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Privacy Coin Monero Turns Five Today, What Did It Achieve?

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Privacy Coin Monero is the 12th largest crypto project per market cap and its price is hovering around the $68 price point. On its fifth birthday, we find out what did XMR achieve over the years and what can be improved in the coming altcoin news below.

The privacy coin monero is now down from its all-time high at $495 to where it was in 2018. The price of the cryptocurrency is now up by more than 7,000 percent over the past three years. The price is doing well after the recently increasing bullish sentiment on the market and has generated the buying pressure that boosted the XMR value by 30 percent over the past month. The price also increased by 50 percent over the last three months.

The increase in the price of the privacy coin monero coincided with the increase of attention on the social media that has been going around in the previous months with all the privacy concerns. Users have urged to improve the security of the digital currency exchanges after the many hacks that marked 2018. On XMR’s fifth birthday, the team member binaryFate explained:

 “Monero gives you control over the privacy of your digital financial transactions. This privacy is a fundamental human right for individuals and a competitive essential for businesses.”

In the latest cryptocurrency news, we also pointed out that the privacy coin monero made huge technical progress. In 2018, XMR developers activated bulletproofs which is a type of zero-knowledge proofs on the blockchain. The development affected the XMR transactions which made them extremely cheaper.

Unlike other competitors, privacy coin monero was founded after the Bytecoin hard fork. It leverages ring signatures which makes possible for the identity of the sender to be hidden and all of the one-time keys are made unlikable. Combining with the Bulletproof program, the privacy on the blockchain is among the most advanced in the entire crypto ecosystem.

It is interesting to notice that Monero does not have a constant growing competition since many out there are not privacy-oriented. For example, Nightfall and Zether protocols can only hide the transaction details on the ethereum network.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Bitcoin News

Monero VS Bitcoin: Is The Privacy Feature Enough?

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Following our crypto news today, we read about the Monero vs Bitcoin relationship and whether the privacy feature of the XMR coin, is enough to outperform Bitcoin. Bitcoin is the digital cash of the world and the ability to transact large sums of money across the globe, without having to ask for permission and also without the need to use middlemen is one of the groundbreaking reasons. Bitcoin now only seems to serve as a limited set of use cases so it is not very private and the transactions are generally slower and expensive. It is becoming harder to upgrade and add a few new features to the protocol which makes it resistant to new innovations and technologies. Then Monero came to the scene. Monero is private by default with untraceable transactions and it has an adaptive block size. It has its own codebase and is not simply another bitcoin clone crypto. The developers are mainly anonymous and it ticks the permissionless digital cash boxes so far. However, the Monero VS bitcoin analysts wonder if that is the case. Bitcoin is pseudonymous which means that the users can transact without providing their identities. This means that there’s no need for using real-world identities as banks do since Bitcoin uses addresses to make transactions possible between the wallets. The problem is that the addresses along with the transaction information all get stored on the public ledger. The users can make transactions without ever attaching the personal identity and it is now widely known that the Bitcoin blockchain is being data mined by the analysis companies which are able to de-anonymize Bitcoin transactions. Unlike bitcoin, Monero has privacy turned on a default setting and it is untraceable so the anonymity is baked into the protocol. As a side effect, Monero is more fungible than Bitcoin which means that you can’t tell apart from one coin from the next. For example, if a particular exchange has been hacked or the funds get stolen, the hacked coins can be tracked subsequently by exchanges or vendors. This can make a lot of the coins unspendable which is not ideal for the digital representation of cash. Monero uses three different privacy innovations namely the ring signatures, Ring Confidential transactions, and stealth addresses.
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Monero News

Decentralized Exchange Incognito Launches Option To Swap Monero

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The decentralized exchange Incognito is in the Monero news today for adding the XMR coin to its privacy centered DEX for fully private Bitcoin or Ethereum swaps. The swaps will come without any transaction records of personal info saved. As you probably know, Monero itself is already a decentralized and privacy-focused cryptocurrency. So, what the decentralized exchange Incognito has done is creating a "bridge" between the Monero network and Incognito's pDEX in order to buy and sell Monero anonymously. This is what Andrey Bugaevski wrote, known as the growth lead at Incognito. The pDEX supports cross chain trading so that Monero can be swapped with "hundreds of other assets" including BTC, ETH, USDT, DAI, USDC, BNB, ZIL and all ERC20 as well as BEP2 tokens. Unlike the exchanges which require KYC (Know Your Customer) and other privacy-compromising measures, Bugaevski noted that this pDEX is built on top of the Incognito chain and includes no KYC, records of buyers, sellers or transaction amounts as well as no third party involvement.
"You control your money and hold your own private keys," says the announcement from the decentralized exchange Incognito.
As the cryptocurrency news also show, users can also list a token they want by becoming a liquidity provider, without needing any permission from exchange owners or paying to list a pair. In the meantime, a growing number of regulators including the major forces such as G20, the Financial Action Task Force (FATF), G7, the European Commission and central banks are working to tighten the laws on crypto with regulations such as the Fifth Anti Money Laundering Directive. They are also demanding that exchanges and other crypto-related businesses implement identity verification procedures. Also, the trend shows that more and more exchanges are forced to implement these procedures. However, the fact that the decentralized exchange Incognito is in the Monero news for an option like this paves the way for the cryptocurrency in the future, promising a lot and showing that privacy-focused coins can be of great use if they are thought out well. Meanwhile, the other news today show that the market is in a major selloff and most of the coins have declined.
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Monero News

Where To Buy Monero XMR As A New Investor

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Do you want to buy XMR but don't know where to buy Monero XMR? Relax, you are not the only one. And if you are new to XMR, you should know that this is one of the tokens with big popularity in the altcoin news. This is simply because the cryptocurrency is the pioneer and are also doing some things that no other crypto is. Without a doubt, the Monero coin is one of those and is also one of the favorite anonymous currencies out there. But where to buy Monero XMR as a new investor? Well, there are a couple of places. XMR should always be part of your portfolio if you are trading tokens because if and when governments around the world launch a crackdown on cryptocurrencies, Monero-like coins will have great use cases to offer. Anyways, below we are listing the best places where you can buy Monero. Changelly This is a great source if you are buying cryptocurrencies for the first time. It gives you an easy option to buy XMR coins. To do this, you will have to get your Monero address ready where you would like to receive the coin and have some Bitcoin or altcoins to exchange for Monero. Binance If you look up the question "where to buy Monero XMR?" on Google, Binance will certainly pop as one of the most popular exchanges out there. The truth is, Binance is the world's largest exchange by trading volume and offers XMR/BTC and XMR/ETH pairs, meaning that you can exchange your BTC or ETH for Monero (XMR). Huobi Huobi Pro is a leading crypto exchange which is active since 2013. The volume is high and the exchange is autonomous, too. The supported pairs on Huobi exchange for Monero include XMR/BTC and XMR/ETH. Bitfinex Based out of Hong Kong, Bitfinex is another place to buy Monero from. It gives users the option to trade more than 30 cryptocurrencies and pairs in exchange of USD, EUR, ETH or BTC. Gate.io Last but not the least option if you are wondering where to buy Monero XMR is Gate.io - an exchange which got a lot of traction starting the last quarter of 2017. You need to deposit cryptocurrencies like BTC, ETH to buy XMR. For more information on XMR, make sure to follow our Monero news category!  
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Monero News

Monero Improving Privacy As A Coin: How Does It Work?

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The latest cryptocurrencies news today show that there are just so many interesting coins out there but one of them is the privacy coin Monero. Many media outlets posted about the topic of Monero improving privacy as a coin but today, we are going in detail about how the coin gets a footing in mainstream commerce and finance. As the "altcoins" grow in prominence, Monero (XMR) is one of them because it allows users to conceal nearly all details of transactions. This is why XMR is known as a privacy coin and has been used for illegal purposes, too. Ever since its launch in 2014, Monero has grown to be the 12th biggest cryptocurrency by market capitalization, holding around $1.4 billion in circulation. Now, it ranks on the 14th position and its circulation is a bit lower. But how is Monero improving privacy as a coin? Well, every transaction in the network obscures the digital addresses of the senders and receivers as well as the value of the transaction. This offers users near-total anonymity and allows them to instantaneously send digital cash without leaving any clues. Bitcoin was seen a lot like opaque as the identity of the owners of digital wallets used to send and receive the coin is not public. However, details surfacing give up clues that BTC can be used to pinpoint identities while Monero is protecting the address in a unique way. More and more criminals want to be paid in Monero and while this is not a good use of the coin, it is showing that XMR has strong privacy features. The Monero news are underlying a trend for criminals to seek alternatives to Bitcoin and Bitcoin proponents say that traditional cash is also widely used for criminal activities. On top of this, Monero is also used for "cryptojacking" as another method of illicit mining which lets hackers infect computers and steal their power to mine new coins. The developers at Monero agree with this and say that "there is a clear phenomenon of the underground using Monero, and selling malware that will contribute to Monero mining." So, the concept of Monero improving privacy as a coin is big but the illegal use of the coin is also growing. Like BTC, Monero is governed by a virtual community of hundreds of developers without a centralized authority. If we want to see changes in the future, a certain crypto regulation must be put to action.
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