What is Monero (XMR) and how to get an instant XMR loan
To truly understand the origin of Monero (XMR), then we must first start by looking at a different, long lost cryptocurrency called Bytecoin. Launched in 2012, Bytecoin was the very first digital currency written with a technology called CryptoNote. Today, CryptoNote is the foundation of many popular “privacy coins”, Monero being one of them. Ultimately, Bytecoin failed but seven developers from the project went on to form Bitmonero (later shortened to just Monero).
In terms of the project itself, Monero is opensource, and permissionless, much like many other cryptocurrencies. What makes it a little different is it’s unique privacy features. No one can link you to a Monero cryptocurrency transaction, making it completely private, untraceable and secure. Something that many other “privacy coins” cannot advertise. Before diving into how to get an instant XMR loan, here are a few pros and cons.
Pros and cons of XMR
- Transactions are untraceable
- 100% anonymous
- Limitless blockchain
- Dynamic scalability means fees are lower than average
- Possible to choose who can see your transactions for tax reasons (making it more friendly with regulators)
- A highly respected team of committed developers
- Some day it is hard to develop applications that interact with Monero blockchain
- Harder to store Monero compared to other cryptocurrencies because it is not yet widely adopted by the crypto community.
- There is debate regarding a large degree of centralization of miners on Monero.
How to get an instant XMR loan on YouHodler
Many XMR HODLers have high hopes for the future of XMR. Hence, they are looking for creative ways to use the value o their XMR without having to sell. That’s where YouHodler comes in.
YouHodler makes it easy to use Monero as collateral for an instant loan. To start, simply sign up on YouHodler.com and pass our quick KYC/AML procedure. From there, deposit XMR into your YouHodler wallet and decide which currency you’d like to receive a loan in. XMR to USD, XMR to EUR and XMR to GBP are all available options.
So don’t sell Monero. Build your portfolio with an instant crypto loan and keep HODLing your favorite assets.
It's worth trying! Forget selling your
with instant crypto backed loans on YouHodler
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