Ana Sullivan

Monero (XMR) Value Now $225, Can It Regain Its Former Glory

by Ana Sullivan April 18, 2018

 

The Monero cryptocurrency (XMR) has finally been able to increase its stagnant value to $225 which is a 12% increase. Facing strong competition this popular altcoin has significantly dropped in value as many users were driven to other projects due to projected marketing hype.

Monero (XMR) Recent Development

The Monero (XMR) digital currency started as one of the most popular alternatives to Bitcoin in the beginning of the cryptocurrency craze. In comparison to its competitors it offers fast and anonymous transactions by hiding the addresses which obfuscates the origins, amounts and destinations of all Monero transactions. This renders all transactions untraceable.

In a short period of time it became a preferred currency in the underground hacker markets. Many ransomware viruses have also switched to it over Bitcoin as it protects their identities in a much better way. However this has caused a slight hit on its reputation. Many news reports have ever since labeled it as a currency that is much more useful to computer hackers rather than individual end users and this has impacted its adoption. In comparison to other digital currencies its growth ratio has slowed down. Some community criticism over its adoption have resulted in a serious value drop.

Monero remains a questionable coin, where on one hand the token answers to all of the fundamental principles of cryptocurrencies (decentralized, anonymous, mineable), on the other hand it is the sole reason behind a lot of deep web and dark web criminal activity and malware, such as cryptocurrency coin miner viruses.

Ongoing Monero (XMR) Issues

A recent incident that is directly connected to XMR is the recent trouble with My Monero, a free service operated by the Monero Core Team. It hosts cryptocurrency accounts and makes it possible to access the stored funds easily without using the full Monero client. Several users reported having issues with it for a long period of time. This made access to their stored XMR impossible. The fact that it is made by the developers of the digital asset themselves impacts the overall reputation of the currency once again.

Recent technical problems have caused further criticism to emerge: very slow transaction confirmations, Monero daemon stability issues, wallet bugs and etc. If the development team does not address them in due time it is expected to see another serious price drop. As other currencies are rapidly expanding their features sets and implementing advanced security options Monero might loose its strategic advantage if it does not meet its users expectations.

 

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