Monero Improving Privacy As A Coin: How Does It Work?

The latest cryptocurrencies news today show that there are just so many interesting coins out there but one of them is the privacy coin Monero. Many media outlets posted about the topic of Monero improving privacy as a coin but today, we are going in detail about how the coin gets a footing in mainstream commerce and finance.

As the “altcoins” grow in prominence, Monero (XMR) is one of them because it allows users to conceal nearly all details of transactions. This is why XMR is known as a privacy coin and has been used for illegal purposes, too.

Ever since its launch in 2014, Monero has grown to be the 12th biggest cryptocurrency by market capitalization, holding around .
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4 billion in circulation. Now, it ranks on the 14th position and its circulation is a bit lower.

But how is Monero improving privacy as a coin?

Well, every transaction in the network obscures the digital addresses of the senders and receivers as well as the value of the transaction. This offers users near-total anonymity and allows them to instantaneously send digital cash without leaving any clues.

Bitcoin was seen a lot like opaque as the identity of the owners of digital wallets used to send and receive the coin is not public. However, details surfacing give up clues that BTC can be used to pinpoint identities while Monero is protecting the address in a unique way.

More and more criminals want to be paid in Monero and while this is not a good use of the coin, it is showing that XMR has strong privacy features. The Monero news are underlying a trend for criminals to seek alternatives to Bitcoin and Bitcoin proponents say that traditional cash is also widely used for criminal activities.

On top of this, Monero is also used for “cryptojacking” as another method of illicit mining which lets hackers infect computers and steal their power to mine new coins. The developers at Monero agree with this and say that “there is a clear phenomenon of the underground using Monero, and selling malware that will contribute to Monero mining.”

So, the concept of Monero improving privacy as a coin is big but the illegal use of the coin is also growing. Like BTC, Monero is governed by a virtual community of hundreds of developers without a centralized authority. If we want to see changes in the future, a certain crypto regulation must be put to action.