During the COVID-19 lock-down, I had the opportunity to watch a documentary film featuring Monero and it’s privacy centered nature. (Monero Means Money) Despite a cryptocurrency HODL, I never pay close attention to the inner workings of the privacy coin: Monero.
|Disclaimer: This article is not intended to give you any financial advice, nor encourage you to use cryptocurrency for illegal activities. Always do your research before investing and learn the law of the land.|
What is Monero? (XMR)
Monero is an open-source cryptocurrency created in April 2014 that focuses on frangibility, privacy, decentralization, and censorship-resistance. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount, or destination of the transaction.
|What about Bitcoin? Isn’t it anonymous? Unfortunately, no! Bitcoin is pseudo-anonymous. Anyone who what to track down your transactions can do it by simply observing the source and destination of the initial transaction until it ended up in an exchange or a bank account. Read More|
What is special in Monero?
At the time of writing, there is a total of 2,945 publicly listed cryptocurrencies according to investing.com . What makes the Monero special? It is Privacy! Monero is by far the best cryptocurrency to invest in if you are interested in covering your tracks. Although other cryptocurrencies like Litecoin, PIVX tries to solve the issues of tractability by incorporating third-party solutions Monero has the first-mover advantage in the realm of privacy and will be hard to compare.
Will government’s try to crackdown Monero?
We have witnessed many attempts by the glob superpowers including US, China, India, etc trying to crackdown cryptocurrencies and failed. The cryptocurrencies survived thanks to the decentralized nature.
Monero’s inevitably is ‘privacy’ centered approach will raise more concerns to banks and Governments who try to spy on individuals for taxes and to establish law of the land. They will try to use the ‘usual’ excuse: Privacy Coins are used by criminals. Still, due to the nature of un-tractability and decentralization Monero should survive.
Monero (XMR) : Market Stats:
Market Cap Rank : #15
All-Time High : $542.33 Jan 09, 2018
All-Time Low : $0.216177 Jan 14, 2015
When I should consider using Monero ?
Below are some obvious usecases that you may consider using Monero currencies.
- To purchase items & services where anonymity is important. (Depending on the country you live purchasing a certain type of items/services may be prohibited and authorities will try to trace you based on the footprints.
- Support your ideology. (In case you are a person who wants to support LGBT rights, ant-censorship, political ideology, etc but don’t want the others to know your identity.)
- As an advocate to privacy. (You may be a privacy advocate and want to encourage the notion of the Internet is free and should be governed by majority not governments, then you can support Monero by using and trading)
- You are a regular user of Darknet and want to keep your social identity separated from digital identity.
Have a burning question about Monero ? or do you think Monero provides what it clams ? Join the community: https://web.getmonero.org/community/team/
Learn more about Monero on the official website.
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