Monero (XMR)- a fork of Bytecoin is a secure, private, and untraceable digital currency that is built on the Cryptonote protocol using Ring Signatures. Proof of Work (PoW) mechanism called CryptoNight issues new coins that provide incentives to miners for securing the network and validating transactions. Originally launched in April 2014 as BitMonero, Monero aka XM is called a privacy coin because it has inherent privacy features. Unlike most other famous blockchains, Monero’s blockchain is designed as opaque where no one else can see the account’s balance or history of transactions.
Transactions with Monero are comparatively faster than Bitcoin ones. With a target block time of 2 minutes and a safe number of confirmations around ten, XMR proves to be better than Bitcoins. This ‘Privacy Coin’ came into existence in 2012 with the launch of Bytecoin, an anonymity-focused cryptocurrency from which Monero was launched as a fork back in July 2014.
In India, traders and investors prefer trading in INR. This means that XMR/INR will be preferred over XMR/USD, XMR/USDT, or any other crypto pairs. At the time of writing, the price Monero in INR was 6811.521
Monero Coin is Secure by Default
Being a decentralized peer-to-peer digital coin, Monero is operated and secured by a community of miners.
The transactions of XMR are confirmed by a network of independent miners who help in verifying and confirming transactions which are then permanently recorded on the blockchain network. There is no interference of third-party in the transactions process, unlike fiat currencies.
Monero is Private by Default
Monero hides all information about the sender, amount transacted, and the receiver from prying eyes in the transaction process. This is done by using three different privacy technologies i.e. ring signatures, ring confidential transactions (RingCT), and stealth addresses.
This is the reason why XMR is called a privacy coin. Moreover, this feature is exclusive to this coin which means that there are no other cryptocurrencies that have this privacy feature enabled as default. And this is how XMR gives traders the best of both worlds of decentralization and full privacy.
Monero is Completely Untraceable
All addresses and amounts involved in a transaction process are completely untraceable by default. Thus, transactions cannot be linked to any particular individual or entity and therefore impossible to trace.
Monero is Fungible and Censor-proof
In some other digital coins, stolen funds can be blacklisted and denied services by exchanges or rejected by vendors. However, XMR cannot be blacklisted due to any association with a previous transaction because the coin is private by default. It is nearly impossible to identify or associate transactions of Monero with an individual to censor them.
MONERO FUTURE PRICE PREDICTION
MONERO PRICE IN 2020:
As the crypto market is highly volatile, forecasting the coin’s price is really more of a gamble and luck rather than a data-driven guesstimate.
Let’s look at predictions made by prominent publications or websites on Monero Price
This is a popular website that does technical analysis-based price predictions of various digital currencies. According to WalletInvestor, XMR is expected to drop heavily to $13.38 in one year.
Longforecast is a forecasting agency which specializes in predicting financial market prices, even it has predicted more than 100 cryptocurrencies. This agency predicted that Monero might go up to $810- $945 by December 2020.
Trading beasts show that XMR can reach around $200 by 2020.
Profit Confidential displays that XMR value might soar up to $350 by the end of 2020.
XMR Price Prediction 2025
If Monero survives to see 2025, it would mean people became more aware of the importance of privacy used in XMR over prominent cryptocurrencies. All of this would lead to the token being worth at least 10–100x than its hitherto all-time high. That would mean Monero would cost $4500+ per coin.
XMR Price Prediction 2030
Similarly, if the coin survives to see 2030, that would all lead to the token being worth at least 100x more than its all-time high. And XMR will be priced at $5000+ per coin.
When you will compare all the analyses, you will find that the price of Monero or XMR is going to increase in the coming years. If you are planning to invest in Monero, this is the right time to get a bigger return. To purchase Monero in INR you can visit PCEX Member. It is a leading cryptocurrency exchange in India where you can buy XMR in INR at the lowest trading fees.