Monero (XMR) - the most anonymous cryptocurrency

Monero (XMR) is the favorite cryptocurrency of hackers and all those who trade in the Darknet. No wonder, because it is completely anonymous - you can hide not only the addresses of people who exchange coins, but even the size of the transaction. For this reason, the greatest Cryptocurrency exchanges have decided to resign from trading this token.

We continue the cycle of the Forex Club portal, in which we describe the largest, most interesting, most promising and most controversial cryptocurrency projects from around the world. Today it's time for Monero - the black sheep in the world of cryptocurrencies.

How does Monero work?

The title cryptocurrency, which was created as a hard fork of Bytecoin in April 2014, belongs to the so-called private coins, i.e. cryptocurrencies that ensure anonymity. It is called the most anonymous of all cryptocurrencies in the world. This is because not only the public addresses of the parties to the transaction are hidden, but also in the blockchain - for transactions performed with the use of the so-called RingCT - you can even encrypt the transaction value.

No wonder that thanks to these qualities, Monero has become a favorite cryptocurrency used in the Darknet. At the same time, however, as many as 200 developers are involved in its development, who are constantly working on improving the project. Every six months, among others, cryptographic algorithm.

Due to the fact that Monero (XMR) is based on the Proof of Work consensus algorithm, it is possible to extract its subsequent units even through an Android smartphone.

Privacy in Monero

Anonymity of XMR transactions is possible thanks to the mechanism ringct, known as a ring signature. Thanks to this, neither the addresses of the wallets that were the parties to the transaction nor its value can be decrypted. This is because each transaction is split into many others, keeping them dispersed. The system also ensures continuous activity of all addresses - including those that are not currently involved in any transaction.

Thanks to such safeguards, Monero guarantees full privacy of transactions. However, there is even more anonymity planned. Ultimately, you will not be able to even check if someone has an address in Monero and if they have ever turned this cryptocurrency.

Controversy around XMR

XMR's anonymity, however, turned out to be not only an asset of this cryptocurrency. In the case of Monero, the privacy of the transaction is so great that even the most liberal market players give it up. They have a lot to lose, because the cryptocurrency can be used to finance terrorism or money laundering. If it is proved that there is no reaction to such suspicions, the stock exchange offering it will not only lose its image, but may even cease to exist.

Therefore, Monero was first removed from trading on the UpBit cryptocurrency exchange, and then OKex. He later joined them BitBay, followed by other cryptocurrency exchanges that explicitly admitted they were doing so because Monero could be used for illegal activities and money laundering on a massive scale.

Monero Quotations (XMR)

Despite the resignation from XMR trading on some exchanges, the cryptocurrency is still available on 59 cryptocurrency exchanges around the world. Currently, there are over 17,6 million units on the market and more are appearing all the time. Monero does not have a specific target number of units. As of 14.07.2020/68,71/1,2, you would have to pay $ 16 each. This translates into a capitalization of over $ XNUMX billion and places it high in XNUMXth place among all cryptocurrencies.

The peak of trading took place on January 07.01.2018, 495,84, when you had to pay $ 7,1 for Monero. This translated into a capitalization of over $ XNUMX billion.