Monero, whose stock market acronym is XMR, is an anonymity-focused cryptocurrency created in April 2014, whose transactions are made untraceable through the use of several cryptographic techniques. The goal of Monero (a word that means 'coin' in Esperanto) is to become a currency that is truly fungible, meaning that one unit cannot be distinguished from another.
Monero stands in contrast to Bitcoin, whose public transactions can nowadays be widely tracked thanks to exchange platforms' identification processes (KYC) and chain analysis. Indeed, while users have techniques to make their Bitcoins untraceable (CoinJoin in particular), many do not, making the chain easily readable to those with the right information.
In Monero, the blockchain is opaque. Although you can see a transaction being included in a blockchain, you can't identify who sent XMRs, who received them, or the amounts involved! Monero imposes confidentiality by default, so this is valid for all transactions on the network, except for the miners' reward transactions.
Why should you accept Monero payments?
Litepay.ch allows you to accept payments on your website using the most popular crypto currencies, including Monero (XMR).
To integrate our payment gateway on your site, you can choose:
Since we're dealing only in crypto, verification is not required.