"Is Monero XMR a Privacy Advocate's Dream? Is It Truly Untraceable On the Blockchain?" Let's Talk About It On My Video Evening Blog...

Privacy has always been something that has attracted numerous individuals to Bitcoin as well as other cyptocurrencies. The very name "crypto" means hidden so it's clear that maintaining privacy has been one of the objectives of using a cryptocurrency. But is Bitcoin truly private and is it the best digital currency to meet the needs of privacy advocates? Some say yes, while others say no. Before we proceed any further, allow me to issue the following Disclaimer:

"Please understand that all financial matters/decisions should be ultimately discussed between you and your financial adviser after careful research and due diligence. The views expressed are a reflection of my own personal research and are not intended to be considered as financial advice in any way, shape or form."

So what's the real story here? To be fair, Bitcoin or any other cryptocurrency transaction on the market is light years ahead of any currency when it comes to privacy concerns. But is that enough for those who deeply value privacy for their financial transactions? Well, that's a matter of opinion but let's look at it this way...

When you send or receive cryptocurrency such as Bitcoin, your name might not be attached to the actual financial transaction, but the transaction itself is still recorded on the blockchain ledger. For most of us, that is more than enough but privacy others out there have greater expectations in this regard. In that case, Monero might be their cryptocurrency of choice!

According to Monero's official website, privacy appears to be ranked at the top of the list when it comes to their digital currency's advantages. In fact, Monero uses a something known as "ring signatures" which is a specifically unique type of cryptographic technology which makes it untraceable on the blockchain. Regardless of your opinions on financial anonymity, Monero's use of advanced cryptography is quite intriguing to say the least.

Source: https://getmonero.org/home

How does Monero stack up on the market cap list? According to coincap.io, Monero is trading in the 50 dollars range, has a market cap of around three-quarters of a billion dollars USD, and has an available supply of just under 15 million coins. The volume seems to be healthy at approximately 11 million. All of the numbers I have reported are estimates that are referenced from coincap.io at the time of this blog post.

The cryptocurrencies that are ranking in the top 15-20 highest in market capitalization have, in my opinion, arrived at their positions due to their ability to do something that other cryptos have yet to do..... And that is to offer something that is unique and differs from the typical Bitcoin technology. I'm not here to say that Bitcoin is not a great currency, but I do think it's important to let Bitcoin be Bitcoin and for the rest of the cryptocurrencies to show what they can do on a unique level and independent of BTC.

These days, the cryptocurrency market is hot right now and there are so many coins out there that it can be rather confusing at times. I don't claim to have all of the answers, but I do try to share my personal views and ideas and hopefully I can encourage others to get out there and also do some research that I may have overlooked. I love this aspect because we can pool our knowledge resources and build an information database of ideas that is stored on the blockchain! Very exciting, in my humble opinion! :)

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Have a great evening!