Monero (XMR) is one of the top stealth cryptocurrencies yet is highly underrated. The crypto’s total circulating supply is fixed at slightly over eighteen million (18.4) units. Despite such a low supply, the price of each coin is little over seventy dollars ($73).
But there are so many cryptocurrencies like Bitcoin, then what is unique about Monero?
Stealth cryptocurrencies: Bitcoin vs. Monero
The Bitcoin (BTC) network is not a completely anonymous network. The data for each transaction is stored on the blockchain and is visible to all other members. The transaction data combined with the Bitcoin address can be used to monitor transactions. Each Bitcoin address can be linked to an individual or an entity, and hence their financial activity can be observed.
Monero, on the other hand, is designed to have total anonymity. The network uses ring structures and stealth addresses to increase the privacy for its users.
A ring structure connects a transaction to an address. However, instead of individually linking each trade to a unique entity, the ring address connects a bunch of traders to a single ring signature. Therefore, members of the ring trade without revealing which one among them was behind the transaction.
Stealth address, on the other hand, allows users to create a unique address for single-time use. The person can use the address once. This address cannot be traced back to the entity that was behind the transaction.
Monero at the top of stealth cryptocurrencies yet remains undervalued
Monero’s price almost reached five hundred dollars ($480) during January 2018. However, the price has been stumbling since. The price reached forty dollars in the 2018 market crash. It recovered back to above one hundred dollars in the following bears. However, price action could not keep up and fell back to the seventy dollars region where it currently hovers.
This takes us to the evident conclusion that despite being one of the most anonymous yet rewarding networks, Monero remains undervalued.