In August 2016, AlphaBay, a large drug and weapons sales site on the Darknet, announced that it would accept payments in moneros, a confidential cryptomoney created in 2014. The main Anglo-Saxon financiers, holders of Bitcoins and the drug and arms traffickers are starting to buyi moneros. Speculation soared so much so that in mid-September 2016, the value of the monero has tenfolded, reaching 10 euros. Since that day its price never stopped going up, reaching 50 euros.
Until then, purchases on AlphaBay were made in bitcoins. But since, the bitcoin had lost one of its biggest assets, its anonymity. Its blockchain is freely accessible, and in some cases an expert can identify the origin and destination of a transfer. On the other hand, the monero was designed from the start to preserve as much as possible the anonymity of the users and make the transactions untraceable.
Unlike the majority of the new cryptocurrencies, the monero is not a bitcoin clone. It is based on a different cryptographic process, runs entirely in peer-to-peer, and uses an original system known as "ring signatures": each amount transferred is first split into several payments. Thus, different payments transmitted separately transit through the accounts of other users, who will not notice anything. In addition, the system temporarily groups different transfers of the same amount. In addition, a user will not be able to know the content or the history of another wallet.
At the time of writing this article, the total available circulating supply of Monero (XMR) is approximately 14.7 million, and the price of each unit of XMR is $47; the market capitalization of Monero (XMR) is $684 Million.
Monero fixed the main defect of the Bitcoin for this use. It's only a matter of time before every illegal transaction in the world will be done in Monero.
The illegal traffic will always need a greater amount of moneros making the monero very demanded, its value will increase more and more.