Monero is the fifth very popular Proof of Work (POW) cryptocurrency after BTC, ETH, DOGE, and LTC; however, it is not listed on major cryptocurrency exchanges. Believers of Monero like John Foss state that Monero is eating Bitcoin’s lunch. Noteworthy. the numbers of Monero transactions are higher than ever. Statistically, the total number of Monero’s transactions are increasing. More numbers of people are looking to transact using XMR instead of BTC.
To the question of whether other privacy coins are being used today? John Foss points to how it is not being used widely. He states Monero vastly makes up for the total number of private crypto transactions, with over 98% of volume.
Thus, deriving the statement that Monero is the top privacy coin by market cap, with Zcash having a market cap less than half of Monero’s.
Reportedly, XMR is hailed to be one of the few coins which is still at the top end on the coinmarketcap. Foss states that thousands of crypto coins/assets have come/gone from the top 50 on CMC, so to remain there after 6yrs+ is evidence of Monero’s fundamental value.
John Foss also states, after getting outpaced by a lot of the DeFi hype during last year’s bull run, Monero has begun to move back up the overall coinmarketcap rankings which is somewhat impressive given the bear market, indicating people fundamentally value XMR.
John Foss Statements: Coincards, a service since 2014 permits users to spend crypto on gift cards and provides a monthly overview of crypto being used (by % $ volume). Monero was again the most used in the USA in June 2022 with 51% of volume, and the second most used worldwide with 28% XMR.
Monero also appears to be taking over the Darknet Markets. The major DNMs do not accept BTC and now only accept XMR only for transactions. For example, the re-launched Alphabay website is Monero only according to the Darknet One website.
On the major DNM forum (similar which is to Reddit) called Dread, the Monero page is one of the most popular with 7699 subscribers compared to Bitcoin’s 78 subscribers. This DNM growth is reminiscent of the beginnings of Bitcoin on The Silk Road website in 2011.
Why is privacy valued by both Coincards users, and DNM users? Is it because they may be looking for an alternative as the world moves cashless regulations increase? The EU is implementing a new ‘travel rule’ to help them track crypto transactions.
Coinbase want to know the name, address, and the reason you want to withdraw crypto, whether it’s to yourself or another recipient.
Cryptocom also want to know more about your transactions in order to comply with regulators.
While Monero is not perfect, it is private and decentralized and used enough that after almost 3 years of an IRS/DoJ bounty, no commercial entity or government organization has come out with evidence they are capable of deterministically tracing Monero transactions.
Is there a chance that Monero can be traced with certainty by chain analysis companies, but they aren’t telling the public? I doubt it.
Bitcoiners are slowly waking up to the importance of Monero and beginning to come out of the closet publicly supporting Monero.
Steven is a technology-focused writer with a strong interest in emerging digital trends and innovation. With experience spanning both travel and online projects, he brings a global perspective to his reporting and analysis. His work reflects a practical understanding of how technology, markets, and digital platforms intersect, offering readers clear insights into developments shaping the modern tech and crypto landscape.
Get the latest Crypto & Blockchain News in your inbox.
