If You Want To Buy Monero (XMR), Now Is The Ideal Time
If You Want To Buy Monero (XMR), Now’s An Interesting Time
After the advent of Bitcoin, there have been hundreds of cryptocurrencies making an attempt to win the privacy race.
In fact, Bitcoin itself was originally endorsed as a cryptocurrency with anonymous transaction making it quite popular in circles of users who did not want their transactions publicized.
However, Bitcoin only provides a level of privacy and anonymity that proved ineffective as the protocol was able to still identify the user with a pseudonymous address (a string of randomly generated numbers to protect the identity of the user on the Blockchain).
Currently, if you ask anyone in the crypto space about privacy and anonymity, hardly will Bitcoin come up in the conversation.
Basically, there have been other new cryptocurrencies that have come up to solve the problem of privacy and anonymity with cryptocurrency transactions and one of the most outstanding coins known for anonymity is without a doubt Monero (XMR).
What is Monero (XMR)?
Launched in April 2014 (initially as a fork of Bytecoin) Monero boasts of being a secure private and open source cryptocurrency that is untraceable giving the user total control and responsibility for their funds.
It was built by a team of developers who surprisingly are reported not to own any Monero from the fork and only depend on donations to keep going. The fact that transactions and accounts on the platform are kept away from prying eyes is a plus for most crypto enthusiasts. But how is this little-known cryptocurrency performing?
How is the XMR Performing?
Well, according to XBT.net, XMR currently stands as the 13th largest coin in terms of market capitalization. It’s priced at $273 per XMR at the time of this writing. Although its price has steadily been dropping from a previous mark of over $400 in the past few weeks, its condition is by no means an isolated incident.
The cryptocurrency market has been plummeting ever since the year began with most cryptocurrencies shading their previous gains.
Some cryptocurrency analysts have pointed to the fact that Bitcoin futures contract coming to an end must have affected the overall price of coins in the market seeing that most traders withdrew to cash in on the futures contracts profits some cite the Asian new year as the reasons for the plummeting market.
Whatever the case, Monero sure seems to be posing a steady drop, especially when compared to other cryptocurrencies that have declined sharply with the new developments in the crypto space.
Monero (XMR) developments
For crypto investors, the big question is whether Monero is a worthwhile investment especially now that it’s at a low price.
Perhaps one of the factors that have helped Monero’s price remain stable in the dip is its adoption of the Oasis and Alphabay dark net Marketplaces and also the fact that it’s considered the best option for the crypto enthusiast looking for an anonymous coin.
But Monero has not been known for lots of hype and even in the wake of new cryptocurrencies competing for the title of the best anonymous coin, Monero has continued to choose the slower and silent route.
Monero’s developers have focused entirely on improving the reliability of the cryptocurrency as an anonymous coin while doing very little in terms of appealing to new investors as other coins have done. This has made it go unnoticed and mostly undervalued for quite some time.
Currently, Monero is making waves behind the scene with recent developments including its announcement of a working point of sale (POS) system that will see the cryptocurrency manage real-world transactions in a matter of seconds.
Obviously, this is not only great news for Monero but also a win for cryptocurrencies in general as it will bridge the gap between the utility of fiat and crypto.
Important notice: this is not investment advice. Please conduct your own research and perform your own due diligence before investing.