Recently I was discussing with my friends regarding what will be a good strategy for investing in crypto and which are the best coins to include in our portfolios.
Most of my friends are Bitcoin maximalist and have strong conviction in future value of ETH as well so the discussion revolved mainly around which are the most promising altcoins. Most of us agreed on future potential of XRP, XLM, BAT and DASH but once Monero came up for discussion there was a major difference in opinions. Many feel it is not a reliable currency and it’s privacy features are better suited for people involved in criminal activities.
I realized a vast majority of the people have very negative perception about Monero and that’s why it’s user base is much lower than the other popular altcoins like XRP and BAT.
I am summarizing below the points I presented to my friends about why Monero is the most misunderstood crypto and is actually a must have to include in your portfolio as it might turn out to be the most powerful crypto if there is a strong turmoil in the country where you live or work.
- Wealth Privacy: One common feature of most decentralized currencies is that the records are public which means once someone knows your public address he can easily see how many coins you hold. If you live in a peaceful country this is not a problem, however if you live in an area rampant with crime and violence or if your country faces a political situation which makes it temporarily dangerous then having everyone know how many coins you hold can be really risky. This is where Monero comes to the rescue. When you use Monero there is no way for anyone to know how many coins you hold. No one knows if you are a crypto whale or just an average poor guy holding just a few coins.
- Surveillance Free: Another issue with most coins is the public ledger which can track all transactions. This again is not a problem if all your transactions are with legit people. The problem comes when you receive a transaction from someone who got the coins from an illegal activity or send it to someone who uses it for unlawful purposes. In this case if there is an enquiry you will definitely get dragged into it unnecessarily for no fault of yours. Here Monero provides a good alternative as transactions are not publicly accessible. This also helps if your country decides to put an exorbitant tax rate on crypto gains in the future. Which is definitely possible in many developing countries in near future
Due to these reasons I make sure that I keep collecting some Monero during the market dips as this currency will come really handy if the regions around us goes into a turmoil due to war or political situations.
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Originally posted on Uptrennd by me at - https://www.uptrennd.com/post-detail/why-monero-matters~MTkxODk5