Monero Bonanza: More Than a Crypto Medium for Criminal Activities
April 09, 2019
Another brilliant cryptocurrency in the bag, Monero is scaling huge heights as a digital currency that is secure, fast and private all at once. With commendable competition from its crypto peers, market analysts cite a great future in store for Monero considering that in the last six months itself, the value of XMR shot upto enormous numbers of almost 80% in total.
Although it has only been 5 years since its initial release, that's an admirable achievement for such a young cryptocurrency.
XMR Stats: 2018 in a Nutshell
Over the course of 2018, Monero observed a steady rise in gaining momentum in terms of its valued price on the market. September in general turned out to be a lucky month for Monero Cryptocurrency as the cryptocurrency's value reached a high of almost $135, a huge leap from $97 in August. The crypto market praised this development as within a period of only one month, the market cap of Monero doubled from $1.3bn to an astonishing $2.20bn.
Monero is a relatively private cryptocurrency which means that the exchanges that take place on the network happen in secrecy between both the parties involved in the entire transactional process by utilizing the powerful mechanisms of ring signature cryptography.
Ring signature cryptography conceals the identities of the users on the network without disclosing data of the transactional amounts sanctioned. The Proof-of-Work protocol is employed utilizing CryptoNote, the hashing algorithm that powers Monero to be ASIC resistant.
The Underlying Segments of Monero's Price
In 2018, a major company's analysts foretold Monero's future based on their extensive crypto market research - According to reports, within the next years the demand of Monero would increase massively and touch an all time high where every Monero coin would potentially be valued at $18k each.
The reason behind this will be Monero's stance of being a private cryptocurrency; Monero will end up being the optimal choice for cryptocurrency exchanges and will be criminals' main preference for engaging in malicious activities without incurring any tax liabilities!
As Bitcoin can be tracked down back to its owner, Monero will be the primary choice for money laundering schemes and asset funding plans.
This could only mean one thing essentially that Monero could establish a strong foothold in the crypto market forming almost 65% of the total market cap. The same way, Zcash (ZEC) is predicted to round up at 30%. To top it all off, XMR tokens are mutually interchangeable meaning that they are fungible and with an active codebase development that is compatible with ASIC resistance could be another big reason why Monero will be accepted with open hands everywhere.
Determining Monero's Legitimacy
Stashing money without revealing the contents is the greatest monopoly of all times. The crypto world can vouch for that.
According to recent studies for the Monero Blockchain i.e. The Empirical Analysis of Traceability that indicated almost over 65% of Monero transactions had possibilities of being tracked back to its original owner. The huge craze in Monero exchanges on multiple Cryptocurrency Exchange Platforms majorly is the outcome of its private technology; with claims like these, the price chart of Monero will take a turn on a drastic path.
Genuine use cases that lay out a proper plan-of-action is one of the only saving hopes for Monero's price - The peer-to-peer coins opting to rule out the dollar have a long shot at achieving a strong grip in FinTech.
On many occasions, various crypto influencers have raised their doubts against privacy coins stating that they are devoid of use-cases but a few publications have supported the claims that being an anonymous figure on the internet is crucial and this is not just to protect someone's privacy but also safeguard classified data of users as well as the public involved in arbitrary situations. When a government or any authoritative figure diminishes their national currency, financial entitlement loses its value and as a reason, citizens around the world resort to accepting cryptocurrencies at an unprecedented pace.
Governments cannot cancel out Monero just like that owing to the privacy of the crypto power. However, a legal use-case will open many gateways and strengthen its prestige.