What is Monero cryptocurrency? What will Monero be worth?
Maybe you have heard about Monero, this is one of the cryptocurrencies that is anonymous, it cannot be traced, so many call it a currency for illicit transactions.
Monero cryptocurrency is a secure, private, and untraceable currency system. Monero uses certain of cryptography to ensure all of its transactions are untraceable or anonymity.
For some people, Monero is the preferred currency and is reportedly up to 100% anonymous. However, for the government, this can be used as a means of carrying out prohibited transactions such as in the black market.
At press time, Monero's price (XMR) was $ 129.59, with a market capitalization of over 2 billion, and is currently ranked fifteenth out of all cryptocurrencies on the Coinmaretcap list.
This is an extraordinary growth because in 2017 Monero's price was only around $ 8, this means that it has increased in value by more than 2600% in just two years.
Monero cryptocurrency explained
Based on Wikipedia Monero is an Open-Source code designed based on a cryptographic algorithm created in April 2014 by developer Anonymous, which focuses on Privacy, Decentralization, and Scalability, which can be implemented on Windows, macOS, Linux, Android, and FreeBSD operating systems. Monero has a Ticker name XMR.
Monero is based on Blockchain technology where all transactions will be recorded and validated on Miner devices spread all over the world. So, the Ledger Blockchain security will be safe from all cyber attacks.
The main purpose of creating Monero is to improve the design of the existing cryptography, by making all details, from the sender, recipient, and the number of transactions to Anonymous (untraceable and undetectable), as well as making the legal mining process Egalite.
In its development, Monero focuses more on private security, it aims to make people who want to transact without being noticed by other people, or third parties, with an automatic Peer-to-Peer process.
The egalitarian mining process will make Monero feasible to be distributed as a mining business or a new funding route for startups without having to worry about the dangers of hacking which often worries digital currency users.
Unlike most cryptocurrencies, Monero based its code creation algorithm Proof-of-Work - on the CryptoNote protocol, which is an algorithm that differs significantly in terms of Blockchain-Obfuscation.
By increasing the level of privacy to a higher level, making Monero is Fungible. That is, each currency unit can be replaced by another unit. These units cannot be distinguished specifically from other units, it means that it cannot be traced from where and to whom the coin unit was transacted.
History of Monero
Monero's design is inseparable from its history. The CryptoNote protocol that underlies the creation of Monero, was previously launched by an author with a pseudonym, Nicolas van Saberhagen, in October 2013.
Monero was originally launched by developers who are members of the Bitcointalk community forum and are known only as "thankful_for_today" under the name "BitMonero".
BitMonero is a combination of Bit and Monero (in Esperanto it means "Coin"), so the meaning of BitMonero is the same as BitCoin. Then the name Bitmonero was shortened to Monero.
But in practice, Monero has also experienced a cybercrime incident, in September 2014.
Where there is an Anonymous party exploiting a weakness in the CryptoNote algorithm that allows the creation of two subcategories (signatures) so that the validity of the transaction is no longer recognized. But to fix this then CryptoNote released a patch for the loophole.
Monero's massive growth took place in 2016 when market capitalization and transaction volume increased dramatically with the adoption of the "AlphaBay" Darknet Market.
Because it was deemed an illegal marketplace AlphaBay was closed and the owner was jailed by law enforcement in July 2017.
On January 10, 2017, Monero's transaction privacy was further strengthened by the implementation of the tighter and improved "Bitcoin Core Gregory Maxwell", "Confidential Transactions" and "Ring References" algorithms.
How does Monero work
Monero is very concerned about anonymity, even though other people know your public address, they cannot track the amount of your money.
This is one of the differences between Bitcoin and others, if you send money to someone else's public address, it will send one time to a randomly generated public address.
As a result, there was no mention of the public record that the funds had been received to the recipient's public address.
Whereas the funds you send are also not associated with your public address either in public records, so it is completely anonymous.
All transactions that have been carried out on public records will not indicate that the funds came from the sender's public address.
It also won't indicate that the funds were sent to the recipient's public address.
Specifically, your public address will never appear on public transaction records.
Whereas 'hidden addresses' are recorded in such a way that only the sender and recipient, can recognize incoming funds.
To check funds, the recipient has to scan the Monero blockchain to check if any transactions are intended for it.
For this, the recipient has a secret key to check each transaction and to check whether the money transfer was addressed to them.
In this case, only the recipient will be able to know the funds have been sent to them, as only he or she has the secret key.
Therefore when you open a Monero wallet it will scan the blockchain to check if there are any transactions with them.
You can give the secret key to other people so they can find out the transactions that are intended for them. However, they can only view transactions and do not make transactions on your behalf.
Where to Buy Monero
Maybe after you know about Monero, then you are interested in using or buying it, whether for money transfer or trading purposes, maybe even want a long-term investment.
The problem is where to buy Monero? Don't worry because there are several marketplaces where you can buy Monero or XMR.
Changelly is a well-known crypto exchange, you can buy XMR Monero through their platform. Before making a purchase, you need to prepare your Monero address as the place where you will receive it.
Next, you have to buy other cryptocurrencies such as Bitcoin because the XMR platform is not paired with a fiat currency, so you have to get Bitcoin first. After that, you can buy Monero with a certain amount of BTC which is automatically converted into the XMR token.
The way to buy it is to first select the cryptocurrency that will be used to buy, and the token to buy, then click exchange now.
After that, a new page will appear and you must fill in the Monero wallet which is the address for your funds to be sent.
Follow the instructions that appear and you will easily procure Monero to be saved in your Monero address.
Although ChangenNOW is not as popular as Changelly, you can buy Monero without having to register an account, so this is perfect for those of you who really want to buy Monero anonymously.
The way to get Monero is also very easy, you only need to open the ChaneNow site and select the main coin.
You can use Bitcoin to buy XMR. Like buying Monero through Changelly, you need to have a Monero wallet address, and if you don't have one, you will need to create a Monero wallet first.
After confirming your order, you will get a Bitcoin address where you have to send an amount of Bitcoin to that address to get Monero.
The Binance platform is one of the largest crypto exchanges, you can buy Monero via the Binance platform. However, before making a purchase, you must first register for a Binance account. If you are already a member, the next step you need to deposit a certain amount of Bitcoin to get Monero.
Binance is a crypto-to-crypto exchange, but you can also use USDT which is supported by the Binance platform. But to buy Monero there are two pair options XMR BTC and XMR/ETH.
The Huobi platform is also one of the well-known marketplaces, to buy Monero here using the traded pair, namely XMR/BTC, XMR/ETH.
The Binance platform is very well known and undoubtedly has seen an increase in users across the globe.
However, to register for a Huobi account you must verify your account with KYC rules. Send documents that are needed by the community so that social justice is achieved for all the people united.
Bitfinex is one of the largest and most popular cryptocurrency exchanges offering many popular coins to buy/sell.
Based in Hong Kong and operating since 2014. Traders can trade in USD, EUR, ETH, or BTC.
The following are supported pairs on the Bitfinex exchange for Monero:
XMR / BTC
XMR / USD
On this platform, the user can choose the pair that will be enforced.
Gate.io is a marketplace that has active customers, there are various kinds of partners in which it is causing more difficulties because the existence of laws is seen as a strategic location to help soldiers around the world
Is Monero a good investment?
The cryptocurrency Monero is a unique coin with several advantages and its increasing fame is enough proof that it is indeed a good investment.
Monero is the only digital asset that provides complete anonymity.
Even the total amount stated in your wallet is not published. This is a huge advantage as if the thief can't even see how many accounts hold funds, then how can he steal?
Another thing that is kept secret is the amount transferred. So, there's no way to know how much someone sent another person.
One of the best features of this coin is its CryptoNight algorithm which makes it different from Bitcoin. In Monero mining, ASIC is not involved, only CPU and GPU, thus making it a fair test and allowing decentralization.
Its fullness of interchangeability makes it an ideal cryptocurrency.
Monero's demands are also quite large due to its untraceable features. Some of the thieves have used weapons to campaign their arrest.
Monero price prediction
Monero is not free from the eye of cryptocurrency enthusiasts, many are optimistic that the future of this token can provide good returns. I have summarized several forecasting sites that predict future Monero prices. Check out the review below.
Money morning XMR price prediction
In a report published today by Money Morning predicting that Monero will increase by around 7,717% in 2021. The lowest price is estimated at $ 300 with a 369% gain jump.
From the prediction, it can be concluded that they have high optimism with the hope that in 2021 the price of Monero will rise so that the profit will larger.
Gov Capital XMR price prediction
Then the Gov Capital prediction which is reported at this time reveals the possibility that the price in the next year could reach $ 174,804264 while the forecast for the next five years reaches $ 947,164.
Simply put, the conclusion from the prediction Gov Capital is optimistic that will be built in the future development of Monero.
Wallet investor XMR price prediction
Quite contrary to the prediction from Gov Capital, that Wallet investor also predicts the price of Monero to reach as low as $ 109, with a current price of $ 121 on rating site Coinmarketcap.
So if we refer to predictive analysis from wallets, investors have succeeded in making predictions that the pessimism of XMR prices can decline even further.
Long forecast XMR price prediction
Long Forecast is a forecasting website agency that provides support to businesses in predicting the possibility of Monaro becoming a digital wallet in the future.
According to the Long forecast, it is estimated that XMR will reach $ 178 in December 2021, then in December 2022, it can reach. $ 133, the 2023 XMR forecast is expected to reach $ 89, and in 2024 the price will rise again.reached $247.
Tradingbeast XMR price prediction
Tradingbeast is also one of the agencies that always predicts various cryptos, in the hope that XMR in early January 2021 will reach s $ 104,694., This is expected to fall, but by December 2021 to reach $ 143,165, the price is expected to rise again. While the forecast for December 2022 is expected to price XMR to reach $ 166,765, the prediction for December 2023 is expected to reach $ 196,288.
Based on the prediction from Tradingbeast, it is estimated that the price of Monero's trend will bearish, so some are reluctant to buy Monero.
XMR short term-price analysis 17 October 2020
After several days of price movements in the daily range, today a bears candle with a BB line is forming, implying that the bullish trend is dominating on a long swing.
Today's price is $ 122,190 down by -6.22%, but structurally, the bullish trend is still possible.
Chart by Tradingview.
From the image above, we can see that the trend tends to go up, with the BB line pointing upwards, while MACD also gives a bullish indication, from the signal line and MACD line and the histogram which confirms it. However, the RSI gives a value of 62 which means it is in the overbought zone so that it is possible to reject the trend continuation.
Going to the 1H timeframe, the RSI indicator is in the oversold zone, which means that it allows buy signals to appear again, but watching BB widen indicates high volatility, but paying attention to the candlestick pattern has appeared Doji candle indicates a weakening downtrend.
Monero because of its anonymity deserves attention as a good future asset, although it is often used for payments on the black market because it is anonymous, on the plus side it makes users more comfortable transacting because no one else knows about it.
With the ever-increasing demand, Monero may give someone wealth if the price goes up always.