Monero is the king of privacy coins. Completely anonymous and untraceable transactions. There’s a bounty from the IRS for anyone who can crack it.

Forbes in September 2020 published, “IRS Will Pay Up to $625,000 If You Can Crack Monero, Other Privacy Coins.”

If somebody wants privacy and they really feel strongly about it then may be you need a Monero.  You need something like that. And, if so, the market will determine that.”

Thus, it just looks like you know specifically in life or death situations when privacy is very important there is a lot of advantage to using Monero.

The Internal Revenue Service is getting serious about cryptocurrency and they are not really kidding. Code Crackers and cryptocurrency investigations is one area that is here to stay. As regulators love cryptocurrency code crackers than cryptocurrency code developers for obvious reasons.

The concern about Tax payers not reporting their cryptocurrency transactions is no secret. Having cryptocurrency traders report their transactions properly is getting harder than ever. Compliance efforts are going to tighten in the days to come and they are going to do all it takes to scrutinize the data to ultimately advantage from it.

Worthy to expect more pilots like in the past to come up:  “The IRS has created a pilot that will pay cash (up to $625,000) to anyone who can trace Monero or other anonymity-enhanced cryptocurrency, or Lightning or other Layer 2 off-chain cryptocurrency protocols.”

There were 4 open Monero CCS proposals that required funding and all the four of these proposals landed up getting full funds from the generous community.

For those who are willing to kick start with Monero mining, there is lot of help in the community. Just any CPU. Better the CPU, more it will mine. It’s not a GPU mineable coin. There are several you tube videos which will help kick start mining.

Community response:  What does he mean by mining? I always see this. People are making so much off of crypto and I wish I just knew how. I try to watch videos, but it’s so confusing and scary at first. I wish it was just that easy.

Monero team are constantly making upgrades to increase mining difficulty.  And, developers are consistently working to provide for anonymity.

Bitcoin on the other hand is an open ledger where the record-keeping system stays “public” even though exact identities of participants and account balances may remain private. The open system encourages transparency. This also means hackers and others will be able to track down the players in the chain of transactions.