Monero- The True Cryptocurrency!

Disclaimer- This article is not financial advice, it is just my personal investment decision which I am doing after a thorough risk analysis.

Why I never took Monero seriously before?

Monero has always been in the top20 coins by marketcap, so if you have been involved in the crypto space for a while it is nearly impossible that you are not familiar with this project. The first impressions I had about Monero was that it was being driven by bunch of paranoid nerds who did not trust anyone. Initially I could not understood why they would be so concerned about privacy. Bitcoin and blockchain in general provided a high level of privacy and the decentralization safeguarded against manipulation. At that point I felt that was more than sufficient. I also developed a negative view about Monero then thinking only people who operate in the Deep Web or are involved in shady stuff would need this level of anonymity. At some point I felt like collecting some Monero basically to ensure my portfolio was sufficiently diversified but I was surprised at how difficult it was to purchase Monero. It was not supported by any of the popular exchanges. Coinbase had all major coins but not Monero. Yeah, at that time I used Coinbase as a yardstick to decide if a coin was cool or not.

After a while I got to know that Binance had offered XMR/BTC pair, I decided to get some Monero then. I was then faced with a new problem about where to store it. None of the wallets I was using supported XMR. Ledger was kind of supporting it via an external app but the process seemed a bit complex. Finally I found that Exodus supported XMR and I moved it there. After this I thought it is too much hassle and I forgot about it. I thought why go through so much trouble when it is so easy to buy and store other coins.

What has changed recently?

Over the last few months I noticed that crypto related news showed that the governments across the world were were getting more cautious about crypto. They had realized that it has grown much bigger than what they probably expected and they can not just continue to ignore it.

The American government with the lobbying of Federal Reserve is now trying to find ways how to control the freedom that crypto offers. They are already clamping down on the big exchanges, Coinbase is already a puppet for them. They have already defined taxation rules and are trying to track each and every transaction and making KYC mandatory they aim to be able to pin point all transactions an individual makes.

This is beating the whole purpose behind crypto. Once all these regulations are in place there will be no difference left between crypto and fiat and that is exactly what the Federal Reserve wants.

Today when I read about the regulation they are planning to put on stablecoins I realized they are slowly spreading their control over all aspects of crypto. The key advantage of stablecoins was that people could book their profits when required and reinvest when the market corrects. They did not have to convert to fiat during all these transactions as fiat interactions have higher fees and are tracked more closely by government agencies.

Why am I Bullish on Monero?

I think if these regulations continue at this rate soon the government would be tracking all crypto transactions and check who are the people making it. Then it would destroy the whole objective with which Satoshi had created Bitcoin in the first place.

If we look at the definition of crypto-currency, Oxford dictionary defines crypto as secret or concealed and currency of course as money. Once these regulations are effective they would be nothing concealed or secret about these coins.

This would only keep the privacy coins like Monero out of government control. My first thought was why has the Federal Reserve not thought about privacy coins. Then after some digging I found that they have been trying for many years but they have not been able to so far.

This article shows that IRS (Internal Revenue System) had put up a $625K bounty to anyone who can crack Monero’s security protocol. https://news.bitcoin.com/irs-to-pay-625k-to-crack-monero-crypto-proponents-scoff-at-contract

This goes to show that despite being so powerful and having so many security and intelligence experts they have failed to crack it themselves.

This has now convinced me to add XMR to my portfolio and my personal target is to have 10 XMR in my portfolio which I plan to collect during the corrections in the coming months.

My intention is not to scare anyone and I would recommend you to do your own research and analysis before making any decision on Monero for yourself. My principle if always expect the best but be prepared for the worst.

Cheers,

SamBTC