Home Altcoins News What is the Circumference of Monero (XMR)? For As Much As People Realize the Importance of Privacy

What is the Circumference of Monero (XMR)? For As Much As People Realize the Importance of Privacy

monero
  • Monero (XMR) Illegal use of Crypto
  • Delisting from exchanges
  • Regulatory crackdown

Monero is about maintaining the privacy of cryptocurrency.  It has nothing to do with the illegal use of cryptocurrency. Monero is an untraceable cryptocurrency, and definitely, lots of people like to sell things illegally on the internet use it. However, their intention of privacy is not to help such people.

While Bitcoin tends to dominate ransomware demands, some actors are starting to ask for Monero.  It has been widely discussed how Monero is considered more of a privacy token that permits cyber criminals with greater freedom from some of the tracking tools and mechanisms that the bitcoin blockchain offers.

However, transacting in cryptocurrencies is not a method of providing automated protection from regulatory scrutiny. Governments are tracking down on privacy cryptos.

The ransomware guys keep targeting to use XMR because the privacy token operates on its blockchain.  It hides virtually all the transaction details. The identity of the sender and recipient, and also the transaction amount itself, is disguised.

Due to the anonymity features, Monero permits cyber-criminals with greater freedom from some of the tracking tools and mechanisms that the Bitcoin Blockchain provides due to the anonymity features.

Monero blockchain obfuscates the wallet address, the details of the amount of transactions, the counter-party, and other details in the transaction.  This is pretty much what the bad actors need.  The problem with Monero is that it is not easy on the mainstream.  Several exchanges have decided not to list it due to regulatory concerns. Not listed in Exchanges means, liquidity is hard.

Exchanges are the bridge between the fiat and cryptocurrency space. However, the ordeal due to regulatory fear is that exchanges will lose their license if they list XMR.

While governments might regulate exchanges, there are markets that permit peer-to-peer transfers of Monero to fiat.  The peer-to-peer transfers will always be hard to regulate. Those who decide to transact would choose to move to nations where regulations are not rigid on cryptocurrency transactions.

Regulators are now keeping track of wallets related to sanction regimes.  Very soon, it can also be possible for regulators to track clean crypto from illicit crypto.  They will come up with their tracking technology to differentiate between illegal and clean crypto. And when this happens, privacy-conscious blockchains will continue to make it even difficult for investigators to keep track of transactions. So the upgrades and downgrades will continue to be here.

 

 

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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