Monero, the wonder cryptocurrency that was developed to offer a high level of privacy to users, has suffered a series of challenges that have threatened its very existence.
Widely touted to be used by criminals because of the high level of anonymity it provides, Monero has been pulled off major exchanges around the world like Bittrex and OKEx. South Korea’s anti-money laundering law has also banned Monero from the country.
Despite the challenges faced by the coin, Monero has some momentum going for it, which could see it weather the storm and come out stronger.
The Case For Monero
The privacy feature embedded in Monero is a major reason why users continue to believe in the project, despite numerous bans by top cryptocurrency exchanges and government agencies.
Some users value the total anonymity Monero provides, with the amount, sender, and receiver all obfuscated through the use of ring signatures. This functionality sets Monero apart from other privacy coins like Zcash and , and it has increased the number of Monero users.
Another factor that makes a strong case for Monero is the decentralization it offers to its users as a result of its strong community.
Monero’s strong community is characterized by the Community Crowdfunding System (CSS), which allows members with ideas to pitch them for discussion. After the pitch has been deliberated upon and appro...