Blockchains are thought to be anonymous, but are they? Yes, the transactions are quick and secure, but are they anonymous? No, it isn’t entirely true. Both the sender’s and receiver’s addresses are displayed, as well as information on the amount. These addresses can be traced back to their owners using modern forensics techniques. However, some people object to so much information being posted on the internet. Monero (XMR) is a cryptocurrency that solves this problem.
Monero (XMR) is a cryptocurrency that enables anonymous transactions. Unlike other blockchains that display transaction data such as wallet addresses and transaction amounts, Monero hides everything. This has given Monero (XMR) an advantage over other currencies like Zcash, which has multiple varieties of anonymous transactions.
Monero (XMR) employs a variety of security features to ensure that transactions remain totally anonymous. It generates stealth addresses, uses previous transactions as a decoy, and generates random chunks to ensure that everything happens in the correct order.
Monero (XMR) has begun to be utilized for illegitimate and unlawful transactions as a result of this amazing piece of technology. It has been found that XMR is being used to do dealings on the dark web. It has become one of the most popular destinations for those who utilize and provide illegal services. As a result, there have been a slew of different bounties to crack the encryption.
Price Movement – Monero (XMR)
The coin had created its All-Time High in May 2021 and reached a price of almost $519.1 before falling down to a price of $180 in the next month. From here the price showed reversal. At the time of writing this article Monero (XMR) is being traded at a price of $241.71. The price has almost increased by 3.93% today. In this month alone the price has increased by only 1.01% though.
The Total volume at the moment is $203,498,129 with an increase of 3.70% in the past 24 hours. The coin is listed on coinmarketcap on the 43rd spot and has a market dominance of about 0.17%.
Long Term Price Prediction – Monero
Wallet Investor thinks that XMR is a highly bullish coin and it would continue to rise in value. According to their prediction, in one year XMR will reach a value of $386.381. In a five-year plan, the price is expected to reach a value of $971.252. Traders think that it would soon reach the expected values in much less time.
