Monero may soon get atomic swaps with Bitcoin soon. Right now the main issue is that zero-proof transactions may not be compatible with BTC but monero developers are working to make that easier. This would be great for Monero but would make regulations tougher for the world’s biggest cryptocurrency.
Tag: monero
Use cases for top 20 coins
Here are use cases for top 20 coins rundown:
1. Bitcoin — Paying Ohio Taxes, Bitpay Card, Many Vendors
2. XRP — X-current, X-rapid, banks, Remittances(Transfergo), Omni, Coil, X-spring
3. ETH — Tokenizing Apartments, J.P. Morgan(enterprise Ethereum), Amazon web services, IDEX exchange
4. XLM — XLM open marketplace(exchange), Starlight, IBM Worldwire, Smartlands
5. EOS – Elemental Battles Game, Gambling Games
6. BCH – Vendors like Coins.ph
7. BSV – ATM machines in various countries? Not sure.
8. LTC – FB messanger, Various Merchants
9. Cardano – Cardanocard, Fintech(forthcoming)
10. Monero – Getmonero.org/community/merchants
12. BNB – Binance exchange, Booking of 450,000 hotels for travel
13. IOTA – Vehicle Supply Chain, Data Marketplace, Waste Monitoring in skyscrapers, city parking monitoring, Self-driving car fleets
14. NEM – Luxtag, Charity(cryptoheroes)
15. Dash – Church Chicken in Venezuela, various merchants
16. ETC – IHOK, not sure about use cases
17. NEO — Generation of GAS, ndapp.org(for use cases)
18. Zcash – Merchants
19. Tezos – Moneytrack
20. Dogecoin – Dogepal, reddit tipping, mom and pop shops
Electroneum becomes KYC complaint, Anonymity dying in Crypto?
Electroneum became the first cryptocurrency to comply with KYC meaning that if you use the official Electroneum wallet and you want to transact large amounts out of the wallet, you have to verify yourself. Verification is fast and easy but does this spell the end of anonymity and crypto and what percentage of the population will care if it does?
Cryptocurrency serves two functions. One is the ability to transact money quickly with lower costs and the other is anonymity. However, KYC gets rid of the 2nd part so I think the 10% of so of crypto users that value that will be attracted to coins like Monero and Zcash, which will obvious not comply with KYC. I think this will cause those two coins to grow because they will be some of the only options once more coins adopt KYC and leave anonymity behind in order to get adopted by institutions and merchants. This will not kill anonymity but will restrict it to a few coins and will really separate out the crypto dark web from the other cryptocurrencies.
Monero gets withheld by Changelly, liquidity problems in the future?
Monero recently had transactions with Changelly slowed and held up as they tried to verify the identity of the senders. As more services move towards the KYC(Know your Customer) protocol, strictly privacy coins like Monero may find it harder to get liquidity on exchanges. This issue could be solved with atomic swaps where you can just trade in-wallet one coin for another but that is still some time off. Others have said that decentralized exchanges would be the answer but I don’t think that will be the answer either as you still have to get listed on the exchange and some exchanges are already starting to delist coins like Monero.
Despite all this, I do think the value of Monero will go up because it may well become the primary cryptocurrency in underground and black market transactions and that market is huge but it won’t be the biggest gainer in a bull market because it has little chance of scoring a big partnership with the likes of Amazon or E-bay.
Crazy analysts predicts Monero to grow to $18k, Bitcoin to $96,000, everything else to tank
Some crazy analyst has predicted that Monero(XMR) will grow to $18,000, Bitcoin to $96,000 within five years while coins like XRP and XLM will see a large crash in price. They see the future of privacy coins are extremely bright because they think that the main use for cryptocurrencies will be “offshoring” which basically means illegal tax evasion and money laundering. I doubt this will be the case because recent research has shown that 90% or more of the volume of cryptos is not used for illegal purposes and the % of transactions used for illegal operations is likely to decrease in the future. I’m pretty sure whoever wrote this article either holds a lot of Monero or is a paid shill for Monero as these predictions are entirely unrealistic.
Monero(XMR) Hardfork and Airdrop?
Monero(XMR) is having a hard fork on the 30th and the exchange HitBTC will be fully supporting the fork. HitBTC will be crediting all Monero Holders with the new XMV coin at a 10:1 ratio with XMR coin. Monero is quickly becoming the “darknet” coin of choice with completely private transactions but has been dropping recently which could make it a very good buy at this moment because prices many times will rise in the event of an Airdrop. Keep your eyes peeled for this and try to buy in at least a week before if you are interest in collecting the free Monero Coins. If you keep your XMR on an exchange, use HitBTC since they are supporting the fork.
Coincheck delists Monero, Dash, and Zcash
The Japanese exchange Coincheck has de-listed Monero, Dash, and Zcash because they offer “anonymous” features in their coins. Of the three only Monero is truly anonymous but the threat of hackers breaking the system and stealing coins that cannot be traced was enough for the large Japanese exchange to de-list the three coins. This is solid proof of what I was talking about in an earlier article that “privacy” coins such as Monero and Verge would have severe roadblocks in the future when it comes to regulations and de-listings on exchanges because they pose a large risk to the financial stability of the exchanges and because they will run into government regulations. Exchanges will have an incentive to de-list them because if these currencies get stolen, there is truly no way to track down the thieves. Governments will pressure exchanges to de-list these coins because they are like every other coins except their “black” features allow them to be used for things like tax evasion and money laundering.
If you are someone who is totally into completely anonymous trading and want to see the rise of a new financial order, then it may make sense for you to get these coins based on principle but to an investor who is just looking to make some money in Cryptocurrency, these coins represent an unnecessary risk without any greater rewards(unless you really want to money launder or tax evade) so I would look to investing in other Cryptos where the rewards are just as great but do not run this risk.
Why Monero and Verge investors should be worried
So today’s IMF regulatory announcement to regulate and crackdown on cryptocurrencies more hit the entire market but investors in privacy coins such as Monero and Verge should be especially worried because the aspects of the cryptos that governments want to regulate and basically ban are what coins like these two sell themselves on. If and when the regulators do audit these coins, coins like Monero and Verge will be singled out because of their feature to totally blackout any trace of where funds and sending to and receiving from and that makes these two currencies more prone than any other to be completely banned.
Government can tank the price of a coin pretty easily because the price of a coin is driven by the volume of the coin and that is easily to kill. Governments can realistically issue an ultimatum to an exchange saying “de-list this coin or we’ll shut you down” and its over for the coin because unless its Bitcoin or something, the coin will be de-listed and down will go its price on the open market. Decentralized exchanges may eventually overcome this but that is still quite a long ways from happening and I believe the regulatory measures will come first. So if you are all in on Monero or Verge, I suggest diversifying your portfolios with some coins that aren’t as likely to get hammered by the authorities.
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