There is no other way this can end.
Every month we get news showing how the governments are trying to track down concurrency owners with the goal to make them pay up. The methods used are beginning to look more desperate with every passing moment and we can only expect it to get worse.
So why has the privacy coin not been booming more then they have?
Bitcoin stole the show!
-When daddy's dancing everyone else is standing aside with a open mouth waiting for it to stop!
But know this! Altcoin season is here soon and when it is we can expect the privacy coins to take the biggest leaps this time!
The United States Internal Revenue Service (IRS) is sending letters to crypto investors to clarify crypto tax filing requirements and, in certain cases, compel them to pay back taxes. The IRS announced its letter campaign in a press release on July 26.
The IRS states that it has sent letters to 10,000 crypto investors, asking some to amend their tax filings, while compelling others to pay back taxes and/or interest and penalties. The revenue service states that the letters should be delivered by the end of August.
Per today’s announcement there are three different letters: Letter 6173, Letter 6174 or Letter 6174-A, which “strive to help taxpayers understand their tax and filing obligations and how to correct past errors.” IRS Commissioner Chuck Rettig said:
"The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations."
Monero being the one with the strongest foundation and community will be climbing the ladder faster then all others.
There is no other way this can end.
Monero has seen a beautiful 15% price surge this past week which has allowed the price for the coin to reach the $93.41 level. The cryptocurrency had rebounded at the start of the month around the $77 level which had sparked the small bull run higher over the next few days.
Monero remains ranked in the 10th position amongst the top cryptocurrency projects by market cap value as it presently holds a $1.60 billion market cap. The latest price increase has now allowed Monero to climb back above the 100 day and 200 day EMA’s as it looks to be back on the road to climb above $100 pretty soon.
Monero is one of the best privacy tokens. It has been around for a long time and the team is consistently plugging away at their development initiatives. Privacy tokens are really desired by the cryptocommunity and while several projects have show promise (Zcash and Spectrecoin for example), Monero has established itself as one of the front runner.
Can Monero (XMR) Overshadow Bitcoin (BTC) In the Next 5 Years?
But can it outshine Bitcoin in the next 5 - 10 years? That's a big development. I love what Monero is doing, and it is really filling a void that Bitcoin does not. People, especially newbies to crypto, forget that Bitcoin is pseudonymous, not anonymous. It's going to do well as privacy coins become common in usage, but Bitcoin still takes the cake in terms of actual use for day-to-day transactions. However, I feel that for very specific use cases, Monero will take over some of Bitcoin's territory.
The sense I get is that when crypto reaches more widespread adoption, the average person who has just entered crypto will see that a privacy token like Monero exists and for whatever reason that he or she may use the privacy token for, the option exists. And that option will be preferable to using the pseudonymous token that is Bitcoin.
And I think one catalyzing factor in this will be the realization of individuals that data leaks are plenty and have staggering consequences. Facebook, Equifax or what have you make a worrying impact on the financial and social lives of individuals, and people are beginning to realize that they should protect their data - and when this realization grows among the public, and people get into crypto, Monero will be one of their choices.
Now one question may be whether Monero can do well when there are several privacy tokens being developed. It has a good headstart over other projects, and a strong team and development progress, which ensures that when privacy tokens do find demand in the future, Monero will be up there at the top.
Comparing tokens to Bitcoin is a little unfair, given that Bitcoin is the originator of all of this and that it has the most widespread adoption and use. I think any token that manages to eat away a little at the market share of Bitcoin should count itself victorious. And I feel that Monero may find a little victory in the near future.