Today we’re going to talk about Monero, one of the leading names in private transactions. When someone says “anonymous,” most people think “Monero.” And our research team at Crypto Briefing has dared to take a closer look at this privacy coin. Let’s see if Monero’s privacy is worth the price.
Now let’s get down with business. You might think all crypto is anonymous, but it’s really not. Anyone with enough resources could figure out who’s behind each Bitcoin address, making it easy to figure out how much you’ve got. But Monero has enhanced privacy to protect its users: it uses cryptography to hide the sender, receiver, and size of each transaction. That means no one can tell how much you’re sending, or to whom. Is that privacy as good as it sounds?
Crypto Briefing’s professional analysts took a close look at at the XMR protocol in our latest DARE report. This institutional quality analysis is available for free on Crypto Briefing’s website.
The experts found that Monero has significant advantages–as well as disadvantages. On the plus side, all Monero transactions are private by default–which supporters say, improves the privacy for everyone. But in order to hide transactions, the blockchain has to hold a lot of other information–and that information can grow very fast. Scalability could be a big problem for the XMR protocol, and our analysts aren’t sure that it’s ready for wide adoption. Some developers are working on improving the protocol, but until then Monero definitely has room to improve.
The fundamentals are reflecting perfectly on Monero’s price action.
XMR Technical Analysis
Versus Bitcoin, the token’s price has just been chilling below the daily Ichimoku Cloud, bouncing up and down in what appears to be a descending triangle. In the past, Monero’s price has continued to drop lower once it found its way out of the triangle. The problem this time around is that the support is right at the all-time-low level so another bearish sentiment could create new lows for XMR.
Now I’d like to hear from you and your thoughts on privacy coins, and Monero in particular. Once you’ve used the red button below to subscribe to our Video Briefings, head over to the comment section and let me know if you’ think Monero has got what it takes to remain the leading privacy coin, and whether this category, in general, can make it in the crypto world.
Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.