Using the power of a distributed peer-to-peer consensus network, every transaction is cryptographically secured. Individual accounts have a 25 word mnemonic seed displayed when created, which can be written down to back up the account. Account files are encrypted with a passphrase to ensure they are worthless if stolen.
Monero uses a cryptographically sound system that allows you to send and receive funds without your transactions being publicly visible on the blockchain (the distributed ledger of transactions). This ensures that your purchases, receipts, and other transfers remain private by default.
By taking advantage of ring signatures, a special property of certain types of cryptography, Monero enables untraceable transactions. This means it's ambiguous which funds have been spent, and thus extremely unlikely that a transaction could be linked to particular user.
Unlike Bitcoin and Bitcoin-derivatives Monero is based on an entirely new protocol - CryptoNote - which utilises the Cryptonite hashing algorithm when mining. This algorithm is ASIC proof, meaning that it can still be profitable to mine using only a CPU or GPU.
The best way to mine Monero is to join a mining pool. Monero Faucet recommends MinerGate as they have low fees and a easy to use software solution which can mine multiple cryptocurrencies at once. No computer or industry knowledge is needed, just download the software, click the 'AutoMine' button and MinerGate will starting mining the coin that has been the most profitable over the previous hour!
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Monero is currently trading at an all time high. This year, in just a few short months, traders have made upwards of 2000% profit!
If you want to turn your Monero directly into cash or are just looking to make cash off cryptocurrency trading, Monero Faucet recommends HitBTC and Changelly. They have low fees and a simple, clean trading interface. They have loads of cryptocurrencies available to trade directly into Bitcoin, USD, Euros and Pound Sterling. It couldn't be easier to start trading like a pro!
MoneroFaucet.info now rewards regular users with a monthly loyalty bonus!
Starting on the 1st of June 2017, at the beginning of each month 25% of funds forfeited by inactive accounts will be redistributed amongst active users. The remaining 75% is returned to the claim pool to continue funding future faucet claims.
To receive a loyalty bonus, you must have made at least one claim from the faucet in the previous month.
The exact bonus a user is rewarded each month is calculated using the formula below:
Where: l = user's loyalty bonus i = total claims (in last month) j = sum of each user's distinct days claimed (in last month) x = claims made by the user (in last month) y = number of distinct days the user claimed on (in last month) t = total funds being redistributed (sum of claims forfeited by inactive users)
For example, if the total funds forfeited (t) is 1 XMR, and in the last month there were 30000 claims made in total (i), a total of 1000 distinct days claimed on (j), you made a total of 200 claims (x) and claimed on 20 distinct days (y), then you would receive the following bonus:
How do I maximise my loyalty bonus?
80% of your loyalty bonus is determined by how many individual days in the preceding month that you made a claim from the faucet. A quick way to ensure you get a decent bonus is to make a claim every day! The other 20% of your loyalty bonus is determined by the number of claims you make in total. So, to really maximise your bonus you would make a claim multiple times a day on every day of the month.
Please be advised that the actual bonus you receive will be different to the example as it depends, not only on your activity, but also on the activity of other users and the amount of XMR forfeited by inactive users.
For information on why a user is made inactive and forfeits their funds please see below.
To fund loyalty bonuses, it is necessary to free up XMR claimed by users that no longer use the faucet.
If you have not made a claim in the last 90 days your account will be deemed inactive and your non-withdrawn balance will be forfeited. Any referrals you have made will also be removed from the system.
How do I stay active?
Easy! Make sure you visit the faucet and make a claim at least once every 90 days.
I refer new users, but don't claim myself. Will this keep my account active?
No. You need to make a claim yourself at least once every 90 days in order to keep your account active.
My account was made inactive, can I get back my XMR?
No. Your XMR has been used to reward loyal users of the faucet. You can continue making claims and start earning XMR again - just remember to make a claim at least once every 90 days.