CryptoNote v2.0 Is Published
The pseudonymous Nicolas van Saberhagen published CryptoNote v2.0, describing an electronic cash protocol designed to make payments unlinkable and difficult to trace.
About
About Monero (XMR)
Monero is a decentralized cryptocurrency built for private peer-to-peer payments. Its network conceals sender information, recipient addresses and transaction amounts by default, while proof-of-work miners verify transactions without a central operator.
XMR is used for payments, transaction fees and miner rewards. The Monero price is determined on public markets, but owning XMR does not provide equity in a company or control over the network. Monero launched without a premine or initial coin offering and continues as an open-source, community-led project.
MONERO PROFILE
Monero at a Glance
Monero launched in April 2014 from the CryptoNote codebase. The project combines private-by-default transactions with proof-of-work mining, a gradually declining emission schedule and decentralized open-source development.
MONERO ORIGINS
The Foundation
The Announcement
The Network
When Was Monero Created?
Monero was announced on April 9, 2014, by the pseudonymous developer thankful_for_today and launched as BitMonero on April 18. Its code implemented the CryptoNote protocol rather than using Bitcoin’s codebase.
The launch included no premine, instamine or initial coin offering. Community members soon assumed responsibility for development after disagreements with the original maintainer and shortened the name to Monero, the Esperanto word for “coin.”
BitMonero Is Announced
thankful_for_today introduced BitMonero on Bitcointalk as a new CryptoNote-based cryptocurrency and scheduled the network to launch nine days later.
The Monero Network Launches
BitMonero went live through a fair, pre-announced launch without a premine or instamine. The community soon adopted the shorter Monero name and continued development.
UNDERSTANDING MONERO
January 2017
CONFIDENTIAL AMOUNTS
October 2018
SMALLER TRANSACTIONS
November 2019
MINING UPGRADE
August 2022
PRIVACY AND EFFICIENCY
Monero Evolution
Monero has evolved through coordinated network upgrades that strengthened transaction privacy, reduced transaction sizes and changed how XMR is mined. Each upgrade required miners, nodes, wallets and services to adopt compatible software.
No company controls Monero’s development. Protocol changes are proposed publicly, reviewed by researchers and developers, and adopted by network participants through new software releases.
RingCT Is Introduced
Ring Confidential Transactions, or RingCT, began hiding the amount transferred in each Monero transaction. RingCT became mandatory across the network in September 2017.
Bulletproofs Go Live
Monero replaced its earlier range proofs with Bulletproofs. The upgrade substantially reduced confidential transaction sizes and lowered the cost of verifying them.
RandomX Replaces CryptoNight-R
RandomX became Monero’s proof-of-work algorithm on November 30, 2019. It was designed for general-purpose CPUs and to limit the advantage of specialized ASIC mining equipment.
Bulletproofs+ and Larger Rings Activate
Monero activated Bulletproofs+, increased the ring size from 11 to 16, and introduced view tags for faster wallet scanning. The upgrade also included fee and multisignature improvements.
UNDERSTANDING MONERO
How Does Monero Work?
Monero records transactions on a public blockchain without publicly exposing the sender, recipient or transferred amount. Wallets combine stealth addresses, ring signatures and RingCT to protect these details by default.
Nodes verify the transaction’s cryptographic proofs and check that its key images have not appeared before. Miners then use RandomX proof of work to order valid transactions and add them to the Monero blockchain.
01 BUILD THE TRANSACTION
Create a One-Time Destination
The sender’s wallet selects the XMR being spent and uses the recipient’s public address to create a unique one-time destination. The recipient’s wallet can identify the resulting output with its private view key.
02 PROTECT THE SENDER
Mix the Real Input With Decoys
The wallet places the real input in a ring with 15 decoy outputs and creates a CLSAG ring signature. Observers can verify that one ring member authorized the payment without identifying which output was actually spent.
03 CONCEAL THE AMOUNT
Prove the Values Without Revealing Them
RingCT hides the transferred amount, while Bulletproofs+ confirms that the concealed values are valid. The network can verify that inputs and outputs balance without making the payment amount public.
04 MINE AND CONFIRM
Add the Transaction to the Blockchain
The transaction is relayed to Monero nodes, which check its signatures, key images and range proofs. A miner includes the valid transaction in a RandomX block, producing its first network confirmation.
What Shapes the Monero Price?
Buyers and sellers determine the Monero price across cryptocurrency markets. Demand for private payments can influence XMR, but exchange availability, liquidity, supply growth, regulation and broader financial conditions can move the price independently of network use.
A rise in Monero transactions does not automatically produce a higher XMR price. Market access and trading demand can weaken even while the network continues processing payments.
Exchange Access and Liquidity
XMR is not available on every major exchange, and access differs between jurisdictions. Listings, delistings and changes to fiat or stablecoin pairs can affect liquidity, spreads and the price available to traders.
Demand for Private Payments
Demand can come from people and businesses seeking confidential payments, fungibility and self-custody. Greater use can increase demand for XMR, although transaction activity does not guarantee price appreciation.
Supply and Tail Emission
Monero has no fixed maximum supply. Since June 2022, tail emission has added 0.6 XMR with each approximately two-minute block, allowing total supply to grow while its percentage inflation rate declines over time.
Mining and Network Security
RandomX allows Monero to be mined with general-purpose CPUs. Hashrate, energy costs, miner participation and block rewards can change mining economics and network security without determining the XMR price on their own.
Privacy Regulation
Rules applied to privacy coins, exchanges and financial intermediaries can change where XMR is supported. Restrictions and compliance decisions may reduce market access or lead platforms to remove Monero trading pairs.
Broader Market Conditions
Bitcoin movements, cryptocurrency sentiment, interest rates and demand for risk assets can move XMR with the wider market. Privacy-related developments can also cause Monero to trade differently from other cryptocurrencies.
Are XMR and Monero the Same?
Yes. Monero is the name of the blockchain, project and native cryptocurrency, while XMR is its market ticker. A Monero price or XMR price therefore refers to the same native coin.
XMR is not a token issued on another blockchain. Wrapped or synthetic versions of Monero are separate assets that may introduce additional bridge, issuer or custody risks.
Can Monero Transactions Be Traced?
Monero is designed to prevent public blockchain observers from identifying the sender, recipient or amount of a transaction. Ring signatures obscure the real input, stealth addresses protect the recipient and RingCT conceals the transferred value.
These protections do not hide every form of information. A compromised device, malicious remote node, exposed IP address, exchange account or record kept by a counterparty may still connect a person to a payment. Users can also share view-only wallet information when voluntary disclosure or auditing is required.
Does Monero Have a Maximum Supply?
No. Monero does not have a fixed maximum supply. Its main emission ended in 2022 and was followed by a permanent tail emission of 0.6 XMR per block.
New XMR will therefore continue entering circulation. Because the block reward remains constant while the total supply grows, the annual percentage inflation rate declines gradually over time.
Can You Cash Out Monero for Real Money?
Yes. XMR can be sold for fiat currency through an exchange, broker, peer-to-peer marketplace or other service that supports Monero. Available currencies, payment methods, withdrawal limits and identity requirements vary by provider and jurisdiction.
The final amount depends on the quoted XMR price, market spread, trading fees and withdrawal costs. When converting XMR to dollars, compare the offer with the Monero price in USD before confirming the sale. A transfer on the Monero network hides its sender, recipient and amount from public blockchain observers.
Find a Service That Supports XMR
Confirm that the service accepts Monero deposits and supports withdrawals in the required fiat currency. Review its availability, verification requirements, limits, liquidity and withdrawal methods.
Send XMR to the Deposit Address
Copy the Monero deposit address supplied by the service and verify it carefully before sending. A small test transfer can reduce the risk of committing the full amount to an incorrect address.
Review the Rate and Complete the Sale
Choose the relevant XMR market or conversion option and review the exchange rate, spread and trading fee. The executable price may differ from the reference Monero price shown on a market-data page.
Transfer the Fiat Currency
Withdraw the sale proceeds using an available bank transfer, card or payment service. Check the minimum withdrawal, provider fee, processing time and account details before confirming.
BEFORE YOU SELL
Before You Cash Out Monero
Monero support varies between trading services and jurisdictions. Confirm that the full route from XMR deposit to fiat withdrawal is available before moving coins from a wallet you control.
Review the complete cost of the transaction rather than the exchange rate alone. Trading spreads, service fees, network fees and withdrawal charges can reduce the final amount received.
Service and Verification
Confirm XMR Support
Check that the service currently accepts native Monero deposits and provides the required fiat withdrawal method.
Complete Account Checks
Finish any identity or payment verification before transferring XMR so the account is ready to sell and withdraw.
Review the Provider
Check its security controls, custody terms, customer support and recent withdrawal history.
Costs and Timing
Compare the XMR Price
Compare the quoted rate with current Monero price data and check whether the spread is included.
Add Every Fee
Include trading, conversion, network, fiat withdrawal and payment-provider charges in the final calculation.
Check Processing Times
Review deposit confirmations, settlement periods, withdrawal limits and estimated bank processing times.
Transfer and Records
Verify the Address
Use the exact Monero deposit address supplied for the account and confirm that the selected network is XMR.
Consider a Test Transfer
Send a small amount first when practical and confirm that it reaches the intended account.
Retain Transaction Records
Keep the transaction ID, trade confirmation, withdrawal receipt and available cost-basis information.
Tax Note Selling or exchanging Monero may create tax or reporting obligations. Applicable rules depend on the user’s jurisdiction and individual circumstances.
Monero Guides
Read our Monero guides for practical information on buying XMR, choosing a compatible wallet, comparing payment methods and understanding fees, exchange availability and self-custody.
