Privacy cryptos are resurging, and this narrative could make many millionaires in the coming bull run.
Now, the leading privacy-focused blockchain is making a major comeback, and we’re here to explore the ins and outs of Monero and the $XMR coin.
What is Monero?
Monero is a privacy-focused blockchain that launched back in 2014 with the ultimate mission of making all on-chain transactions anonymous for both sender and receiver. This was not just the mission for Monero, but for the entirety of decentralized finance.
Generally speaking, transactions on Bitcoin or Ethereum, for example, are perceived as anonymous, but in essence, they’re pseudonymous because of the transparency of public blockchains. So, the fact of the matter is that wallet addresses can be tracked, traced, and identities can be de-anonymized with enough data.
How Does Monero Work?
With Monero, all $XMR transactions are discreet and untraceable for both senders and receivers. This is achieved through advanced and complex cryptography, providing unique features such as:
- Stealth Addresses – Generates a random one-time public address for each transaction.
- Ring Signatures – Mixes the original transaction with random decoy transactions.
- Ring Confidential Transactions – Hides the value of the transaction for everyone, including the sender and receiver.
- RandomX Algorithm – Proof-of-Work consensus mechanism fighting mining centralization.
All of these unique cryptographic techniques are layers of security and privacy for every $XMR transaction. Due to Monero‘s main focus on security and privacy, it lacks the speed of competitors such as Solana, with Monero being able to process an estimated 1600/1700 tps.
However, despite slow transaction speeds of an average of 20 minutes, $XMR transactions are incredibly cheap, averaging between $0.02 -$0.05. To top it off, Monero is still faster, more private and decentralized than Bitcoin, the leading cryptocurrency.
$XMR
Activating stealth mode on-chain for users around the world is the $XMR coin, the native currency powering the Monero blockchain. $XMR is the native currency used to send/receive between peers on Monero, it is used as a medium of exchange for goods, services and other currencies on Monero Merchants such as Cryptwerk.
$XMR can be used as a payment method at over 1,600+ companies, stores and services. Whether you’re looking for clothes, a TV, food, groceries, jewellery, gift cards, or online or offline services of any kind, $XMR can be used to buy almost anything, legitimately and anonymously.
Conclusion
According to CoinMarketCap, at the time of writing, $XMR is priced at $402.95 with a large market cap of $7.43B, ranking it the 23rd largest cryptocurrency. In the last bull run of 2021, $XMR peaked at an ATH of $517.62 and has steadily been making its way back up.
Privacy is a key element of everyone’s life, and the desire for privacy-focused cryptocurrencies will grow dramatically by the day. No one wants their transactional data leaked, or even worse, their identity. We all want anonymity, and $XMR is here to provide that for us.
Official Monero Links
Cryptwerk Website (Monero Merchant)
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
