One common misconception about BitCoin and other cryptocurrency is that its carries some degree of anonymity. However, nothing could be farther from the truth. BitCoin is almost completely traceable. Though all the cryptocurrencies are decentralized, they aren’t private. However, Monero (XMR) was designed with privacy in mind. XMR is fast gaining popularity in the crypto-world and being touted as the “Godfather of the Privacy Crypto-Coin,” or the first of its kind. Because of its unique value proposition, investors are starting to take a look into the currency. This article will give you some insight into what monero XMR is, so that you can decide whether it might be a good investment for you. However, this article won’t discuss the more technical aspects of the currency.
By November 2017, XMR had become one of the top 10 cryptocurrencies in the world. Programmers built XMR with the CryptoNote protocol; with the intention of focusing on privacy and for conducting transactions that can resist censorship. XMR is minable because it’s a Proof of Work (PoW) cryptocurrency. Its current circulating supply is around 15,336,114 XMR and its market cap value is $1,630,474,302. XMR’s developers have met all their milestones and they have many exciting things planned for the upcoming years.
Who’s on the Team behind Monero?
It’s taken a team of over 200 developers to create XMR; a giant, collaborative effort that’s produced a top 10 cryptocurrency you can buy on almost every major exchange. This is a great sign for any investor. The currency is widely recognized and accepted. Several large sponsors also contributed to the development efforts behind XMR.
What Kind of Marketing is Backing Monero?
The branding behind XMR is clear. XMR is the only cryptocurrency backed by technology that gives crypto traders and investors a reliable, completely untraceable, decentralized cryptocurrency to work with. XMR team members stay busy on social media, especially Twitter and Reddit. They’ve also been active on Github throughout 2017. For investors, this is another good sign. Developers are tweaking things, updating the product to make it better and possibly considering feedback from other programmers.
The Github site is also a great place learn about the more technical things that surround XMR like getting started with mining and safe storage. However, though mining may sound lucrative, in 2017; you really can’t make much money at it unless you own one, (better yet several), expensive mining rigs; so that you can mine enough coin to make profits over your electric bill. However, even if you can’t get into mining, you can still buy XMR from the exchanges and get into trading; invest and hold or just use it for shopping.
Is Monero Worth Investing in?
This is the big question. There are many other crypto binary options out there. Is XMR worth the investment right now? If you’re like many people, privacy is a concern. Because there is no other crypto-currency that offers the privacy features that XMR does, its value is likely to increase in 2018 and beyond. XMR traded well throughout 2017 and reached many all-time highs. However, experts believe that BitCoin’s surges and hard forks have affected the entire cryptocurrency trading industry.
Many experts believe that XMR will begin to increase in value once it becomes stable again at previous levels. The cryptocurrency markets are growing larger every day. This alone will likely make any of the top 10 cryptocurrencies a good investment. However, you shouldn’t base your decision to invest in this article. You should make an informed decision based on research from many other sources. These positive predictions are based on opinions on why XMR will likely increase in value. The markets could still perform poorly.