Introduction to Monero
Monero (XMR) is a decentralized cryptocurrency specifically designed to prioritize privacy and anonymity. Founded in 2014 to address Bitcoin's privacy limitations, Monero ensures every user is anonymous by default, unlike most cryptocurrencies where privacy features are optional.
Current Statistics (2025)
- Current Price: Approximately $353.71
- Market Capitalization: $6,715,411,606 USD
- CoinMarketCap Ranking: #23
- Daily Transactions: Approximately 30,000 transactions per day
- Network Hashrate: 4.73 GH/s (16.5% increase since April 2025)
What Makes Monero Different?
Unlike Bitcoin and many other cryptocurrencies, Monero transactions are private by default. This means that the sender, receiver, and amount of every transaction are hidden from public view. This privacy is not optional—it's built into the core of how Monero works.
Fungibility: A Key Advantage
Fungibility means that each unit of Monero (XMR) is completely interchangeable and indistinguishable from any other unit. This is a critical feature for any currency to be truly useful.
With Bitcoin, the entire transaction history of each coin is visible on the blockchain. This means some coins could potentially be "tainted" by their history and rejected by merchants or exchanges. With Monero, this problem doesn't exist—every coin is equal and has the same value.
Monero's Privacy Features
Ring Signatures
Ring signatures obscure the true sender of a transaction by creating a "ring" of possible signers. When you make a transaction, your signature is mixed with others, making it impossible to determine which key actually signed the transaction.
Stealth Addresses
Every time a transaction is sent, a unique one-time address is automatically generated for the recipient. This means each transaction uses a completely new address, making it impossible to link multiple transactions to the same recipient.
RingCT (Ring Confidential Transactions)
RingCT conceals the amount of Monero being transferred in any transaction. This ensures that observers cannot determine how much money is changing hands, providing complete financial privacy.
Zero-Knowledge Proofs
Monero uses Bulletproofs technology, which are short, non-interactive zero-knowledge proofs that allow verification of a transaction's validity without exposing any transaction details, protecting user privacy while maintaining blockchain integrity.
Cakewallet: A Secure Monero Wallet
What is Cakewallet?
Cakewallet is an open-source (meaning the code is available for anyone to analyze for bugs, exploits or vulnerabilities) mobile cryptocurrency wallet application that specializes in supporting privacy-focused cryptocurrencies, particularly Monero, while also supporting multiple other cryptocurrencies.
Supported Cryptocurrencies (2025)
Cakewallet supports a wide range of cryptocurrencies, including:
- XMR (Monero)
- BTC (Bitcoin)
- ETH (Ethereum)
- BCH (Bitcoin Cash)
- LTC (Litecoin)
- And many others (ADA, BNB, XRP, DASH, USDT, etc.)
Key Features
- Secure storage of cryptocurrencies
- Send and receive crypto transactions
- Built-in exchange feature for swapping between different cryptocurrencies
- Mobile applications for on-the-go management
- Synchronization of address book
- Background sync to keep wallet always up-to-date
Security Features
- Two-Factor Authentication (2FA)
- Biometric authentication support
- Optional passphrase protection
- Ledger hardware wallet support
- Monero view key retained on the device for maximum privacy
- Simplified 16-word seed phrase (Polyseed)
- Encryption of wallet data
Using Cakewallet for Monero
How to Obtain Monero with Cakewallet
- Download Cakewallet from the official website (cakewallet.com)
- Create a new wallet or restore an existing one - DO NOT TAKE A SCREENSHOT OF YOUR SEED PHRASE! NEVER POST IT OR SAVE IT ANYWHERE DIGITALLY! Write it on a piece of paper and keep it safe - it is the key to your own personal bank.
- Use the built-in exchange feature to convert other cryptocurrencies to Monero
Alternative method:
- Download Crypto.com wallet
- Buy Litecoin on Crypto.com
- Send Litecoin to Cake Wallet
- Exchange Litecoin for Monero within the wallet
Sending Monero Using Cakewallet *This is the best way to share Monero!* Have a friend install the Cakewallet app, and easily send them some Monero!
- Open the Cakewallet app
- Tap "Send" on the balance screen
- Enter the destination address by:
- Pasting the address manually
- Scanning a QR code
- Selecting from your contacts
- Enter the amount to send
- Review and confirm the transaction
Receiving Monero
- Open the Cakewallet app
- Tap "Receive"
- Your wallet will generate a unique address
- Share this address with the sender
- For enhanced privacy, generate a new address for each transaction