Coin of the week… Monero! Part 2

We will be discussing Monero again today for the second installment of my weekly series covering in-depth information on a new coin each week. I was pleased to see that there were a few comments from like-minded investors who also believe in Monero in yesterdays post. I look forward to hearing from more of you who believe in Monero for a long position in 2018.

With the current state of crypto, it’s important to touch on what we are seeing now with the huge correction in the market. The total crypto market cap has dipped below $500 billion, or approx. 52% lower than the all-time high that we briefly visited in December. For those of us who believe in blockchain technology, this correction is nothing more than an opportunity. The expression, “new money is scared money” comes to mind. Which simply means much of the new money in the space right now is from investors that are uninformed with intentions of simply riding out what appeared to be a no-lose situation that we had in the altcoin boom in the previous 3 weeks. In the next few days, we will see support created at a new lower price point and the same growth potential from weeks past. Those of us informed and without fear will have the opportunity to invest in some great coins at a substantially reduced price.

Now back to Monero. I’m going to start with a price prediction. Bear in mind this is only a prediction, these are my personal thoughts and not investment advice, as I am not a financial advisor. For my money, a $1000 Monero is completely reasonable in 2018. Today’s price of approx. $275 is a real bargain, down substantially from its all-time high of approx. $480 earlier this month. For investors in the United States specifically, State and Federal governments will be diligent this year to be as intrusive as possible in the new wealth generation of crypto for primarily the purposes of taxation. How long it takes the government to accomplish these goals is irrelevant, gossip and rumor of their intentions are enough to move the needle on the crypto markets substantially as we have seen time and time again. As this happens, money will move from less private and traceable cryptocurrencies to cryptocurrencies focused on the security and privacy of your crypto transactions such as Monero.

I’d also like to touch on transaction fees. As so many of us are aware, the transaction fees associated with bitcoin transactions have become ridiculous. Average approx. bitcoin transaction fees of $11 to $15 (0.001 BTC) and as high as $24 on a few multi-signature bitcoin wallets have become a standard in recent weeks. Now let’s look at the transaction fees associated with Monero per kB compared to some of the largest and most known hybrid proof-of-work coins.

• Bitcoin: ~$26.90
• Ethereum: ~$2.91
• Bitcoin Cash: ~$0.07
• Litecoin: ~$0.10
• Dash: ~$0.07
• Monero: ~$0.24

You can see that the transaction price for Monero is quite low, and will be much lower. Monero is in the process of developing new tech to reduce the transaction size by as much as 80% called bulletproofs. We will be talking more about bulletproofs later this week.

Hopefully, I have given you some good information to think about when considering what might be the next coin you choose to invest in for a long position in 2018. If Monero seems like it might be a good fit for you, then follow me @theonej and I will be providing more in-depth information every day for the rest of the week.

References:
https://getmonero.org/
https://getmonero.org/2017/12/11/A-note-on-fees.html

@OriginalWorks