Originally launched in 2014 the idea with which Monero (XMR) was conceived was to allow its transactions to be made privately and anonymously. Let’s say that in its early days it was conceptualized as an enhanced version of Bitcoin. Why do we say this? Because although Bitcoin protects the information of the people involved in a transaction, its blocks are transparent, making it possible to know at least some of the wallets involved. Monero has the same purpose, but with security protocols that make the participants of the transactions almost invisible.
The founders of Monero originally numbered seven, however, only two left their identities uncovered while the other five remained anonymous. The history of XMR dates back to 2014 when a Bitcointalk forum user created a post where he talked about the creation of BitMonero. A compound name that obeyed those acronyms for Bit (from Bitcoin) and Monero This project, had been created as a hard fork of Bytecoin (Coin originating from Monero), improved some of its features.
After its birth XMR grew rapidly because it mixed privacy, security and decentralization, three of the preferred fundamentals of cryptocurrency lovers. This growth made it a coin to watch closely to the point that it has increased its value from $0.213 in its beginnings to $167 today, so if you want to start in the world of cryptocurrencies XMR is an interesting option, because if we take into account its growth margin we infer that in the future it could replicate its historical maximum that reached up to $517.62.
How to invest
To invest in XMR there are several alternatives, on the one hand there are virtual wallets such as Guarda that allow you to buy Monero on Guarda to have it and store it safely and instantly and on the other hand there are exchanges that offer the service of buying and selling cryptocurrencies.
What makes Monero unique?
XMR was born with the aim of further enhancing the privacy of the people transacting with it. This was perfected so much that payments through Monero are impossible to track because they leave no trace. This feature has allowed it to differentiate itself in different areas for better and for worse. The technology behind this is Ring Signatures which consists of a group of cryptographic signatures where only one of them is real, but it is impossible to find out which one it is or where the funds come from.
Current Monero numbers
The first thing we see if we check its profile on the Coinmarketcap website is that it has a market cap of $3,045,559,310 and has a volume in the last 24 hours of $145,414,316. Its maximum supply is 18 million XMR of which all 18 million are in circulation.
Its price for this moment is $167 and according to Digital Coin Price projections it is expected that it could rise to maintain the average price for the year at $174.92. The same website made predictions for the next 9 years, resulting in the following average price: $195 in 2023, $196 in 2024, $250 in 2025, $224 in 2026, $282 in 2027, $414 in 2028, $525 in 2029, $596 in 2030 and $640 in 2031.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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