Monero Coin: Giving Bitcoin A Run For Its Money

Giving Bitcoin A Run For Its Money

If someone would’ve told you about cryptocurrency years ago, the typical person would imagine it to be some kind of currency for an unknown banking system. At current times, we are now seeing cryptocurrency not only on business sections of any news and magazines but also as their headline or in front pages.

In essence, cryptocurrency is a completely decentralised digital asset, just like what blockchain-based platforms are supposed to be. Monero, also referred to as privacy coin, is a newly developed digital coin that allows its users and consumers to hide almost all of its details in regards to their transactions. With that in mind, the privacy coin has been commonly used for illegal transactions due to its characteristics on how it barely leaves a digital footprint for anyone to track. Since Monero’s launch back in 2014, it has recently grown to be the 12th largest cryptocurrency in the market, having a value of 1.4 billion dollars in circulation. Let’s go deeper into the subject and learn more about this new crypto uprising.

Monero Is Gaining The Public’s Attention

The cryptocurrency market is sliding fast, with various alternatives for digital coins gaining more ground as developers race to gain a footing in their developed digital cash. There are numerous platforms where you can invest and trade various digital currencies. We recommend using the bitcoin circuit app. One particular digital coin in mind is Monero, however, there may be some key differences between Monero and Bitcoin. For instance, every transaction involving Monero conceals the senders and receivers’ digital addresses, and of course, the transaction value as well. With that in mind, Monero offers its users and consumers near-total anonymity, allowing them to have transactions that don’t leave any clue behind.

Bitcoin, on the other hand, was initially seen as a digital asset with transactions that are quite opaque, which means the owner’s identity and their digital wallets to receive and send assets is not public. However, unlike Monero, the details of every transaction are permanently recorded in the digital ledger called Blockchain, and the Bitcoin received and sent can potentially give up indications that can be used to pinpoint the identities involved.

What Is It Commonly Used For?

In 2019, the Norwegian police gave details on a kidnapping regarding the wife of a wealthy businessman. The family claims that the kidnapper’s ransom demand was to be paid in cryptocurrency. With that in mind, there has been a growth in unusual requests to create or add to the market alternatives to Bitcoin that can be used for illegitimate activities.

There has been a rise in Monero’s use for marketplaces in the darknet, a site where consumers can buy drugs, stolen credit cards, and other illegal goods. With that in mind, three out of the five biggest darknet marketplaces are now accepting Monero as payment due to how it keeps the parties involved private. Moreover, Monero’s developers say that their coin’s characteristics make it completely useful for companies to keep commercial secrecy.

The Regulators And Law Enforcement’s Concerns

Monero, similar to other forms of cryptocurrencies, is mostly not regulated by any form of government. Though there are countries from the United States to Britain that are looking into cryptocurrency and how to deal with them, only a few have set forth some comprehensive strategies for dealing with the phenomenon. 

The Developer Behind Monero

Similar to Bitcoin and any other form of cryptocurrency, Monero is organised by a virtual community that consists of hundreds of developers, which is why it lacks any sort of centralised authority. Out of its seven-person developer team who acts as a person who looks after the asset, Cabanas is one of the only two publicly known members. A blockchain developer by the name of Mitchell Krawiec-Thayer is part of the research labs of Monero, and it is stated that the digital currency is designed to be easily mined by individuals rather than large groups that mine massive quantities for industrial uses. 

The Verdict

The cryptocurrency market is as vast as it can be, and ever since the initial release of Bitcoin, multiple alternatives have come up along the way. With that in mind, Monero is not the only privacy coin. There are others, such as ZCash, that have gained the investors’ attention, not only for speculative reasons but also because of how private the digital coin can be.