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Monero: A privacy-oriented cryptocurrency. What can be expected from XMR in the future?
Monero, a cryptocurrency, was launched in 2014 to allow transactions to take place anonymously. Due to Blockchains' transparency, it is usually effortless to track the payments back to their source. To solve this problem of privacy, Monero (XMR) was launched with the goal to obscure the senders and recipients.
The current market price of XMR is $266.91 after an increase of 1.11% in 24-hours. It has a market capitalization of nearly $4.77 Billion and a trading volume of roughly $646 million over 24-hours.
XMR is the most popular crypto known for its ability to provide anonymity compared to other cryptocurrencies. While undergoing any transaction with the cryptos, the recipient needs to disclose his public address to the sender that allows the sender to see the amount of that digital asset which recipient owns. It means that person can find out how exactly the other person is spending his money. That's where anonymity and privacy are required, and Monero offers a solution.
When a person sends funds using Monero, he cannot see the recipient's holdings because the coins are routed through a random address created for that transaction only. Here, with the Monero ledger, a one-time address is recorded, and the link is not sent to the recipient or sender. They can only see other persons’ holding if the recipient or sender wants them to see by sharing his view key. Not only privacy, but Monero is also famous for its security because it uses the Ring signature as an extra layer of security. Stealth addresses are created for each of the transactions to ensure that no two transactions are linked.
Besides, Monero aims to achieve the highest decentralization level where the user does not need to trust anyone else, and XMR is fungible. These specific qualities of the Monero ledger certainly have the upper hand over its rival virtual coins, which are not entirely transparent.
Monero can be a good investment if the investor is interested in a long-term investment option. Its price was jumped more than 140% within a year since 2020. The market is expecting a bull run for XMR in the year 2021. Its prices can still record slow-moving appreciation with some depreciation in between.