So this time we will talk about the most notorious for its privacy features cryptocurrency – today is Monero day. Starting its way in April 2014, Monero has gone a long way, proving its reliability as a veteran in crypto-scene. It’s sole purpose being and the biggest difference from Bitcoin is – Monero is secure and private and fast and all of that. But is it though? Let’s find out that and what the future brings to Monero’s price.
What is Monero (XMR)?
“Most existing cryptocurrencies, including Bitcoin and Ethereum, have transparent blockchains, meaning that transactions are openly verifiable and traceable by anyone in the world,” – here is what you find at the beginning of Monero’s website’s “Get Started” section. This statement is true, meaning the most cryptocurrencies are anonymous, but not really private. If someone really wants to trace, for example, a Bitcoin transaction, they would actually do it pretty easy-breezy because of the transparency.
But it’s different for Monero. The whole purpose of this coin is making real private transactions, where no one, even developers, can know from neither where the coins were sent, nor to whom. Even the amount of transaction is hidden, and that in my own opinion should be the standard for cryptocurrencies. This just leads to a better, more peaceful place of mind, because it doesn’t matter where the coin you got is from, for what purposes it was used before, which is a problem for simpler Blockchain projects like Bitcoin. Also, it scales well, is open-sourced, there are 30 core developers and over 500 more of other devs, that helped Monero become safer and better. The anonymity of the development community just brings more decentralization to the table. And because in this fast-paced changing world security measures are a thing to perfect all the time, this coin’s team is doing just that.
Thus, Monero was designed to be something like electronic cash – untraceable and truly confidential, and it does what it promises to. There were no known cases of Monero users’ security breaches (except for, maybe, their’s website hack), but there were some cases against illegal darknet marketplaces, like the AlphaBay, Oasis, The Shadow Brokers and WannaCry, though the last two were more like the ransom-for-cure-from-virus type of situation. This also kind of proves that Monero is really safe, and we can speculate on the subject of this safety’s being both the best thing for the coin and it’s the main enemy.
Monero’s initial rise was partially lit by its usage in illegal trade, which is quite predictable, because why wouldn’t you use something that’s doing so good at hiding the details of transactions? Back then though the algorithms in Monero were a bit more primitive, so everyone who used XMR before the February 2017 update was endangered of losing their anonymity. Though nothing bad happened because of this, as Ring Confidential Transactions algorithm was introduced. Which was then replaced by zero-knowledge proof Bulletproof scaling introducing Stealth Addresses and Ring Signatures in October 2018. Their team is woke and never resting, never stopping to privacy and security perfection.
But getting back to Monero’s favorability amongst illegal traders, starting from July 2016 this coin and Bitcoin had leading positions at the largest illegal substances market AlphaBay, there were more than 200.000 transactions made since then. The price of the coin rose from 50 cents to 12 dollars in less than a year. Wired publishing linked this rise to Darknet activity.
Then there were ransomware attacks when hackers distributed viruses to usual people and asked as a ransom a paycheck via Monero. The most famous ware as said before The Shadow Brokers and WannaCry cases. By the beginning of 2018, Monero was used in 44% of cryptocurrency ransomware attacks. And when you think it can’t get much worse, it gets worse. There were also hackers that implemented Monero mining algorithms in some websites’ codes, which immediately led to slowing down and degrading of users’ computers. Phew, what a couple of years the coin had.
All of this made Monero infamous in some circles. Some governments, like Japan, for example, started banning fully or almost private cryptocurrencies and their trade at stock markets. But the number of Monero users is steadily rising. The App Store approved of its use in 2016, the acceptance of this coin is nice, for example, you can choose it as a payment method at lots of music bands and artists merch shops, like Morrisey, Lana Del Rey, Weezer, Motörhead, Alice Cooper, Sia and many more. It does actually look promising for Monero. So let’s talk more about the price.
Monero (XMR) Price Prediction 2019
In 2016 Monero started to grow rapidly, after almost 2 years of standing still, doing pretty much nothing. It gained $12 in just a year, growing about 2760% of the value, showing great performance. Then with the boom of cryptocurrency, it reached a peak at controversial $495 in 2018 on January the 7th. Of course, it went downhill from there, losing parts of this price during later months, but so did every other coin, most performing even worse and having much bigger losses then XMR. Monero faced a steady slow fall from almost $500 at the beginning of January 2018 to about $100 in August of the same year. During this year the price didn’t change much. It’s roller-coasting from $50 to $100 all the time and doesn’t really break that barrier. With a market capitalization of around $920 million, the price of the coin, for now, is $52, but some speculate that it will rise again with the popularization of cryptocurrencies. And from them, all Monero will still be offering the most privacy in transactions, so it will see its spotlight once again.
Monero (XMR) Price Prediction 2020
There are people who have an opinion that Bitcoin’s blockchain is becoming more and more transparent, which casts a big doubt on the whole decentralization and anonymity side of crypto. This is when players like Monero enter the ring, thus, having much more attraction of common users, seeking for actual privacy. And XMR is a seasoned player too, when other coins just fallen to ashes, is still stayed here.
The development team is working on the Kovri project, which supposedly means “carpets” in Russian. Kovri is a C++ implementation of the I2P network, whether the usual language code is Java. In a few words, this will make Monero in the future more like Tor to Chrome comparing to what XMR is now. So the transactions “will be more secure than ever before”, as the official site says.
Adding Kovri to the algorithm and general demand will make a good year for the coin. Hence, the price can go to $200 or even reach $600. Different sources have different opinions, but it is certain that the price is going to get up. It indicates that today’s trading at $50 is dark times for Monero.
Monero (XMR) Price Prediction 2021
If 2020 will be a revival for the coin, 2021 would continue tendencies towards growing. The price can easily reach $340, and that’s the worst scenario. Also, the growth of popularity of the private cryptocurrencies is imminent. Since the beginning of January 2019, you can buy Fortnite merch at Retail Row, the peculiar thing is – it’s the only accepting cryptocurrency there. And that’s just a simple example at the dawn of crypto becoming as important as our more conservative cash.
There are predictions that are fond of the idea, that Monero won’t really grow, staying in the shadow of $200. But the market is volatile and more importantly, the world is changing. Nothing will stay the same for long, nothing will remain as it is now. So it’s a bit foolish to stay deadly neutral.
Monero (XMR) Price Prediction 2025
Well, it’s never an easy thing to do, to give long-term predictions, but we sure can try. In Satis Group are sure, that XMR awaits a giant boost in the next few years. Like an $18 thousand giant. They find, that Bitcoin’s popularity and most of its price are due to some web and net effects, so in other words – hype. And that’s one more thing to XMR’s advantage over privacy-oriented coins like Zcash or Dash.
With Monero confidentiality being its most valuable but notorious asset, in 5 years the coin can sit on the top with Bitcoin, eliminating every other competing cryptocurrency that tries to advertise the same privacy options. The most predictable $600 trading point is surely reachable, but I say that Monero will aim much higher. Sometimes the least predictable things – are most likely to happen. We should just wait and see.