Monero is known as the king ofprivacy coins, and it is still under the control of the bears. Being an obfuscated decentralized publicledger, anyone can broadcast and send transactions; however, outside observerswill not be able to tell the source, destination of the money sent. Among allthe privacy-focused coins, Monero is the best.
Monero traded 3.4% versus theUSD. The overall market capitalizationtrends somewhere around $820.07 million. Monero cannot be purchased directly; instead, buy Bitcoin or Ethereumwith fiat, and later the cryptocurrencies can be converted to XMR.
Privacy coins are considered amore significant threat than Bitcoin and Ethereum. An official from the European CybercrimeCenter (EC3) stated that Monero transactions are not traceable. The EC3 was not able to trace down thedetails of neither the IP address nor the XMR movements.
While speaking at a conference at Blockchain Alliance webinar on privacy coins, Jerek Jakubcek of EC3 noted that Monero transactions could not be analyzed or traced.
Jakubcek stated that "Sincethe suspect used a combination of Tor and [Monero], we could not trace thefunds. We could not trace the IP-addresses. Which means, we hit the end of theroad. Whatever happened on the Bitcoin blockchain was visible, and that’s whywe were able to get reasonably far.”
Tor, on the one hand, hides onlythe IP address. Monero permits hidingthe traces of the currency transactions; this is the strength of Monero.
The Europol makes use of ChainAnalysis simulator to help with law enforcement. This testimonial from Europol vouches for theprivacy of the public blockchain. Thesooner the funds were transferred, the Europol stated that their investigationended there.
“But with Monero blockchain, that was the point where the investigation has ended. Thus providing a classic example of one of several cases we had where suspect decided to move funds from Bitcoin or Ethereum to Monero.”
Trading privacy coins happens inonly 32% of the top 120 exchanges. And, about 63% of them have KYC provisionswhich are not adequate, thus making the identification of the user difficult.
Some governments are puttingprivacy coins under fire, and many of them have passed laws to remove theseprivacy coins. The reason mainly beingto prevent terrorism and money laundering.
The XMR prices are currently trading below the simple moving averages. The prices are trending downwards, and it is to be so until it touches upon critical support.
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