Cryptocurrency Q&A
How anonymous is XMR?
How anonymous is XMR?
Chloe_emma_researcher
Thu Oct 03 2024
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7 answers
1599
Could you please elaborate on the level of anonymity offered by XMR, the Monero cryptocurrency? I've heard it's renowned for its privacy features, but I'm curious about the specifics. For instance, does it use advanced encryption techniques to obscure transactions? And how does it compare to other privacy-focused coins in terms of keeping user identities concealed? Understanding these details would help me assess XMR's suitability for my financial needs.
7 answers
benjamin_doe_philosopher
Sat Oct 05 2024
Monero stands out as a cryptocurrency that prioritizes privacy by default in its transactions.
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Carolina
Sat Oct 05 2024
This is achieved through the innovative use of ring signatures and stealth addresses, both of which effectively obfuscate the origin, destination, and amount of transactions.
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Martina
Sat Oct 05 2024
In contrast, popular cryptocurrencies like Bitcoin and Ethereum operate on a pseudonymous basis, where transactions are inherently traceable and public.
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Eleonora
Sat Oct 05 2024
Ring signatures in Monero work by grouping multiple public keys together to sign a transaction, making it impossible to determine which key actually signed the transaction.
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SeoulSerenitySeekerPeaceLover
Fri Oct 04 2024
This feature ensures that the sender's identity remains hidden, even from advanced surveillance techniques.
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