Monero is one of the pioneering cryptocurrencies that aims to disrupt the financial system. The team behind this great project believes in confidentiality and a censorship-free future. They have come up with privacy-enhancing features that help protect user identities. Monero wants to create a more transparent system, offering confidential and untraceable transactions.
Is it possible to hide the data about the sender, receiver, and the amount? The answer is yes! By deploying cryptographic technology, the team behind Monero guarantees both privacy and transparency. Our Monero price prediction is not based only on the success of the technology, but also the mass adoption. Price forecasting can be vaguely defined by diving deeper into the analysis and market trends.
The History of Monero
The native cryptocurrency of the network is XMR. It was revealed in 2014 on one of the Bitcoin forum threads by the pseudonym Thankful_for_today. Only five developers worked on the project, which didn’t turn out to be a success back in the days.
The community recognized the potential behind this private coin very early. That is when the name got changed from BitMonero to Monero. The idea came from the worldwide famous artificial language named Esperanto. The word monero means a coin. Regulars like you and I then decided to improve the block systems, adding more value every day. Today, Monero is an open-source project maintained by a decentralized developer community.
Eight years ago, the crypto sentiment was neutral. People used to call it magic internet money and did not invest much. Monero was mostly used for the experimental transactions. Most of the developers are still not known to the public. The other two, Riccardo ‘Fluffy Pony’ Spagni and Francisco ‘ArticMone’ Cabañas seemed to be working on the project from the start.
The project has been immune to hacker attacks ever since they have changed its algorithm. The CPU-oriented Proof-of-Work model is out of reach for most spammers. First, they don’t have the resources they need to break in, and second, it is just not profitable.
Monero Weaknesses
Although hackers cannot crack the system and gain unauthorized data, they can abuse Monero. By using the cryptojacking method, they have managed to turn the private coin into a weapon. They use the anonymity features to get passed the system.
Hackers usually plant malware that is not easily detectable. Users then fall victims to experienced professionals, who gain access without their consent. It is not only simple to sell Monero, but it is also effortless to generate more coins through a computer.
Also, it is difficult to use a Monero wallet on mobile devices. The problem is that the web version, MyMonero, does not come across as trustable to most people. Since there is no support protocol of any kind, new users find this daunting.
The crypto community complains about how user-unfriendly the wallet is. Most users want to see a more simple method that anyone can understand. We second that idea. Not all users have to be tech-savvy, right?
Is $XMR a Good Investment?
XMR is currently trading around $220. Based on technical analysis, the price might hit $340 by the end of this year. Considering the project is growing steadily, the price should follow along. The team has already published many partnerships, which can further increase the price.
Four years ago, you could buy one XMR for $542. Although it had its ups and downs, the crypto community never lost faith. If it continues progressing at the same pace, Monero will have a bright future.
It is never a good idea to rely purely on price predictions when investing. The crypto market is still new and volatile. Not to mention the black swan events that seem to shake the financial world more often than not.
Before you become infatuated with a project, remember that every coin has its advantage and disadvantages. Well-informed decisions come from predictions based on good research. Then, all you have to do is simply thread the needle.
Monero Price Prediction
Monero’s untraceable transaction features seem to appeal to crypto users. That might be a valid reason why we can expect the price to rise to $280 by the end of 2022. Although the market is going through a rough patch, this project continues to move on a stable axis. Before rallying upward, our AI-driven price prediction model shows XMR hitting $167 in a one-month forecast. You can find out more about that, here.
If we exclude some unprecedented factors like pandemics, wars, and economic crises, we can expect to see $XMR at its old-time high by the end of 2026. Monero coin will be hovering around $500 for some time, before breaking out the all-time high resistance. We remain confident that in the next five years, the demand for this coin will increase, as we shift towards a more open and transparent financial system.
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