Monero is a more private and anonymous cryptocurrency than Bitcoin and it has been around since 2014. Almost everyone knows about Bitcoin and how this is a virtual currency with a use that is similar to that of cash but we cannot see it or touch it. It is decentralized, which means that there is no regulation for it and it can’t be cloned and faked. In addition to this, has long been the favorite payment method of the Dark Web and will become ever more popular this year during 2018. Many of the top black markets underground have been using crptocurrency for their business.
Now things have changed and bitcoins are not anonymous enough for some criminals to feel comfortable with them. Even when the overall use of Bitcoin is quite goods for this purpose, it’s traceable to the place and the person who obtained or paid with the coin.
Now they have found a perfect replacement in a cryptocurrency called Monero because of the anonymity factor that they provide.
What is it and how does it work?
The first thing that calls the attention on Monero is that it is based on a protocol called CryptoNote that appeared back in 2012. This is just one of many other coins out there, but it comes with a very special added advantage to it and that is anonymity.
It is true that this new anonymous currency shares similarities with Bitcoin, but it has the difference of allowing users to maintain total anonymity and this makes them perfect for anyone who is looking to be as untraceable as possible.
Bitcoins use a single virtual wallet and all transactions linked to the same wallet and can be observed by anyone. Monero creates unique addresses for each transaction, and only the person receiving it can see it. Monero also mixes currencies automatically. It does this by combining the data in a transaction with any that have a similar size. This only adds yet another layer of confusion for anyone who tries to track down an operation using the block chain.
Monero could be promising more than it can deliver as there is no way that a cryptocurrency could remain completely anonymous without some serious regulations coming for it. The number of illegal transactions that could start to take place because of this would be astronomical. The idea is for this to be created for the purpose of helping people who want to remain anonymous about certain legal purchases that could be embarrassing to them, but obviously criminals will capitalize on such an advantage and use it for bad things.
The best thing to do at a certain point is to ensure that everyone is able to get the best possible results from using this kind of coin in 2018, but the truth is that it might not end up gaining enough attention due to the shady uses that people are giving to it when they acquire this coin. This is probably the main reason why it might never have the kind of value that people would find optimal for their needs.