Monero is a growing player in the cryptocurrency market and looks likely to hit $1000 this year. That’s because non-traditional currencies are generating huge amounts of interest and Monero, the Bitcoin of privacy coins and tokens, has a dedicated following and loads of potential.
It is the most used crypto coin for privacy in the world and a lot of that comes from the dark web. That’s because it’s untraceable and easy to keep your details, and your transaction details, safe and secure when using Monero. Since it joined the booming cryptocurrency market in mid-2014, Monero has become known as a reliable cryptocurrency focused on privacy and security.
Monero's blockchain makes use of least three techniques to protect privacy. First, ring signatures disguise the sender's identity, while stealth addresses also hide the recipient at the other end of the transaction. Blockchain is also used to hide the amount of the transaction.
Who uses Monero?
Monero's excellent reputation for privacy means it has garnered a following among those with dark, or even criminal intentions. However, it can’t be judged by its users. It’s a very useful tool if you don’t trust third parties. Because it is decentralised and it offers the opportunity to run your own bank and make fast transactions – all without sharing your details.
It has also benefitted from a general spike in interest in cryptocurrencies which is expected to see their use across the board surge in 2018. The current market cap of the cryptocurrency is around $ 5.8 billion and Monero comes in at an impressive ninth. In just 24 hours in the first week of March, the token traded around $218 million of funds.
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