Monero cryptocurrency
The cryptocurrency Monero (ticker XMR) gained its popularity as the most anonymous digital coin in the entire Blockchain market with a mining system.
Monero was developed in 2014 as a fork (offshoot) of Bytecoin currency. It is known that the creators of cryptocurrency XMR are seven people, only two of them are known to the cryptocommunity – Francisco Cabañas and Riccardo Spagna, the rest decided to remain anonymous (pseudonyms – Smooth, Tacotime, Othe, Luigi1111 and NoodleDoodle).
In the Monero network each user is given two keys – “to spend” and “to view”. The first one is needed to conduct transactions, the second one is used to review the balance.
The system of work of cryptocurrency is based on CryptoNote protocol, due to it XMR has the increased anonymity. The peculiarity of CryptoNote is in the use of circular signatures, which allow to keep histories, transfer amounts and identities of users using the Monero platform anonymous.
The special XMR algorithm was developed by Daniel Bernstein and is called EdDSA. EdDSA is a unique development that mixes together all of the network’s transactions in a passive mode through complex mathematical combinations. Once the process is complete, it is impossible to determine who owned a particular transaction.
Users’ balances are hidden through one-time addresses generated randomly and are not fixed in any way. The amounts of transfers remain anonymous due to RingCT technology. Together, these three developments form the most anonymous cryptocurrency today.
The issue of Monero digital coin is unlimited, at the time of writing more than 16.93 million XMR have been issued.
Withdrawing Monero cryptocurrency from an exchange
To withdraw XMR from Cryptex.net exchange, also go to “Balance” section, find “Other Cryptocurrencies” block, activate “XMR” ticker and in the new appeared block click “Withdraw” button. After that, you will see two windows at the bottom of the screen: “Address” and “Amount to withdraw”.
- In the “Address” line, enter the XMR address to which you want to withdraw the cryptocurrency from the exchange.
- In the “Amount to withdraw” window specify the amount of XMR which will be deducted from your personal Cryptex.net account.
Just below read about exchange commission for Monero cryptocurrency withdrawal. The commission for XMR transaction is fixed, 0,001 XMR per transaction, the withdrawal limit is not limited. You can find more details about all Cryptex.net transaction, deposit and withdrawal fees in “Commissions” section.
If you agree with all conditions, click “Withdraw” button. The exchange platform will start processing the transaction to send Monero cryptocurrency. Soon after, the funds will be deducted from your account and transferred to the XMR address you specified earlier. All detailed information about withdrawal can be found in the “Withdrawals” section.
