. We’re looking at providing services that allow you to find the closest place for you to buy Monero – no matter where you are in the world, but let us know what you’d like to see us develop next.

If you have any questions, please feel free drop us a line and ask us on CoinCut.