Review on Monero by Klaus Kuhn

Name: Monero
Item: Monero
Rating: 5

September 01, 2018

All this is well and good but you are a little too restricted in choice here…

All this is well and good but you are a little too restricted in choice here. I signed up to MyMonero.com and transferred some money into the account. Two days later it all disappeared and no one can tell me where it has gone to. And if you want to be involved with Monero there are little to no alternatives. and why won’t MyMonero.com ever answer my emails. All my other currencies are safe.Then when you look on the internet there are a lot of people who have had the same experience….so please beware…my quest continues.
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Pros

The mono coin replaced each other simply With the transaction mode set to private, monero-encoded currencies will have the same value, no difference. Therefore, they can completely replace each other - Low transaction costs Monero, set up fast payment Monero can pay for everything in every country in the world with low transaction costs and fast payments. The XMR also incorporates a tightly-knit feature that avoids the loss of other currencies in politically unstable countries. To maintain privacy, you don't want to have your keys managed by someone else. But if you don't send your keys to someone else, you have to scan transactions on your own device. This also means instead of asking a remote node for your balance, you have to basically ask it for info from every block. This is bandwidth heavy. Scanning each transaction also requires running crypto code, which can be hard on a battery.

Cons

A phone wallet either defers some aspect of key management to a remote server or it has to run a significant amount of monero functionality locally. To maintain privacy, you don't want to have your keys managed by someone else. But if you don't send your keys to someone else, you have to scan transactions on your own device. This also means instead of asking a remote node for your balance, you have to basically ask it for info from every block. This is bandwidth heavy. Scanning each transaction also requires running crypto code, which can be hard on a battery.