How Can I make money with Monero XMR?

How Can I make money with Monero XMR?

The possibility of making money with Monero is very similar to the options for making money with other currencies. After all, the main difference is Monero’s focus on security and anonymity. Everything else is very much the same as other coins, such as bitcoin. Also the same is the need to consider the options carefully and make a wise decision. "How Can I make money with Monero XMR?"

How Can I make money with Monero XMR?


Transactions in Monero XMR

The best way to make money from a cryptocurrency is to buy it, provided you are satisfied that it’s the best plan for you. Buying XMR and paying in XMR should help the currency grow, and when the currency grows, your wallet should also increase in size.

HOW YOUR WALLET GROWS WITH THE COIN’S VALUE

If you’re investing in cryptocurrencies in order to make money and little else, then understanding the way currency trading works (including things like FOREX) is imperative.

Say that 90 days ago you wrote an article for a business and they decided to pay you in Monero (XMR). 90 days ago, 1 XMR cost US$55.30. You wanted to get paid US$60 for your article, so you charged the business 1.08499 XMR. This amount goes into your wallet and you move on.

90 days later, today, you decide to withdraw that money from your wallet. But today, 1 XMR costs US$121.17. This means that your wallet now has a value of US$131.47 instead of US$60.

Congratulations! You just bought cryptocurrencies and more than doubled your money!

What to watch out for
No cryptocurrency is without its concerns, and Monero is no different.

Monero XMR Mining Centralisation

Mining is currently controlled by four large pools. While no particular pool controls more than 20% of the entire hash rate, this is still a problem as decentralization is of utmost importance. Luckily, the Monero development team has stated that this is as important to them as to Monero users. Because a hack on a blockchain requires convincing 51% or more of the users that your data is the correct one, with only four pools you would only need to hack three mining pools to control 60% of the blockchain, at which point you control the entire blockchain.
Large Transactions
Because Monero has to add overhead to every transaction to make sure they’re anonymous and secure, the system is quite noticeably slower and the transactions are larger and consume more space on a user’s computer.

Monero should be watched for its growth potential and whether the developers are placing a focus on decentralization and security.

We are told that in the works is a bigger effort to push adoption by merchants – especially in certain areas of the world where adoption has been slow and a better platform for developers to build upon.

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