Motley Fool analyst Eric Bleeker, Motley Fool lead crypto advisor Bernd Schmid, and Motley Fool contributor Chris MacDonald discuss whether Monero (CRYPTO:XMR) could be what investors hoped for when they bought Bitcoin (CRYPTO:BTC) on this clip from "The Crypto Show" recorded on Nov. 4.
Eric Bleeker: We'll take some more questions at the end, but I want to get to the final cryptocurrency we will be discussing today, which is Monero, it's XMR.
It has a market cap of 4.7 billion, it's the 41st largest crypto. It's a privacy coin that aims for additional layers of privacy I think for investors out there who have been crypto adjacent or watching this space for a long time. You're going to recognize this one. It's been a project that's been very visible for a year.
Bernd, why did you pick out Monero as the third cryptocurrency we're discussing today.
Bernd Schmid: I like Monero because somebody puts it Monero is what Bitcoin noobs thought they bought.
I'm not sure if this is still about the narrative, not anymore, but people used to think Bitcoin is anonymous and it's dangerous and all these obscure actors, which definitely they were there in the beginning. Because it's not that like, Bitcoin is actually a 100 percent transparent. You can look up every single transaction in the network.
If you buy a coffee from me, for example, I can look up your address. I know where this money came from. I know how much money you have on this address. I know where it came from, all the transactions that you do.
This is something that could be desired or undesired. I think in many cases you should argue that for day-to-day transactions, you actually don't want everybody to have a look inside your wallet and know inside your bank account and observe anything that you do. Most people don't know that it is you.
But even right now there's companies out there who actually tried to match faces,...