The blockchain technology has been received with a lot of mixed reactions. The technology keeps changing to satisfy the consumer demands. The entry of privacy coins into the market has changed how trading in banned substances in the dark world is done. Monero (XMR), a privacy coin, has been seen as a haven for the dark web dealings.
Monero’s unique privacy properties makes it stand out as a coin that is fully anonymous and transactions are untraceable thus an ideal outfit for users evading central government monitoring. Many cryptocurrency users have associated the platform with the dark web but it is more than that.
Monero (XMR) Stealthy Operations
Monero is designed specifically to provide enhanced secrecy and the dark web is just a small function of the ecosystem. The black market has been seen as an evil sector but XMR only offers an alternative form of payment and does not make the market legit.
The partnership between Monero and Alphabay has seen more vendors opting for XMR to BTC as a way of making payments. Traders and consumers are turning to stealth digital coins to access drugs, firearms and trading in stolen credit cards. However, Richardo Spagini, a core developer at Monero has come out to defend the coin saying:
“That uptick among people who really need to be private is interesting. If it’s good enough for a drug dealer, it’s good enough for everyone else.”
Why the Monero (XMR) Popularity
Monero increased popularity has been amplified by Bitcoin’s inability to tackle its own privacy vulnerabilities. With stealth address innovation, Monero ensures that the fund recipient on their ecosystem cannot be traced. Now with the ring signature functionality, XMR spender addresses are grouped with other thousand spenders and the more funds are spend, the more complicated tracing becomes.
Since Alphabay and Oasis were integrated into the money payment system, the value of XMR has been on the rise. However, the platform is diversifying its market reach and users are beginning to see the benefits of a privacy coins outside the dark web realm.
You can now use Monero when your transactions are sensitive; buying prescribed medicine, gaming, purchase of sex dolls and porn site subscriptions are areas where users are spending their XMR. They do not want their expenditure being reflected on their credit cards. With increased real world use cases, Monero is about to shed the dark web tag.
Increasing Monero (XMR) Use Cases
Since Monero cannot be traced back to you, you can easily buy and sell without the authorities bugging you. This is an advantage to the user and a disadvantage to the authorities. Despite the coin getting delisted from regulatory correct exchanges, its growth remains steady.
Credit card service providers are known to track customer transactions including health specialist visits and buying of illegal items that require privacy, Monero seeks to change the trend and that are why the coin is now ranked 13th with a market cap.
Monero (XMR) Price Recap
With many Altcoins and in particular privacy ones trading in the read, XMR is on the green at the time of reporting to trade at $138.58 after a marginal gain of 1.69% against the green buck and 2.05% to BTC. The potential of Monero (XMR) still remains unexploited and with additional features in the offing, the sky is the limit for the coin.
XMR/BTC pairing appears to be the most popular among traders with HitBTC being the popular exchange accounting for 35.97% of the total volumes in the last 24-hour trading session followed by Binance at 11.52%. A total of $30.7million worth of XMR have changed hands during the same period which is a good sign given the unpredictable market.