Steemit Crypto Academy Season 2: Privacy Coins

INTRODUCTION

Bitcoin (and block chain technology) created an entire system when it lauched over a decade ago. A decentralised, censorship resistance, and transparent ledger of value brings a lot of advantages but also comes with some draw backs, most notably its lack of security in the area of anonymity and privacy. We noticed that when a bitcoin transaction is made, the amount, time, and addresses used are plunged onto the blockchain for every and anyone to examine or check. As a matter of fact, companies or organization can monitor or trace cryptocurrencies, by so doing they can easily blacklist coins that they think or believe fraudulent in nature i.e coins they perceive to be involved in illegal activities. The void that existed in the lack of anonymity ushered in a new phase that led to the initiation and creation of “privacy coins”, which renders and offers security in terms of confidentiality in a number of use cases, and amongst them is the most well known which is called Monero.

***WHAT MAKES MONERO UNIQUE? ***

Despite the fact that they are some simililarities between Monero’s anonymous developers and open-source code base yet there are some disparities with Bitcoin, one of them is structured in the way updates are done or handled. While on the other hand Bitcoin is quite reluctant when it patains to works,even with the simplest or less complex of upgrades requiring a long consultation period before implementation, Monero’s software is designed and programmed to recalibrate or update autonomously within the frame time of six months I.e it updates itself every six month.
In the year 2018, Monero jumped on the horse to become the first major cryptocurrency to initiate what is called “bulletproofs”, a tech that highly and greatly enhanced the efficiency of XMR transactions which has led to an 80% drop in the configuration,framework and size of the average transaction made which drastically and reduced or cut down fees for the end-user making it highly user friendly.

Irrespective of the fact that there are so many other privacy coins, however Monero is the most well-known and perhaps has the largest market cap amongst others. It also provides or renders privacy by default, this is in contrast to some of the other options or alternatives such as Zcash which operates manually I.e it is manually promoted as regatd it's feature.

WHAT GIVES MONERO VALUE?

Going by the judgement of most users, the value of Monero is derived from its anonymity and privacy. It

STEPS IN CREATING A WALLET ONLINE FOR MONERO(XMR)

MyMonero is one of the quickest and fastest way to form or creat an XMR wallet. This is a web interface, and so it is requested that you ensure your system and browser is functioning very well. Here are some of the steps that can be followed

First you Move over to, or punch the word MyMonero.com on the browser in use then you Click on create an account

After creating an account, On the next page, you will notice or see a private login key.
The private login key is pivotal and regarded as the only way you can get a hold of,or access your MyMonero account. It is mandatory that you secure it properly Make sure you written down and keept at a safe place.

After that, you are requested or required to hit or click on the log me in button, as soon as you are done with that you will be giving access into your just created Monero wallet.

After logging in, the remaining or rest of the stuff is pretty straight forward.
You can use your just created XMR wallet address to either get funds or transfer depending on what you choose

Whenever you want to get into or login to your Monero wallet, move over to MyMonero.com through your browser and login using your private key of 13 words .

Advantages

1 it has a higher level of security.

2 it offers a user with a high sense of safety

3the transaction made is only known to the parties involved.

4The user owns the full and maximum rights to every transaction he makes

5There is positive and an easy movement in terms of trade due to the many privacy coins that exists which already posseses a huge Market Cap level.

Disadvantages

1Transparency is not the watch word as transactions are not transparent which makes people hesitate to make transactions.

2it is avenue used by hackers to transfer cryptocurrency because of its anornymous nature

3it is not authorized by the government in various countries, due to the fact that transactions can not be tracked.

4it is hard to identify talk more of to be calculate as user tax by the government.

Thanks prof @levycore for this insightful lecture it is really an eye opener