All crypto transactions are private and anonymous, but some cryptocurrencies are more private and secure than the others. One of such is Monero Cryptocurrency –secure, private, fungible and untraceable.
What is Monero (XMR) Coin?
Monero is a privacy coin that was launched on the 18th of April, 2014. Monero claims to be one of the most private, secure, and untraceable cryptocurrencies in the crypto market.
With Monero you’re in complete control of your privacy and crypto wealth. What’s more, all Monero transactions and wallet balances are completely private and no one else can see any other person’s account balances or transaction history.
Thus, what you own and how you spend it is known only to you.
Monero is based on the CryptoNote technology and the cryptocurrency is primarily focused on privacy and security with ease of use and efficiency taking the back seat.
All Monero cryptocurrency transactions and amounts involved are private by default.
Unique Features of Monero Cryptocurrency
What makes Monero different from other cryptocurrencies like bitcoin? The most important unique features of the cryptocurrency are:
- Security Focused
- Private by Default
- Untraceable transactions
- Fungible and Censor-proof
Monero Coin is Secure by Default
Being a decentralized cryptocurrency, and peer-to-peer digital cash; Monero is operated and secure by the community of miners.
Monero cryptocurrency transactions are confirmed by a network of independent miners who help in confirming and verifying transactions which are then permanently recorded on the blockchain. No third-party is needed to be trusted to keep your Monero safe.
Monero is Private by Default
Using three different privacy technologies: ring signatures, ring confidential transactions (RingCT), and stealth addresses; Monero hides all information in a transaction such as –the sender, amount transacted, and the receiver from prying eyes.
This feature is exclusive to the Monero coin; no other cryptocurrency has this privacy feature enabled by default.
You maintain 100% control over your privacy with never a need to trust anyone else when you transact with Monero. Monero gives you the best of both worlds of decentralization and full privacy.
Monero is Completely Untraceable
All addresses and amounts involved in a Monero transaction are completely obfuscated by default.
Thus, transactions cannot be linked to any particular individual or entity and therefore impossible to trace.
Monero is Fungible and Censor-proof
In some other cryptocurrencies, stolen funds can be blacklisted and denied services by exchanges or rejected by vendors.
Monero cannot be blacklisted due to any association with a previous transaction because Monero is private by default.
It is impossible to identify or associate a Monero transaction with an individual for the purpose of censoring them.
What is Monero Coin used for?
Monero has the same use-case as bitcoin –peer-to-peer electronic cash, but with a touch of privacy and complete anonymity.
You can pay for goods and services using Monero coin, the same way you buy your regular Starbucks coffee with fiat.
So, basically Monero is just another digital cash with a huge privacy focus.
Though most people speculate with it, the primary purpose and use case of Monero is to be an alternative to cash, just like bitcoin.
Monero Coin Fast Facts
All-Time High: $495.84 USD (Jan 07, 2018)
All Time Low: $0.212967 USD (Jan 14, 2015)
Monero Cryptocurrency Price Prediction for 2020 and Beyond
Monero Crypto Price Prediction for 2020 ($200)
The floor for Monero seems to be around $40 and the privacy coin currently exchanges hands at $48 per coin.
Obviously Monero has already found a bottom and the next bull-run should see the cryptocurrency attempt to recover its lost glory days and all-time-high price of over $400.
All things being equal and if we should see a major bull-run this year (2020) Monero is most likely to touch $200.
That’s a modest 316% return on investment if you buy Monero at the current price.
Monero Crypto Price Prediction for 2025 ($2,000)
The long-term view is even more encouraging. With governments, institutions and even some crypto projects censoring users associated with certain crypto transactions, the demand for privacy coins will only increase and Monero is a major name in this category.
Monero has a circulating supply that’s shy of 18 million coins. Such low supply coupled with an increase in even a small increase in demand will have a more significant and immediate impact on the price.
Thus $2000 per coin in the next 5 years is not far from being realistic.
For Monero to trade at this price it has to appreciate in price by over 4,000%; which in my opinion is still a conservative target given the level of development going on and the maturing cryptocurrency market.
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Privacy coins are the future of peer-to-peer electronic cash.
Which privacy coin will lead the pack is yet to be fully determined but Monero has a good chance of making a success.
Where do you see Monero and privacy coins generally in the next 2 to 5 years? Share your opinion with us in the comments section below.