Crypto enthusiasts performed some statistics to explain why the protocol is not heavily rated as a money transfer instrument.
- From gift cards to the darknet: Payments using Monero (XMR) are on
- The Challengeless Privacy of Monero (XMR)
Australian cryptocurrency enthusiast John Foss, author of The Monero Moon newsletter, shares statistical indicators to show how Monero (XMR) has become increasingly popular for all types of money transfers.
From gift cards to the darknet: Payments using Monero (XMR) are on
In his “Ten Other Things You Didn’t Know About Monero” thread, Mr. Foss took to Twitter to showcase the rapid progress of Monero (XMR) as a payment system for Web3 customers.
A Tweet Thread for the Monroe Curious pic.twitter.com/xb4EhcPYLN— john foss (@johnfoss69) 1 July 2022
Currently, the net ratio between Bitcoin and Monero transactions is over 11%; This metric has nearly doubled in 2022 and is targeting a new all-time high.
Monero (XMR) strengthened its dominance in the “Privacy Coins” segment; Currently, it accounts for 98% of all private transactions, while the market cap of ZCash (ZEC) is still half that of Monero (XMR).
Furthermore, despite being listed on most exchanges globally, XMR maintains its position in the top 50 on CoinMarketCap and remains the fifth most popular proof-of-work (PoW) cryptocurrency. XMR is the second most popular crypto to buy gift cards and the most popular crypto in the US
Darknet heavyweights, including the likes of Alphabay, are typically “Monroe-only,” Mr Foss said.
The Challengeless Privacy of Monero (XMR)
This popularity should be attributed to the unconvincing security and privacy of Monero (XMR). So far, no monitoring body or NGO has proven to be able to track Monero (XMR) transactions.
As U.Today reported a year ago, Monero’s first lead maintainer, Riccardo “Fluffy Pony” Spagni, asked ZCash (ZEC) cheerleaders to recover XMR transaction data along with his hash, and no one could do it. I didn’t succeed.
That is why, amid increasing KYC regulations, Monero (XMR) remains the only battle-tested tool for privacy transactions.