Yes, cryptocurrencies are currently in a bull market. While most people avoid buying in this market, you may want to take this opportunity to add to your digital assets especially if you’re in crypto for the long game. Most prefer to buy Bitcoin, but diversification is a wise move for any investor. Diversifying works for most assets and it works in crypto as well. If you don’t have Monero yet, here is why it’s a sensible idea to invest in Monero.
Monero was launched in April 2014 and is the leading privacy coin in crypto. Unlike existing cryptocurrencies like Bitcoin and Ethereum, Monero uses these technologies to ensure a user’s anonymity: Ring Signatures, RingCT, and Stealth Addresses. It cannot be traced and every transaction, amount, and identities of the sender and receiver are kept private. Its untraceability makes it impossible for the government or other third parties to know the activities of its users. As technology advances, so does the need for privacy. As of right now, Monero is the ONLY cryptocurrency with complete anonymity.
Monero is a completely decentralized blockchain. Decentralization is actually what makes a cryptocurrency trustworthy – the more decentralized a crypto coin is, the more likely it is to be more stable and more likely to survive. Decentralization means having the qualities of being “permissionless” and “censorship-resistant.” It is not restricted by any authority and grants safety from capital control.
Monero’s privacy means it’s totally fungible. Fungibility is defined as the interchangeability of a good or asset with other goods or assets of the same type. Since Monero is a privacy coin and it’s untraceable, it doesn’t suffer from the possibility of being tainted, unlike other cryptos. Entities can’t blacklist Monero due to connection to previous transactions. The benefits of its fungibility extend to merchants and individuals. They need not worry about blacklisted or tainted coins.
The core of Monero is community. The developers demonstrated this by not keeping any stake for themselves when Monero was launched. They depended on the support of the community to push the coin. Monero Project’s research lab and development team continue to work on innovative projects. In May 2021, Monero launched the Atomic Swap feature. This allows users to trade Monero and Bitcoin without a third party, usually a broker, while also maintaining Monero users’ anonymity by shielding previous Monero transactions from Bitcoin’s ledgers. This makes it easier for users to trade with using a regulated financial institution.
Wallet Investor predicts that Monero is expected to reach US$438.50 by the end of this year. Coinpedia forecasts that if the crypto market stays bullish, Monero could reach US$700 by the end of 2021. To quote Analytics Insight, “XMR is one of the most private cryptocurrencies, and owing to all the crypto scams that are coming to light, the demand for private and secure cryptocurrencies will only increase. Amidst all the volatility, Monero does show signs of quick stabilization and many organizations have started to accept XRM as a mode of payment. All these are green signs for you to invest in this cryptocurrency.”
Get Monero from leading exchanges like Kraken or Binance. Once you get your XMRs, store them in a crypto wallet that supports Monero. XMRWallet is a web-based anonymous Monero wallet. Just like the coin, XMRWallet provides an open-source web environment which means you don’t need to download any software to use Monero. It has multiple language support and it’s completely free, including the import of past transactions. Sign up now. No registration is required!