Monero is an open-source crypto currency and recommended to people who seek an ideal cryptocurrency investment option at this time. This cryptocurrency is created in April 2014 and focusing on scalability, decentralisation, and privacy. This successful cryptocurrency is based on the protocol namely CryptoNote and has significant algorithmic differences associated with blockchain obfuscation.
The overall transaction volume and market capitalisation growth of this crypto currency nowadays increased and adopted in the major darknet market AlphaBay in 2016. The following details assist you to find out the most important reasons behind the ever-increasing investments in the Monero worldwide.
Untraceable, secure and private currency
Monero is the best option at this time and recommended to everyone who seeks the most excellent cryptocurrency investment option. People who own this cryptocurrency are responsible for their funds and act as own bank. They get 100% privacy of their accounts and transactions. They get this open source and freely available digital currency as per their requirements on investment. They use and recommend monero to everyone because of the following reasons.
The overall power of distributed consensus plays a significant role in a stable nature of the Monero. You do not have to trust any entity to keep your money safe while investing in this cryptocurrency and you are the responsibility for your money.
The most sophisticated privacy-centric technology of this cryptocurrency makes it private on a regular basis. You will get every benefit of the blockchain without any need to deal with the privacy trade-offs.
An untraceable characteristic of the Monero encourages many people worldwide to choose and invest in this cryptocurrency. The on-by-default nature of privacy technologies makes this cryptocurrency fungible. There is no possibility for Monero blacklisted by vendors and exchanges, and the Monero is fungible, and one Monero is equal to another.
Monero Vs Bitcoin
Anonymous payments and cryptocurrency to be on Stock Exchange make Monero different from Bitcoin. Monero has ever-increasing chances to serve the cryptocurrency market and continue for enhancing this market in every possible way. The overall high interest and effort of the community behind the development of Monero make it attractive an excellent long-term investment option.
Investors in Monero can see their balance on the blockchain due to ring signatures. However, this facility is not possible in bitcoins. The overall transactions of Monero are larger than Bitcoin. The block size limit in this cryptocurrency depends on the demand in previous blocks. No block size of Monero satisfies investors who seek how to handle a large number of transactions per second as efficient as possible.
Less attack surface and number of attack vectors
Legal entities and benevolent dictators affect the overall development of cryptocurrencies and several elements like decentralisation, privacy, and security of such cryptocurrencies. As compared to investing in other cryptocurrency types such as bitcoin, you can confidently invest in the Monero hereafter due to its anonymous nature. The human factor in this cryptocurrency significantly minimised regardless of its challenges.
Community funded and developed cryptocurrency
Government is unable to control Monero related faith due to its funding and developing elements by a community. There are more than 30 core developers of Monero worldwide who get help from hundreds of contributors.
Self-funded nature of Monero development to a certain extent plays a leading role behind the eagerness of anyone with technical expertise for proposing a feature at no cost and claims the bounty by any development team.
Monero is anonymous by default. This cryptocurrency transaction automatically uses a combination of private transactions namely Ring CT and Pedersen commitment along with stealth addresses for the maximum fungibility and privacy.