Monero (XMR) is one of the pioneering cryptocurrencies on the blockchain market, launched in 2014. It has gained popularity among individuals who prioritize privacy in their transactions. Despite its initial success, Monero has recently seen a decrease in mainstream media coverage and may be perceived as being less active in the blockchain industry.
Monero is a fork of Bytecoin. Its primary objective is to provide anonymity for its users by obscuring the identities of both the sender and the recipient in transactions. This is achieved through the implementation of ring signatures, a cryptographic technique integrated into the Monero blockchain to maintain anonymity.
Ring signatures enable a group of addresses to be combined in a transaction, making it impossible to determine the specific sender among the group. This serves to protect the privacy of the transaction by preventing traceability to a specific individual or wallet.
Due to its emphasis on anonymity, Monero has been associated with illegal activities. This perception has had negative implications for the cryptocurrency's reputation and acceptance.
Monero's characteristics cause people to associate the altcoin with illicit activities. This is because the cryptocurrency has the privacy that many do not. A fitting example of this is Bitcoin (BTC). The crypto created by Satoshi Nakamoto does not have the functionality to perform anonymous transfers in its code.
Bitcoin, as a decentralized cryptocurrency, utilizes a public blockchain, which allows for transparent transactions. Without the use of a privacy mixer, these transactions can be viewed by anyone. As such, it may not be the optimal choice for individuals seeking to conduct illicit financial activities due to its transparency.
But is Monero an ideal choice for illegal activities?
Many claims have been made that Monero's focus on privacy makes it an attractive option for those engaged in illegal activities. In 2019, Germany's Ministry of Finance raised concerns about the use of privacy-oriented cryptocurrencies like Monero for illicit purposes. This led to similar concerns being expressed by governments worldwide, resulting in several cryptocurrency exchanges delisting Monero and other similar altcoins that prioritize user anonymity on their platforms.
It is worth noting that while Monero's focus on privacy may make it an attractive option for illegal activities, it is important to remember that using a centralized exchange with a KYC process eliminates anonymity, regardless of the cryptocurrency being used. Additionally, it is not fair to attribute blame to the technology itself for the actions of individuals who may misuse it.
It is important to remember that human fallibility predates the creation and launch of Monero. While it may be associated with illegal activities, a study by Chainalysis in 2021 found that only a small percentage of all cryptocurrency transaction volume, 2.1%, was used for criminal purposes, decreasing to 0.34% in 2020. Furthermore, the United Nations has estimated that between 2% and 5% of global GDP is used for illicit activities, which are primarily conducted using fiat currency.
It is worth noting that while Monero's privacy-centric features may be utilized for money laundering or other illegal activities, it is not the intended purpose of the cryptocurrency. Monero was created with the aim of providing individuals with the right to freedom and security.
Monero is not doing well, but it is not dead
On the downside, Monero's trading volume is low compared to other cryptocurrencies, despite its position as the 27th largest cryptocurrency by market capitalization. Additionally, smaller capitalization altcoins tend to have higher trading volumes. Furthermore, Monero's social media activity is also relatively low, which could be viewed as a negative indicator for the cryptocurrency market, which typically requires constant innovation and development.
On the positive side, despite facing competition from newer cryptocurrencies such as decentralized finance (DeFi) tokens, non-fungible tokens (NFTs), and Layer 2 solutions, Monero's unique feature of anonymity still positions it well on the market. Furthermore, Monero reached its all time high in 2021, unlike other cryptocurrencies such as Bitcoin Cash and EOS, which have failed to surpass their previous ATH. Additionally, Monero has experienced less value depreciation from its ATH when compared to other altcoins.
As of May 14, all trades on LocalMonero have been disabled. And in six months the entire website will be taken down, parent company AgoraDesk, which is also winding down, said in a statement.
Our most recent Monero price forecast indicates that its value will increase by 3.51% and reach $176.54 by September 10, 2024. Our technical indicators signal about the Bullish Bullish 83% market sentiment on Monero, while the Fear & Greed Index is displaying a score of 29 (Fear).
With its massive potential for growth and adoption, Monero is expected to remain a major player in the cryptocurrency market for years to come. It may be a good investment considering your risk tolerance and finances.
Binance, the world's largest cryptocurrency exchange, recently announced the delisting of Monero (and several other privacy coins), a decision that led to a sharp downturn in the market value of XMR – the token of the Monero project – to a 20-month low.
Time to break new records! In 2024, XMR will break through the € 400 threshold. However, we won't see a new all-time high until 2025, when XMR will close the year with a price at € 541.
What is Monero's maximum supply? Monero has a fixed emission rate, not a set maximum supply. Around May 2022, Monero's emission will drop to and permanently remain at 0.3 XMR per minute (0.6 XMR per block). This is approximately 1% inflation for the first year and will approach 0% inflation in future years.
What is the market cap of Monero (XMR)? Market capitalization of Monero (XMR) is $3,125,484,125 and is ranked #32 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of XMR tokens (18 Million tokens are tradable on the market today).
Monero (/məˈnɛroʊ/; Abbreviation: XMR) is a cryptocurrency which uses a blockchain with privacy-enhancing technologies to obfuscate transactions to achieve anonymity and fungibility.
If XMR were to rise 25% every year, it would take it 19 years to reach $10,000. Monero operates in a niche category with few competitors, and this may be one of its advantages. However, XMR probably has a low chance of reaching $10,000, at least for now.
Monero. Monero (XMR) is the undisputed king of privacy-focused cryptocurrencies. Launched in 2014, it has established itself as the most private, secure and untraceable digital currency available. Monero's advanced privacy features make it virtually impossible to trace transactions or connect them to individual users.
Due to its privacy-centric technologies, Monero faces scalability issues. The privacy mechanisms it employs inherently require more data per transaction.
Problems for LocalMonero were largely compounded by pressure from regulatory authorities on privacy coins. Crypto exchanges OKX, Binance and Coinbase have all proactively delisted privacy-preserving tokens like monero and zcash (ZEC), leaving services like LocalMonero one of the few places to purchase XMR.
Running a personal node is the safest way to interact with the Monero network, because you are in full control and you don't need to rely on third parties. From a general point of view running a node is not dangerous, but keep in mind that your ISP can see you are running a Monero node.
Introduction: My name is Eusebia Nader, I am a encouraging, brainy, lively, nice, famous, healthy, clever person who loves writing and wants to share my knowledge and understanding with you.
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