It's been three days since I've published last time a post from Top 100 crypto-currencies mini-series. Many events happened in the meantime, so I've decided to cover those first because I believe were more important than just presenting a crypto-coin. Although, in my opinion, this is no less important, because, by doing this, I learn and teach, in the same time, others about different crypto-coin.
So, going back to the main subject of this post, today I will talk about Monero or XMR.
I recently found out about this crypto-currency and I didn't know anything about this project, so I decided to study what it is about and share with you the main ideas I extracted from my research.
What is Monero?
Monero, like Bitcoin, is a global digital payment system. It is a digital crypto-currency used globally for payments. Many would wonder why we use Monero and not use Bitcoin? Here comes the answer from the team that founded this project, that their focus is on security and anonymity. Compared to Bitcoin, which at one point it also claimed to be somewhat anonymous, it is not in reality. Instead, Monero is one of the few crypto-currencies on the market that is almost impossible to track. For this reason, it is very interesting for many people who want to make global transactions on the Internet, with friends, business partners and remain anonymous in the same time.
Monero was launched in 2014, so it has been around for more than 6 years.
At the moment, Monero ranks ninetieth in the world top of crypto-currencies. According to CoinGecko, Monero is on the 20th position.
Currently, XMR market value is $151,43, with 1,77% less than yesterday.
The currency has a total market value of $2.698.859.414. The trading volume according to CoinMarketCap (I don't know if it is the most relevant), is $1.293.333.718. At the moment, there are 17.831.5050 XMR in circulation, which also represent the Max Supply of the entire project. This means that there will be no more coins added in circulation. Compared to Ethereum, which has almost 7 times more coins, I think the price of XMR may change in the future.
All Time Low recorded on the 14th of January 2015, when a single coin valued $0,21. It is a huge price difference with the current value. But All Time High was reached on January 7, 2018, when a single currency was worth $ 495.84. Again a pretty big difference from the current price.
Monero uses as an operating system, as a blockchain, an open-source protocol called CryptoNote This allows, compared to Bitcoin, the amounts and addresses of those who use Monero when trading to be anonymous. This is a major difference from Bitcoin.
Monero can be found on almost all exchanges, except Coinbase, but you can find it on Kraken, Binance, which are the most important, in my opinion, but also on Bitfinex, HitBTC etc. Like any other big project it is listed on many exchanges.
I do not know how often Monero is used as a crypto-currency by people from developing or third world countries, but for those who wants privacy and anonymity, I think it is a solution.
Speculatively, I don't know what to say. The currency has sufficient trading volume. Lately, at least in 2020, it has had a significant increase, since the beginning of the year when a currency was worth 30 dollars, now being 154 so almost 5 times an increase. It is an exceptional performance, if we think about everyday life and business in general. It can probably be an interesting purchase, in the conditions of a next possible crash. Monero is a fairly stable currency, which I do not think it will disappear in the next 2-3 years from the market. There will probably be global regulations that, at some point, may or may not affect this project.
I will continue the series of educational posts, so if you have comments or questions, I am at your disposal.
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