Is privacy-driven Monero worth investing in? – Explica .co

Monero XMR / USD offers you as a merchant the ability to hide the origin of transactions, as well as your identity as a sender or receiver.

The interesting part about Monero recently is the fact that many websites that accept cryptocurrency payments will offer consumers a discount when paying with XRM. According to Cryptwerk, as of June, there are 988 merchants accepting Monero as a payment method. This, in turn, has boosted the currency’s appeal, which has raised its price as a result.

Monero’s volatility represents a buying opportunity

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Monero started 2021 at $ 161 and rose to $ 273 in mid-February. The jump in early 2021 was attributed to the Farcaster working group that focused its efforts on the Farcaster RFC, a project funded by the Monero community through the Community Crowdfunding System (CCS).

The momentum was sustained until May when it tested the $ 500 level, but as the cryptocurrency market as a whole fell out of favor, the price of Monero fell below the $ 200 level in mid-May.

Encouragingly, Monero rallied as investors appreciated a short-term catalyst. Specifically, the Australia-based COMIT Network announced in late May that reliable atomic exchanges between Monero and Bitcoin BTC / USD are active on its Mainnet.

The news helped get Monero back above the $ 275 level and signaled that the bears are no longer in full control of XMR.

Invest in privacy

When we look at the on-chain data statistics made by the Monero network, we can see that from April 2020 to 2021 transactions increased from 10,000tx per day to almost 23,000tx per day.

Additionally, we saw a total of 5,868,096 transactions, which translates to approximately 16,000 transactions per day.

Even though Monero has dropped from $ 487 to $ 281, its transactions have more than doubled in the span of a year. In fact, a year ago, on May 7, its value was at the $ 64 mark, which shows how much the coin has grown in the span of a year despite the volatility in Monero and the crypto market in general.

Given the fact that more and more governments and surveillance companies are digging their fingers into monitoring cryptocurrency transactions, there is no doubt that sometime in the future, hopefully by the end of 2021, we can see the value of Privacy coins like Monero at least retest their previous highs near $ 500.

Simply put, Monero is trading at a roughly 40% discount to the $ 500 level, making it a good investment for anyone who can tolerate short-term volatility and keep Monero a longer investment. term.

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