In recent years, alot of cryptocurrencies have come about. Most of us usually buy or transact in currencies such as BTC or ETH, but there is one currency that aimed to do something else. A currency that wanted to make cryptocurrency 100% anonymous. Monero. You might argue that cryptocurrencies are already anonymous. Well, to some extent, you are right. But one problem that has risen from using cryptocurrencies is the fact that our address is our identity. The blockchain is a public ledger, where anyone can view your transactions, whether it be when you sent it, how much you sent, or who you sent it to. This information completely invalidates the argument that all cryptocurrencies are anonymous. So what does Monero do? In simple terms, Monero is a privacy oriented blockchain, where all transactions in the public ledger are 'disguised', making it impossible to find the real identity of the owner of an address. Monero uses the concept of Ring addresses, where each transaction is signed using multiple keys in order to make it impossible to determine who actually signed it. Such an approach allows people to freely transact and use their money without being traced. What is the advantage of privacy tokens if you have nothing to hide? Aren't such tokens only required by criminals planning to commit crimes and hide their tracks? Not really. Let me explain. Lets say your friend, who gambles frequently at a cryptocurrency casino sends you some of his Bitcoins. In the future, an exchange or service might decide to blacklist ALL tokens coming from cryptocurrency casinos. In that case, the Bitcoin your friend sent you would be worthless, as you may not be able to send it to exchanges to trade or convert to fiat. This feature of Monero is known as fungibility, where one token can be substituted for a different token of Monero, while maintaining the same value. Although we may use Monero in our day to day lives to send money or just trade it on exchanges for profit, not all people use it for good purposes. Dark markets have seen increased volume of purchases of guns, drugs and such illegal items using privacy tokens like Monero. In the end, it all comes down to how we use the technology that we have access to. Monero could power a future of payments without censorship, or it could be banned by governments for it's use in fraud and crime. The world of cryptocurrencies is like a glass half empty of half full. You may look at it however you please.
Monero The Most Overlooked Cryptocurrency.
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