Monero ($XMR) is a viable asset to store value in during wild downward swings.  Covered: Monero vs. The Feds XMR Growth  Asset to Store Value We have all heard the risk of privacy coins, especially Monero. Even today, the delistings come for this “OG” crypto asset. In November, Kraken decided they will delist Monero for […] The post Monero: One Of The Most Underrated Crypto Assets appeared first on CryptosRus.

Monero: One Of The Most Underrated Crypto Assets

Monero ($XMR) is a viable asset to store value in during wild downward swings. 

Covered:

  • Monero vs. The Feds
  • XMR Growth 
  • Asset to Store Value

We have all heard the risk of privacy coins, especially Monero. Even today, the delistings come for this “OG” crypto asset. In November, Kraken decided they will delist Monero for European customers. And while it is important to have sufficient liquidity for price discovery when an asset is moving up, Monero is essentially bulletproof to any delistings.

Bulletproof

As we have seen since the inception of Monero, Federal authorities have tried everything in their power to gain control and insight into Monero transactions. The IRS put out a $625,000 bounty in November of 2020 for anyone who could crack Monero. Chainalysis claims they did, but that is false.

As Monero’s lead developer Riccardo Spagni has said about other claimed “attacks” on Monero, like the Sybil attack in 2020, these attacks always amount to, at most, a “best guess heuristic.” Never has anyone been able to demonstrably prove a link between a node and a transaction on Monero, despite herculean efforts.

This is because, on Monero, transactions bounce off several individual nodes before one of them spreads it across the network. This means that nodes could potentially see IPs, but it doesn’t matter because it’s impossible to know which IP was behind the transactions.

Nevertheless, all of this could be mitigated by running your own Monero node, which most users do. Sounds burdensome? Monero makes it very easy, (see here) and when running your own node, you are directly participating in a peer-to-peer open, yet bulletproof monetary network.

Monero has its own codebase and uses highly advanced technology that was supposed to be used in Bitcoin, such as Ring CTs. Some of the top cryptographers in the world have been working on Monero, and they have a highly engaged and dedicated cypherpunk community.

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Growth

The on-chain data for Monero is very bullish as well. Transaction growth on Monero has exploded over the years. While the numbers may seem ‘lower’ compared to the fast L1s we have become used to, keep in mind that Monero is much like Bitcoin in the sense that the decentralization and open network are designed on purpose to prevent thousands of TPS.

credit: xmr explorer

Many have said that “Monero is what Bitcoin noobs thought they bought.” As Motley Fool opined in November, Monero is arguably better than Bitcoin in every way. This is not a knock on Bitcoin, but simply to highlight just how underrated Monero really is. Another good sign is that hashrate is constantly increasing, developments and upgrades are constant, and Thorchain is integrating Monero which could be huge for the network.

Conclusion

One of the main reasons Monero is underrated is highlighted by a massive development from the Biden administration. A new reporting requirement requires that Venmo, PayPal, and Cash App will now have to report transactions totaling more than $600 to the IRS. This means that the adoption of assets like Monero is set to skyrocket in the face of this.

Much like Bitcoin, Monero functions as an asset to store value like Gold. Yet unlike Bitcoin, is fungible, like money. Unlike utility coins, gas tokens, and governance tokens, Monero (XMR) has the “hard money” value that Bitcoin does. Because of course, to use Monero you must hold XMR.

As one analyst said, the “killer app for Monero is money.” Moreover, as seen below, the inflation rate makes $XMR more deflationary than Bitcoin while maintaining the incentive to mine the coin and produce blocks by what they have dubbed “tail emission.”

monero v bitcoin inflation

The best part of this bull theses for Monero is the fact that you can mine with merely a multi-core CPU. Monero’s constant tweaks to their proof-of-work make it unprofitable to mine with a GPU and impossible to mine with ASIC chips.

As Satoshi said in the Bitcoin whitepaper, “one CPU, one vote.”

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