Monero (XMR) is a cryptocurrency that was created in 2014. It was made to correct the problem that Bitcoin previously had. With Monero, users can make transactions, but not have their information publicly recorded.
Monero uses stealth addresses and ring signatures to privatize the identity of senders and recipients. Ring signatures mix user’s account keys with their public keys to create a ring of multiple signers. This helps obscure the identity of who initially created the transaction and helps the user make their own transactions through Monero’s blockchain.
In this post, we’re going to discuss why you should look into monero, And an xmr price chart to show its progress over the following years.
So what about Monero that makes it stand apart from other cryptocurrencies? Keep reading this section to find out.
With Monero, users have full control over their transactions. This means that you’re responsible for your money. Since your identity is private, only you will know what you’re spending your money on. As a result, your transactions are safe and encrypted, and your identity is preserved through Monero’s blockchain.
Fungibility is the ability of one asset being able to be exchanged with their goods or assets of their own type. Let’s look at Bitcoin for a second. Bitcoin has fungibility as its used to buy other altcoins within the crypto network. And, people can see the transactions that you’ve made with Bitcoin.
How does this affect the fungibility? Well, Bitcoin has gained negative attention over the following years for being used to buy illegal drugs and weapons. Since the transactions are still recorded, that means that someone trading you bitcoins will share that same negative history. As a result that reduces the fungibility of your cryptocurrency.
As we look at this xmr price chart, we can see that Monero is a bit bullish over the past few days. Right now the price is at $201.72 and has a circulating supply of 16,023,382 XMR and a volume of $30,849,300. Looking at the graph, we can see a long-term upward trend with the token, making it a great long-term option.
While there have been a few dips in its price since its creation, we have to look at its overall growth. Monero has been around since 2014 and has risen substantially in value. Because of this, people who are interested in it need to hold it and wait if its value starts to rise exponentially. Since this coin has the ability to encrypt transactions, chances are it might surge in value once again in the future.
Remember, the xmr price chart is only one viewpoint on Monero’s growth. As a currency, we can see that it has made a lot of improvements in their technology and overall progress. Only time will tell how Monero will change as it continues to develop as a cryptocurrency.
Do you have any additional questions about Monero?
Tell us in the comments below!