The story of Monero begins in 2013. The idea for its creation came from a group of developers who created Bytecoin, which was coded with the help of a Cryptonote; a higher level of protection and preservation of anonymity. Because of these anonymity features, XMR allows cybercriminals greater freedom of movement and uncontrolled activity compared to other more secure cryptocurrencies, such as Bitcoin.
“In the Bitcoin blockchain, you can see exactly which wallet address traded, the exact amount of money, where it came from and where it goes”, explains the former president of Ultimaco.
Ultimaco is one of Europe’s largest cryptocurrency companies, that has worked in the past with technology giants, such as Microsoft and Google. “Monero not only allows cybercriminals to act uncontrollably, but also increases fears about the future of transactions, he added.
The term “Monero” comes from the artificial Esperanto language, and means “currency”, but also “coin”. Could it be a tool for cybercrime? The truth is that “yes”, although XMR proponents point out that most of the transactions that take place are not illegal.
XMR is not a simple copy of Bitcoin, because its developers have taken some basic programming steps, which among other things ensure of complete anonymity of transactions. In this way, the privacy of the user is better protected, in relation to e.g., Bitcoin. In addition, the extraction difficulty and the size of the blocks are constantly updated.
Recently, 45 musicians -including Mariah Carey, Lana Del Ray and Marilyn Manson- accepted XMR during the festive season, offering discounts to those who have used the cryptocurrency to pay.
There are about 15.5 million XMR coins in circulation, and unlike Bitcoin and Litecoin, in the case of XMR there is no fixed number of coins that can circulate in the market.
Monero forms a strong momentum
The price of XMR made a positive turn amidst the currents of concern that flow arround the secrecy currencies. According to CoinMarketCap, the market capitalization of XMR on June 10, 2021, amounts to 4,786,681,321 USD. The current trading price for the XMR is 273 USD, while the trading volume is 354,946,982 USD. The XRM ranks 27th on the market with CoinMarketCap analysis.
XMR has recently recorded some price fluctuations, but the coin has won rather that lost. In addition, the specific forecast for the currency is positive. Crypto analysts predict that the privacy currency will reach 875.20USD in 2025 and 926.49 by 2026.
Although one cannot predict the price of encryption with certainty, it is worth noting that the way Monero works will help increase its value in the future.
Is it worth buying Monero?
The charm of XMR; the anonymity it offers. Using XMR, transaction details, including sender, receiver, and transaction amount, cannot be found.
Security agents believe that criminals will hide their illicit profits, by using these coins to launder proceeds of illicit activities and other misconduct. The FBI and IRS are currently concerned about securities such as XMR, as they have found it very difficult to be cracked. Last year, in September 2020, the IRS offered 625,000USD to anyone who could hurt XMR.
But even during security concerns and regulations, XMR prices continue to rise. The speculations remain that regulators could help drive the uptrend. However, before investing, it is advisable to do some in-depth research on any encryption.
How can I buy Monero?
PayPal made it easy to find XMR through their platform, but it is still more expensive than buying it through an exchange platform.
Buy XMR with credit/debit card
Don’t have a SEPA account? No problem! Card transactions also provide an instant solution to get into the cryptocurrency game right away, without waiting for the payment to be settled.
Bank Transfer (SEPA)
Want to make a big purchase of XMR? A secure SEPA bank transfer provides a low-cost way to deposit as much cash as you want into a transaction.
Buy Monero – Where?
Currently some of Monero’s buying sites include Binance and other small trading platforms. It is noted that you may need to convert your fiat currency into Bitcoin, before using exchange platforms to buy XMR.
The investment in XMR is like “flowing sand”. It depends on the investment profile of each person whether he will invest in this cryptocurrency, taking the appropriate risk.