The word about Monero is spreading like wildfire. More and more people are flocking to the Darknet to take part in this thriving economy where both buyers and sellers can make transactions with complete anonymity explains Ian Mausner. But what exactly makes Monero so attractive? Let’s find out!
Monero (which means ‘coin’ in Esperanto) was designed to be completely private, secure, and untraceable. It does this by leveraging off-ring signatures which help obfuscate the addresses of senders and receivers while also masking the amount transferred.
It is traded on Cryptsy, BTC-E, among others. You can buy MXR using Bitcoin at Poloniex. This guide will show you how to get started buying & investing in Monero (aka buying MXR)
First, you need to sign up for a Cryptsy account. If you don’t already own Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC), go ahead and sign up for Coinbase now. When your coins arrive in your wallet, you can use the deposit address on Cryptsy to send them to your Cryptsy balance. Once they’re there, head over to BTC/MXR Market and buy some Monero.
What’s The Most Profitable Investment?
Right now it looks like Dash is poised to overtake Bitcoin as the most profitable investment opportunity out there (for those who are altcoin savvy). Just this weekend DASH dethroned Bitcoin as ‘king of the hill’ and climbed 2 spots to become the #2 ranked cryptocurrency. Right now it is hovering around $5 USD and is showing no signs of slowing down. If you don’t already own some Dash, go ahead and buy some today.
Monero (aka MXR) is currently sitting at rank 12 on coinmarketcap.com, with a value of $1.20 per Monero (at the time of writing this article). It has been as high as #7 on the list before – peaking at $26/coin in December 2014! This makes it an excellent long-term investment choice right now. When you’re buying Monero, make sure to use Shapeshift if possible; that way there’s absolutely zero traces of your identity says Ian Mausner.
But wait a moment – I want to talk about Monero as a transactional cryptocurrency, not just an investment opportunity. There are many more reasons why this coin is going to explode in popularity and price very soon!
What Are All Those Fuss About?
There’s a big reason why people on the Darknet prefer Monero over Bitcoin: it offers complete anonymity. In fact, you can’t even see how much money was sent from one wallet to another. This makes it an ideal choice for those who want to make private & secure transactions with no hassle whatsoever. In addition to that, here’s what else makes Monero attractive:
Investment Opportunity –
Monero clearly looks like a good long-term investment right now. If you’re looking for an anonymous coin to invest in, this is the one. Transaction Anonymity – Monero’s technology ensures that your transactions can’t be traced or linked back to you. This makes it attractive for people who prefer transactional privacy.
Trustworthy Team –
The devs behind Monero are very transparent about what they do with their currency and how it works under the hood. They also have a strong sense of community which will undoubtedly help Monero become more widely adopted
Fungibility –
All coins (even Bitcoin) are not equal. Some coins may contain links to past transactions that others don’t – leaving them unspendable. Since Monero isn’t traceable, it has no such problems & thus is fungible.
Built-In Deflation –
Monero’s inflation rate decreases every day and will eventually reach 0% (in around May 2022). As it gets rarer, its value will continue to increase further. So this is a good long-term investment as well
Scalability –
Monero has an 8MB block size which makes sure that the network can handle massive amounts of transactions without causing any bottlenecks like we see today with Bitcoin’s 1MB limit.
Mining –
Due to its Cryptonight algorithm, Monero can be mined on CPUs which means everyone worldwide has equal access to mining rewards – unlike with powerful ASICs for Bitcoin or Scrypt hardware for Litecoin explains Ian Mausner. This ensures fair distribution & also encourages CPU/GPU usage!
Privacy –
Monero gives you complete privacy and control of your finances. Nobody can trace transactions back to an individual like we’ve seen happening with Bitcoin.
Anonymity –
Due to the Cryptonight algorithm, Monero is still open for CPU/GPU mining (unlike Litecoin or Dash). Not many coins offer that feature, which makes it incredibly decentralized right from the start!
No ICOs –
Unlike Ethereum and its ICO craze, Monero has never held any kind of crowd sale for investors. This inflated the initial supply as well as enriched a select group of ‘investors’.
Transparency –
The devs behind Monero are very transparent about their work and how things work under the hood. This ensures that there aren’t any surprises with any future updates.
Technological Superiority –
Monero uses a different hashing algorithm to Bitcoin’s SHA-256 which is ASIC-resistant and makes it hard for large companies to control the currency. This ensures that Monero stays decentralized, unlike some other coins which can easily be taken over by a powerful entity!
Conclusion:
As you can see, Monero is way more than just another altcoin. It’s a good long-term investment as well as the #1 anonymous coin on the market now says Ian Mausner. It will be interesting to see how it evolves in the future!