The first thought regarding cryptocurrency that comes to mind is it is not safe. The same is followed by it is cumbersome to manage. Imagine these hurdles in fiat currencies. Just because fiat has the advantage of being regulated or governed, does not make them safe either. There are flaws and even issues on transparency even in the case of fiat currencies and by no means can one vouch these fiat assets are safe.
During the pandemic advantages of cryptocurrencies were brought to the forefront. While some did not sustain this cryptocurrency world either, currencies like Monero are benign blessings for investors.
The ABC of Monero (XMR)
Think of Cash! Think of Monero!
In fact, that is the motto of Monero to ensure the investors feel safe and transact securely with Monero at a lightning-fast speed. Times have changed today. Gone are the days you needed to carry a wallet stuffed with those fiat papers and checking on them frequently so they don’t get stolen. Carrying digital money is way better than cash as it addresses the issue of storage, portability, comfort, superfast and hassle-free transactions.
The mission of Monero is based on the fundamentals of private and censorship-resistant transactions. Unlike other cryptocurrencies viz. Bitcoin and Ethereum, which work as an open-forum wherein all processes and transactions can be tracked with challenges on confidentiality element involved. The cryptography that powers Monero is the protective cover, a shield that facilitates all transactions, keeping complete data private and safe.
Volatility, of course, as conveyed time and again, has been the apple of discord but that holds true for any kind of currency wherein factors stated hereinabove influence and impact the price of an asset, Monero is no exception either. There are also specialists involved in the analysis of rates and the execution of transactions online. The cryptocurrency is quite capable of generating tangible income, which attracts users. The Monero community has set higher benchmarks for itself notwithstanding. Monero shall surpass the expectations of all cryptocurrency investors who have found this platform extremely interactive and uncomplicated.
Tracing the Old Path: Monero History
Monero too enjoys a rich history that dates back to the year 2012. At that point in time, it was created as a branch of the Bytecoin blockchain. The maiden name with which it was groomed was Bitmonero. Later, Monero (XMR) was developed as an independently capable and sustainable currency. The ocean of the Monero lexicon is quite complex and so users can benefit from the comprehension of these terminologies by logging on to Moneropedia.
Towards the end of 2020, since Monero got the support of Ledger Nano wallet, it invited all the more attention becoming the sought-after cryptocurrency for traders worldwide. Now, Monero is working on updating its technology like GUI with subaddresses, multi-signature, etc.
Working hard to change the world map of technology, the entire ecosystem of Monero ensures that participants benefit from blockchain-enabled functional advantages. Monero facilitates not just gains but builds hope. Backed by an enhanced decentralized accord and reinforced network, Monero aims to provide users the facility of also being available on alternate platforms for digital media sharing eliminating any role of intermediaries.
Monero removes the middlemen and all for free provides solutions directly striking an association with the customer. The entire data is cryptographically secured via blockchain while allowing creators to take entire profits. Privacy is also a nodal feature of Monero that is set to hold a benchmark for content creators and will be a tough competition for giants like Facebook, Google who sell your data making it prone to manipulation.
Wonders of Monero (XMR): The Benefits
While Monero ensures that all data of transactions remains untraceable, that is not the only benefit to be had out of Monero. Investors who have sided with Monero have many good reasons to stay stuck as die-hard fans. The uncompromising features can be enumerated as below:
Monero also has a dynamic block size and dynamic fees, an ASIC-resistant proof of work (RandomX), and a Tail Emission, among several other changes. Monero is fungible. It cannot become tainted through participation in previous transactions. This also means that no risk of censorship is involved as far as accepting Monero is concerned. Another credit goes to the robust team of Monero which is well above 500. This talent pool of meritorious researchers and engineers that also includes 30 core developers are highly credited for being innovative and experts in their respective fields.
Monero cryptocurrency can be best defined as “digital cash” as it uniquely combines the benefit of ready availability as well as privacy. It is a marvel of the core development team. Investors and the trader community do not run the risk of any counterfeit chargebacks.
Being fungible, Monero allows the owners the liberty of governing their own cryptocurrency without any third party or mediator intervention. Added to that Monero comes with no baggage of pre-set size limits like its competitors of the cryptocurrency market.
Another salient feature emerges with Wrapped Monero wherein advantages of Ethereum ERC-20 tokens are wrapped in Monero. Monero ensures redundant costs are eliminated along with the advantage of the higher speed of transactions. This prized digital currency offers users the advantage of fixed money at no inflationary cost. The decentralized consensus of XMR makes users their own masters of validation. Like blockchain, this digital asset i.e. XMR also does not call for roleplaying of any intermediaries.
One can consider that Monero would be pivotal to the technological advancement of ledger databases for scalability and storage. Also keeping in perspective how XMR shares the logic and database of different devices that collectively run it, it makes the transactions more reliable and efficient.
Monero: The Flourishing Community
Monero can trap fraudulent or spurious transactions by peers wherein a confirmed block is capable of tracing the preceding block. Monero is based on cryptographic methods that are reliant on zero-disclosure evidence and mathematical consistency of the entire blockchain-enabled transaction which is cross-checked without revealing any data or message on the other party involved in the transaction. Hence security obstacles are arrested first. A salient characteristic that stands out in this protocol is that it ensures liquidity and ensures lightning-fast speed of transactions on the network.
Monero exists to fuel hope. It ensures the development of the entire community facilitating progress in the blockchain space. Monero protocol is encouraged at every level on a global footprint to enhance use cases. Backed by a team of experts who are passionate about making Monero a great success beyond boundaries with the empowerment of technology.
Monero is also actively involved in reshaping legislation and compliance to innovative commercial standards challenging the current ecosystem. Team Monero realizes the full potential of blockchain can be harnessed only when the fundamental framework is in place to make this revolutionary technology a dream come true.
As conveyed hereinabove, Monero promotes privacy. Being a highly decentralized project, the Monero community entirely survives on Crowdfunding System (CCS). Through this channel, the platform gets magnanimous contributions as well as a thriving number of members. These members are eager to participate in crowdfunding. The community forum of Monero also has advanced features like brainstorming ideas on this platform that promotes active discussion on Monero. Once approved the developer team pitches the idea and diverts it to raising funds for the community. All ideas and concepts that meet with mass approvals are taken to the next level for further supervision.
The platform also features workgroups created by members sharing their experiences and helping you understand the functionalities better. The members of the Monero core team are catalysts promoting quality interactions making it so successful where it stands tall today. The chatrooms and contact groups help promote Monero as a powerful medium, a medium that makes difference to the lives of people.
The development team also has an independent forum that provides a voice to enhance Monero features called a Research Lab, all improvisations on Monero are the outcome of this feature. Monero space is a project-focused workgroup that hosts events such as Monero Meet. There is also a dedicated feature to trap malware and respond to the same along with customer support that acts for the benefit of users of Monero. The tool has 24×7 round the clock support for the investors.
Movement of Monero: Under the Lens
As with any other digital currency, Monero (XMR) is the subject of absolutely different points of view. Some people like Monero, while others do not favor it much. It is regarded as one of the most debated digital currencies. Some people think the project lacks an approach plan and the controversial PR stunts of its founder. Nevertheless, there are a lot of others who actually believe in Monero (XMR) price prediction.
Currently, XMR price is trading around $130 with an 8% fall over the last 24 hours. The market cap of Monero is $2,306,178,563.78 with 17,824,852 XMR circulating currently. Ever since its inception, the token has been competing hard and strong against its rival cryptocurrencies. Once or twice in the year 2014, Monero (XMR) price had witnessed the highest escalation to $120. But this trend did not last long and the price of Monero fell to $90.03 around November 2018.
After November 2018, XMR price reached around $85.01 but surprisingly pandemic seemed to have no effect on Monero. On the contrary, it showed an altogether different movement. In June 2020, it continued to have an upward swing with Monero cryptocurrency touching a price point of $100.07. The performance of Monero in the year 2019 was quite different from that of 2018 trailing at $90 – $95.05.
However, going by the technical analysis, Monero (XMR) price has shown tremendous potential consistently performing and recovering the lost value. the price of XMR shows a major recovery showing quite a bullish pattern boosted by strong growth despite the adverse market trends. Competing with counterparts like Stellar and Ethereum, Monero cryptocurrency is ranked among the top 10 cryptocurrencies.
XMR, the native token that is traded on various exchanges by millions of users worldwide is yet to position itself in the mainframe of investment-worthy currencies. This crypto asset is yet to gain traction with investors as the market shows uncertainty towards its inherent potential.
Let Us Seek Master’s Opinion: Ask the Expert
Of late Monero has gained traction, purely based on its unique features and attributes that have immense advantages for investors. Trust is the main factor that binds people to a cryptocurrency market, digital asset, and hence is Monero quite appropriately poised on this front.
In order to harness the optimum potential of Monero, experts worldwide and die-hard investors of Monero have advised sticking to this currency mainly for the reasons of price escalation expectation. Unlike the other cryptocurrencies, the price of Monero is not so fluctuating in trend. In fact, it has steadily gained and consistently performed as said before.
There are many crypto experts who opine that Monero, a $2.7 billion cryptocurrency has immense potential and is the best-ever performing cryptocurrency. Let us have a detailed look at the expert analyses:-
Oracle Times: “Monero has attained one of the top 10 positions in cryptocurrencies in 2020 and the performance might be thoroughly maintained.”
Smartereum: “Monero (XMR) might grow threefold in six years, say by 2026, it should have a clear rally around $230 to $238.”
Longforecast: “Irrespective of its adoption, Monero (XMR) will tend to face heat till Jan 2022. Going by predictions that bulls may be back, Monero (XMR) should end up slightly higher, say by 2024 $190.38 at best.”
Crypto Rating: “Being based on a logical algorithm, Monero (XMR) has both short term rally as well as long term potential advantages. The price may reach $200.39 end of January 2021.”
Coinliker: “The future holds bright for Monero. It may not be an overstatement to say it would exceed 5000%, with a price of $130 per Monero. This means a tenfold annual increase each year is an excellent investment asset.”
BraveNewCoin: “Consolidating trends point towards the fact that there is hope for Monero and show it may go on a higher sentiment.”
Reddit Community: “It entirely depends on the competitors’ movement and trade. The number of existing (Monero (XMR)) tokens are seated at $2.78 billion, each Monero price worth $177.10.”
Digital Coin Price: “Monero (XMR) seems to be showing negative syndrome. The bears will push it down like other crypto giants too. It may disappoint its investors sailing barely at $100.12 and that too with difficulty.”
Coinswitch: “A lot of Monero (XMR) projects are moving from concept phase to testing phase and by the end of the year, a good number of projects would have been completed, hence, an all-around bullish prediction of $212.00.”
TradingBeasts: “Monero (XMR), going by what it was in August 2020, sounds highly bullish as it has shown a reliable consistency. By the January 2021 end, it should easily swing around $150 to $200.”
Wallet Investor: “There is a downturn predicted and Monero (XMR) may lose sheen by almost half of current price stooping to as low as $100.14 by the first quarter of 2021.”
Long term technical team: “Monero (XMR) has a promising future. It may get marginally impacted but bulls will be back and around 2024 its price may skyrocket to $210.88.”
Mega Crypto: “Monero (XMR) might reach $192.37 and by 2023 going up to $204.88.”
MONERO: UP ABOVE THE WORLD SO HIGH
Monero (XMR) Price Prediction: 2021-2025
Though XMR had to make a tremendous effort to fork out of its origin and compete long and hard with its rival cryptocurrencies, it is not long that it would outperform during the year 2021. There is a lot to be said as a courtesy Pandemic. Most of the competitors of Monero (XMR) too did not mesmerize the traders either. However, the consistency which Monero has tried to show is in itself a unique feature to debate. Its involvement in various adventurous projects has ensured that Monero price today keeps up the momentum.
The XMR price prediction gain more traction due to its privacy tag. A trait and respect that it attaches to all its investors. Infact privacy is the hallmark of Monero which has been the center point of all activities of XMR gaining worldwide acceptance.
Monero Price Predictions 2021
Last year was a game-changer, not just for Monero (XMR) but for most of the currencies, including cryptocurrencies as well as fiat. World economies somersaulted drastically in light of the Pandemic. The same was the case with Monero price. However, the last year brought a lot of good for Monero. XMR price kept its momentum onward and upward. 2020 might have seen Monero price hovering around the $100 and $200 mark. It is not less than great news, what began with $95-$100 ended with a $120 mark. Hence, it has boosted the market sentiment phenomenon drastically.
Monero (XMR) price prediction since then have started hovering towards optimism than pessimism. Traders and investors have started betting on the long term for the Monero (XMR) price movement tracking it very closely. Hence, the Monero price predictions for this whole year remain quite encouraging stating that the price might jump to about $200 in February and March, and straight to the $250 mark.
Monero Price Predictions 2022
As per the technical analysis, keeping up in tandem with the same bullish trend, there are price predictions that the Monero coin is poised for an upswing even in the next year i.e. 2022. Following the trending pattern of XMR/USD, especially the way, it is trading within the confines of a symmetrical triangle on the hourly chart, it is evident that Monero XMR too shall run parallelly on the same bullish trendlines. Though it is too early to predict whether the price of XMR will break from the peak, what stays clear is there is light at the end of the tunnel for sure. Keeping in perspective the series of sequential peaks and troughs, the cryptocurrency prices only continue to indicate a positive trend among the receding Pandemic scenario touching the $275-300 mark.
Monero Price Prediction 2023
Going by the study of shorter and longer price trends, Monero has been digressing from its path normally every couple of years. So going forward, it is highly likely that the end of 2022 or the year 2023 may not be so great for Monero price for escalation especially with rivals catching up heat or markets playing hide and seek. There is a predicted eventuality of Monero incurring a loss but only meagre, dropping to $200 again. However, this stays as a pessimistic scenario and some experts do not agree with this syndrome.
Monero Price Prediction 2024
Stating that a jaw-dropping possibility does not exist and that bulls will ride the crypto market, it is once again expected that Monero will rule the crypto kingdom with a performance of price pegged at $250. This is equivalent to the same that was predicted at the end of the year 2021 which shows that the price of XMR has full potential to not only sustain but consistently grow even in adverse conditions.
Monero Price Prediction 2025
This year might mark as the benchmark year as the Monero price is predicted to surpass $300 by all means. Mainly because this year no crucial factors like pandemic or recession are expected to shake the roots of world economies and it is expected that most of the damage done would be on road to repair work in all world economies. With mass adoption, the XMR price is estimated to reach around 1397 USD by 2025, a rise like never before.
LIMITLESS MONERO: SUMMING UP
Just because cryptocurrencies like Monero or Bitcoin do not fall under the jurisdiction of any regulatory or central body does not make them in any way trustless. On the contrary, Crypto assets are powerful mainly due to the feature that they are not regulated or for that matter, dependent on any governing body. Hence they don’t come under the purview of any restrictive policies or provisions. Hence XMR fans advocate that his platform is fully dependable, as good as raw cash. If nothing else, people living in not-so-powerful economies at least have the power in their hands- at least they are better off putting their hard-earned money into Monero than a languishing share or bonds.
With regulated world economies moving towards recession, it is proved beyond doubt that digital currencies shall rule the financial kingdom. Most certainly Monero is going to be one of the most crucial kings of this wild. Emerging as an extremely dynamic and vibrant force, Monero is going to be the pick and choice of investors especially because it has stood the test of time, and also investors have found a factor of reliability embedded in this token.
The gradual but steady rise in the price of Monero may not have won it the topmost cryptocurrency award but smart investors have learned to wait and watch for this asset to perform and work wonders on exchange. More importantly, even though the recent performance of Monero has not skyrocketed on the exchange rising to glory, one prominent fact that emerges here is Monero is here to stay, rise, grow in the markets in full bloom.
Frequently Asked Questions
How does Monero gain significance in the market?
Monero has assumed importance because the investors have reposed their confidence in this cryptocurrency. They realize the Monero coin is worth buying. Monero gives a tough competition to its competitors. For that matter, any cryptocurrency would lose value if people stop buying it. The price of XMR is set to increase and for sure Monero would be worth an investment.
Where can I buy Monero?
Monero, being a popular cryptocurrency, is listed on all major exchanges. You can buy Monero from compliant exchanges. You can also start to mine Monero in order to benefit from the block reward. Additionally, you can directly trade Monero for fiat currencies like USD, EUR, GBP, etc, or other cryptocurrencies on many exchanges.
How does Monero ensure privacy compared to other cryptocurrencies?
There are different features that distinguish Monero from other digital assets. For instance, privacy technologies like ring signatures, ring confidential transactions (ringCT), and stealth addresses keep the name address and amount of transaction confidential by hiding it. Since privacy is key to all processes on Monero, you do not have to suspect any kind of privacy issues.
While other cryptocurrencies like Bitcoin work on a completely transparent system wherein your transactions are all visible to other investors, Monero offers this major advantage of keeping the process confidential.
Is Monero 100% anonymous?
There are no guarantees on this account. It all depends on the kind of flaws or viruses that seep in through scamster. All you can do is to safeguard doing your own due diligence.
Can antivirus block my logging into Monero?
Normally antivirus doesn’t. But yes some firewalls and anti-virus do so due to the integrated miner that is used for mining and for block verification. Some software may even remove it thinking Monero to be dangerous. In such a case, either you can add an exception or contact the Monero Community.
Is it true that Monero has a hard fork every 6 months?
It was the practice earlier. Now no more. Going by the verification by the developer community at Monero the protocol is stable and does not need any more hard forks.
How does the Monero team check fraudulent or dubious transactions?
The developer team of Monero has developed a unique system where all transactions are tracked through key images and ensured there is no duplicate key image existing for each and every transaction. Miners are there to make sure there is no double-spend. The value of the outputs is put to encryption so only the recipient has the information.
Does Monero have a block size limit?
No, not at all. The block size of Monero is governed by demand based on which it can increase or decrease.