Tuesday, August 20, 2019

Monero – the Drug Dealer’s Choice of Cryptocurrency

According to their website, Monero is a secure, private and untraceable currency system. It employs specialized cryptography to make sure that all transactions remain 100% unlinkable and untraceable. In this day and age where transparency is difficult to find, something like Monero is going to be heavily sought after.

In July of 2012, a cryptocurrency by the name of Bytecoin was launched. It was the first ever implementation of the application layer protocol called Cryptonote which provides the basis for various digital currencies. It’s similar to the application layer that runs Bitcoin but has some differences from the Bitcoin system.

Bytecoin showed a lot of promising signs in its initial stages but it turned out that 80% of the coins were already published. Suspicious activity like that led to the forking of its blockchain in which a derivative that went by the name of BitMonero formed which was eventually renamed to just Monero which translates to ‘coin’ in Esperanto. A new block will be added to this new blockchain every two minutes.
All Monero transactions are entirely under the control of the person who owns it and since you own it, you are the only person who will be able to know what you’re spending your Moneros on. It also has the property of being ‘fungible’. The best way to describe fungibility is to compare it to your average $10 bill. If you borrow $10 from someone, you can return him a totally different $10 dollar bill. It would mean the same thing. This is something not possible with Bitcoin.

Monero is ASIC resistant. That doesn’t mean Monero is ASIC-proof. It only means that constructing ASICs that are able to handle Monero mining would be so expensive that it would be useless to make such an investment. It uses the hashing algorithm called CryptoNight which renders using ASICs more or less useless and thus it evens the playing field and the currency distribution would be more even.
Since Bitcoin transactions are all logged onto a public ledger, everyone can see every transaction ever made. That means if you used Bitcoins for something a little questionable from a legal perspective (Like drugs), that Bitcoin will forever become tainted. Since Monero is completely private, nobody knows what kind of transactions a Monero has gone through before it ends up in your hands.

Related Article:  Mike Novogratz Says 2018 Has Been A "Challenging" Year

2016 was known as the best year for cryptocurrencies. Bitcoin doubled in its value, Ethereum saw a remarkable 10 times in its previous value but by far the best performing cryptocurrency was Monero. This crypto currency increased in value from a meager 50 cents to a mind boggling $12. That’s roughly a 27-fold increase in value.

Monero has 7 core team members, the majority of which are completely anonymous except for two: Riccardo Spagni and Fransisco Cabanas. All these features of Monero and its unprecedented growth in just 2016 have made it particularly popular among the dark web black market. About the popularity of Monero in the Dark web community and the authenticity of Monero’s anonymity, Spagni is quoted as saying, “That uptick among people who really need to be private is interesting. If it’s good enough for a drug dealer, it’s good enough for everyone else.”

Can’t argue with that logic.

More Articles

I Want To Mine Bitcoins, Where Do I Start?

The success of bitcoins and other cryptocurrencies during the last couple of years has meant that we have a lot of new investors taking...

Bloomberg Generates Annual Income of $10 Billion for the...

Bloomberg, a U.S. based financial data and information company, has generated annual revenue of $10 billion for the first time. As a result, some...

Chinese Cybersecurity Firm Detects Vulnerability on EOS Platform

A vulnerability has been discovered on EOS, a platform that is used to create and launch decentralized (dApps), which attackers could easily take advantage...

Russian Bank Issues International Bank Guarantee Using Blockchain Technology

A Bank in Russia, Raiffeisen Bank International partnered with three other corporate organizations. In their partnership, they were able to issue an international bank guarantee...

Mastercard to Simplify B2B Transactions with Blockchain, Files New...

Coinbase Added $300 Million To Its Value; Now It’s...

Coinbase added $300 million to its value yesterday through the Series E round of financing that was a complete success. With this new investment, Coinbase...

With Paytomat, Merchants Can Accept 18 Cryptocurrencies In Their...

One of the firms advancing the gospel of cryptocurrency adoption and usage is paytomat. It offers Merchants easy means to start accepting...

Facebook Shows More Interest in Blockchain, Buys its First...

Facebook is getting more serious with the blockchain industry and its most recent acquisition backs that up. The social media company reportedly hired a...

Blockchain for Shipping; Europe’s Largest Port Collaborates with Samsung...

In order record a successful trial of the blockchain technology in the shipping sector, a press statement from Samsung on Monday, October 22, 2018...

Crypto Giant Circle’s UDSC Dollar Reserves Confirmed by Independent...

Circle has revealed that it hired Grant Thornton LLP, an accounting company, to confirm its claim that each and every unit of its USDC...

Former Goldman Sachs Partner Says Bitcoin is Going to...

Mike Novogratz, a former Goldman Sachs partner and founder of Galaxy Digital in an interview with Bloomberg TV on February 13 stated that Bitcoin will...

Lawyer Accuses Greek Supreme Court of Violating Bitcoin Launderer’s...

The notorious case of Alexander Vinnick, popularly called ‘Mr. Bitcoin,’ continues to drag on after a year, and his lawyer has freshly accused the...

Latest Articles

Why Some Financial Bubbles Are Necessary Economic Disasters

The history of the worldwide economy is punctuated by financial bubbles. They happen more often than we think.  Fortunly’s infographic below provides a comprehensive...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...