Is Monero a Good Investment in 2023?

Monero’s High Safety and Security

https://www.getmonero.org/

Monero is one of the leading cryptocurrencies. Monero is famous for its high privacy and unique security. With anonymous transactions and ring signature technology. Monero offers security that few cryptocurrencies can match.

Monero (XMR) technology is based on the CryptoNote protocol (and not on Bitcoin’s open source code like Zcash).

The Future of Monero (XMR)

First let’s talk about the model of this project. The dev team wants to build a Crypto coin for daily payment purposes. That currency has some outstanding/better features than Bitcoin in that transactions are faster and more anonymous.

Monero (XMR) is somewhat on track with its mission. When it is being used directly to pay for goods and services in merchants.

In the future, when the number of merchants increases. User demand for this purpose increases. And buying demand also increases, which will affect prices. Of course there will be a need to sell when merchants receive XMR from customers. Miners earn XMR from mining. However, overall, what purpose are we buying/selling XMR for?

Although Monero was initially designed with a focus on privacy and anonymity. But in fact many users consider it a value storage tool or “store of value” like Bitcoin.

This could be due to a number of reasons:

– Monero has the same scarcity as Bitcoin, with a limited supply of 18.4 million XMR

– Highly stable and safe thanks to the distributed mining mechanism

– Anonymity and security help users feel secure when holding large amounts of tokens

– Can be considered a form of investment similar to “digital gold”

Related: What is Arbitrum?

Should you invest in Monero (XMR)

Some Key Points that I list so you can learn more and make your own investment decisions:

Competitor

Projects that also make Privacy Coin solutions that XMR is competing with are: Dash, Zcash, Beam, Grin, Energi (NGR), Komodo (KMD)…

Weakness

Monero (XMR) also faces the same difficulties as Bitcoin in terms of slow transaction speed and difficulty in expanding. Monero has high transaction fees of $0.0351/transaction (July 28, 2019).

Price

In terms of price, Monero in the period from 2014 (newly released) to mid-2016 was only priced at about $0.3 ~ $4 = 01 XMR. But its price went up to ~$500 in late 2017. And currently the price is about $140. Those who want to invest in XMR pay special attention to this price history.

Monero (XMR) is an anonymous coin

Purpose of use and purchasing needs: in addition to shopping and spending, the need for “store of value” is also one of the information to consider.

Monero (XMR) Wallet and Exchange

You can store Monero coins on a number of wallets such as: Cake Wallet, Monerujo, edge metamask, trust.

In addition, you can also store it right on exchange wallets that support this coin transaction such as: Binance, Houbi, Okex, Upbit.

Conclusion: Monero – Smart Investment Choice

In the context of the rapidly growing cryptocurrency market, Monero stands as one of the top candidates for investment. Privacy, growth potential, strong community and unique security. Leading to Monero becoming a promising choice in today’s cryptocurrency world.