Cryptocurrencies have taken off like wildfire across the globe in recent years, with big banks, corporations, and even governments all making the jump to accept digital currencies as a mainstream form of payment. But as these governments continue to try and outpace the popularity of decentralized currency and Defi, the whole point of the game starts to become less clear. How can we call a cryptocurrency “decentralized” if it’s being monitored by a centralized power?
Luckily, there are a few cryptocurrencies left that have not bowed down to corporations and central authorities. Monero (XMR)is one of the leading cryptocurrencies in the world, and it boasts a reputation for being the most privacy and safety-oriented digital currency on the market.
What is Monero?
Launched in April 2014, by Nicolas van Saberhagen, Monero was created with privacy and security in mind. It’s an open-source cryptocurrency and is the result of a fork of the Bytecoin cryptocurrency, which is based upon the CryptoNote algorithm.
Privacy and security are on the top of the list when it comes to people’s growing concerns for the future. According to a recent report made by Statistica, “Overall, over 90 percent of global online users had at least one significant concern about data privacy”. This means that the need for a private, secure, and virtually untraceable cryptocurrency is more present than ever before.
So why do people care so much about their privacy?
Our personal data carries a lot of weight, and if it got into the wrong hands, the damage to our lives could be irreversible. What you do with your money can be traced back to many aspects of our personal lives, like where we live and work, where our personal relationships lay, and what we do with our time. If an outside entity had the knowledge and therefore influence over all of these parts of our lives, they would have complete power. Privacy is how we put a limit to that power.
What makes Monero so secure?
With Monero, the contents of wallets, the number of transactions made, and the addresses of the senders and recipients of coins, are not made public. This is made possible thanks to a method called Ring Confidential Transactions (RCT) which is an evolution of the “Ring signatures”.
These ring signatures work by using a combination of a person’s account keys and a number of public keys (also known as outputs) pulled from the blockchain in a triangular distribution method. With enough time, past outputs have the possibility of being used multiple times, ultimately forming possible signers, and in a “ring” of possible signers, each ring member is equal and valid. This makes it impossible for an outside observer to distinguish which of the possible signers in a signature group belongs to you and your account.
The future value of Monero is set to continue to grow, as it provides solutions to the problems that users see as threats to their freedom. Although no one can predict the future, this characteristic sets Monero apart from the others and almost guarantees its long-term success.
Where you can buy and trade XMR coins
There are tons of cryptocurrency exchanges out there for you to choose from today, but not all of them offer the same level of service. Evonax, is a “non-custodial instant cryptocurrency exchange, which means that no users’ funds are placing in the service.” It’s a platform that acts as an intermediary between cryptocurrencies and their users. you can trade in a number of different cryptocurrencies for XMR using their fast and easy Monero exchange. With nearly 200 great reviews on trust pilot, Evonax is a great option for anyone looking to get started investing in Monero. Or if you’re looking to sell your Monero coins, Exvonax is the way to, as it’s incredibly quick, and like Monero, it values its user’s privacy. No account or signup required for using their exchange! According to their website, “Evonax offers an intuitive interface with high security and no KYC process. We believe anonymity is every person’s right and we value your privacy.”
Investing for financial gain and investing in the future doesn’t necessarily have to be two different things. By using buying, trading, or selling Monero from privacy-oriented exchanges like Evonax.com, you can set yourself up for financial success while simultaneously taking a stand for your digital privacy rights. This is what the loyal fan base and users of Monero have come to discover, and they won’t be going anywhere, anytime soon.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.