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Monero (XMR) is currently trading at a price of $146.39, recording a 1.39% uptick over the past 24 hours. While it is notably being battered by the crypto winter as much as other cryptocurrencies, the tapering Fear, Uncertaintyand Doubt (FUD) surrounding the coin as a privacy coin has helped its recovery in recent times.
Its recovery becomes even more pronounced when its growth is placed side by side with other privacy tokens, including but not limited to Dash (DASH)and Zcash (ZEC). According to data from CoinGecko, at current prices, Monero has lost just about 30% of its price value over the past year.
In contrast, Dash is down by 68.2% year-over-year and is currently changing hands at $43.38, while Zcash comes off as the most battered privacy coin in the pack with a slump of 74.7% over the same time span to $38.06.
Monero as a flagship privacy coin has not only maintained its relevance in price, but it is by far the most transacted of all the privacy coins under review. With an active contributor community, the Monero project is being fronted as one with the potential to revolutionize the decentralized payment ecosystem.
Monero and regulation
The entire fundamentals surrounding cryptocurrencies are hinged on pseudo-anonymity that makes parts of transactions obscure to the public. In the case of Monero, the transactions are completely anonymous, pitching it against regulators who believe it is a secure conduit for the movement of illicit funds.
Regulatory actions to ban privacy coins once caused a lot of fright in the industry;however, the high-profile implosions of companies in the crypto ecosystem this year have derailed the push in this regard. At the moment, Monero and other privacy coins still maintain a robust price action from time to time, and with growing accessibility, the coin is bound to increase its relevance over time.
FAQs
Monero. Monero (XMR) is the undisputed king of privacy-focused cryptocurrencies. Launched in 2014, it has established itself as the most private, secure and untraceable digital currency available.
Why is Monero more private? ›
Monero uses a feature called ring signatures, which obscure the sources of funds so that they are virtually untraceable to the parties involved in the transfer. The ring signature ensures that every Monero transaction between two parties is grouped with multiple transactions that occur among other unrelated parties.
How does Monero protect privacy? ›
Monero uses three different privacy technologies: ring signatures, ring confidential transactions (RingCT), and stealth addresses. These hide the sender, amount, and receiver in the transaction, respectively.
What is the future of privacy coins? ›
Future of Privacy Coins
Developers continue to improve the technology to provide even higher levels of privacy and security. Innovations such as introducing more advanced Zero-Knowledge Proofs and other cryptographic methods can make anonymous coins more secure and accessible to many users.
Is Monero 100% untraceable? ›
Key Points. Monero (XMR) is a secure, private and untraceable cryptocurrency known for its strong focus on privacy and anonymity. Transactions on the Monero (XMR) blockchain are confidential and cannot be traced, ensuring the privacy of its users.
Is Zcash or Monero better for privacy? ›
Monero is the most popular privacy crypto, followed by ZCash and Dash.
Why is Monero unpopular? ›
The attribution of Monero to illicit markets has influenced some exchanges to forgo listing it. This has made it more difficult for users to exchange Monero for fiat currencies or other cryptocurrencies. Exchanges in South Korea and Australia have delisted Monero and other privacy coins due to regulatory pressure.
Why is Monero banned? ›
Due to its enhanced anonymity, Monero is banned in some countries, which do so over concerns about illicit activities.
Is Monero blacklisted? ›
Because every transaction is private, Monero cannot be traced. This makes it a true, fungible currency. Merchants and individuals accepting Monero do not need to worry about blacklisted or tainted coins.
Can Monero be traced? ›
Is Monero Traceable by Law Enforcement or Hackers? Monero, a privacy-focused cryptocurrency, is designed to be untraceable, making it difficult for law enforcement or hackers to track transactions.
Monero, a leading privacy-focused cryptocurrency, emerged in 2014. It's lauded for its advanced privacy features that go beyond the standard offerings of most digital currencies. Ring Signatures, Stealth Addresses, and Ring Confidential Transactions (RingCT) are pivotal components in Monero's privacy-centric design.
Why do hackers use Monero? ›
Privacy. On the Bitcoin blockchain, there's an element of transparency. It is possible to see what wallet addresses were involved in a transaction, how many Bitcoins were involved, where the money came from, and where it's going. The Monero blockchain hides virtually all transaction details.
What is the best privacy coin? ›
Top 10 Privacy Coins
- Decred (DCR)
- Oasis Network (ROSE)
- Horizen (ZEN)
- Secret (SCRT)
- Keep Network (KEEP)
- iExec (RLC)
- Status (SNT)
- Pirate Chain (ARRR)
However, detractors believe that privacy coins enable illicit operations like tax evasion, money laundering, and financing of terrorism. Because they offer anonymity, it is challenging for authorities to follow illegal transactions, which might compromise efforts to combat financial crime.
Which coin is not traceable? ›
Unlike traditional cryptocurrencies, Monero uses ring signatures, stealth addresses, and confidential transactions to obfuscate the sender, recipient, and transaction amount. This means that transactions made with Monero are virtually untraceable, making it difficult for anyone to uncover your financial activities.
Which is the best privacy coin? ›
Top Privacy Coins Today By Market Cap
| # | Name | 24H |
|---|
| 1 | Monero ( XMR ) | -0.57% |
| 2 | Zcash ( ZEC ) | +1.28% |
| 3 | Oasis Network ( ROSE ) | -0.39% |
| 4 | Beldex ( BDX ) | -2.51% |
39 more rowsPrivacy coins
| Privacy coins | Price | Market cap |
|---|
| 1 Monero XMR | $ 166.59 $ 3.07B | $ 3.07 billion |
| 2 Zcash ZEC | $ 30.40 $ 496.46M | $ 496.46 million |
| 3 BELDEX BDX | $ 0.0540 $ 361M | $ 361 million |
| 4 Dash DASH | $ 23.96 $ 286.20M | $ 286.20 million |
48 more rowsYes, Monero mining can still be profitable in 2024, but profitability depends on various factors such as electricity costs, mining equipment efficiency, and market conditions. Monero mining emphasizes decentralization and privacy.
Is Monero a dead coin? ›
The King of Privacy is Dead, Long Live the King
Binance, the world's largest cryptocurrency exchange, recently announced the delisting of Monero (and several other privacy coins), a decision that led to a sharp downturn in the market value of XMR – the token of the Monero project – to a 20-month low.
