In the past couple of years, governments all around the world have been trying to crack down on cryptocurrencies and their usage. Regulations, restrictions, and official bodies are trying to use every trick in the book to limit the way users are able to use cryptocurrencies.
Just lately, the SEC has fined the crypto exchange Kraken for offering staking services and is forbidding Paxos to issue more BUSD. With such moves, users are increasingly worried that their crypto holdings could become the target of the government.
However, there’s a category of cryptocurrencies that is extremely difficult to regulate. That’s privacy coins, where Monero (XMR) is king. So should you exchange your BTC to XMR just yet? In this article, we analyze this popular privacy coin and its main features and provide a price prediction from reputable sources.
What Do We Know About Monero?
Many users mistakenly think that all cryptocurrencies are anonymous. It’s true that the wallet addresses of BTC, ETH, and similar cryptos do not contain any personal information. However, all the transactions are recorded on a public ledger, which can be tracked by hackers or government agencies to find out the identity of the asset holders.
Enter Monero, an anonymous cryptocurrency that completely obfuscates the sender’s and receiver’s addresses as well as the amount sent. This allows users to retain their financial anonymity in the cryptocurrency market and makes it impossible for anyone to track anyone’s identity or holdings.
But before we delve into the details of that side of the coin, let’s state some fundamentals first. Monero is a proof-of-work cryptocurrency that can be mined with both CPUs and GPUs. This makes it quite democratic to mine, although mining pools still have a huge advantage here. Unlike Bitcoin, XMR doesn’t have a capped supply, and there are currently over 18 million coins in circulation.
Is Privacy a Key XMR Feature?
The main selling point of XMR is its privacy features. XMR uses RingCTs to hide sender and receiver info. In a nutshell, the process takes multiple transactions from multiple users and gives different outputs, never allowing external observers to figure out the transaction.
This is extremely useful for large crypto holders as it removes the proverbial target on their backs. Criminals and hackers no longer have any data to use and track down the owners of the addresses, making users’ funds inherently more secure.
In addition, holding XMR can be extremely useful when dealing with cryptocurrencies on a regular basis. For instance, if you are a freelancer and receive your payments in crypto, you wouldn’t want every one of your clients to have knowledge of your holdings.
And as a business, you can easily hide your financial transactions from your competitors.
XMR Price Prediction
An interesting fact about Monero is that this coin is less susceptible to market volatility than other altcoins. The reason behind this is that XMR has a genuine peer-to-peer market, unlike most altcoins that only trade on exchanges. Currently, XMR is trading at around $155.
With all that in mind, let’s have a look at some price predictions from analytical forecast websites. Just remember that the best way to acquire XMR is through an anonymous exchange like https://godex.io/.
Digitalcoinprice.com provides some bullish targets for the current year. As such, we can expect XMR to reach a high point of $354.11 per their forecast for 2023. For the longer term, the website predicts targets of $587.28 for 2025 and $1,697.61 for 2030.
Pricepreditcion.net is more conservative in the short term with a forecast of $259.59 for 2023. However, their long-term targets are much more bullish, with price levels of $562.94 and $4,177.23 for 2025 and 2030 respectively.
Is XMR the Best Choice This Year?
With governments taking every chance to regulate crypto, privacy coins seem like the obvious choice to shield yourself from this narrative. Monero is incredibly strong in this regard, and its huge user base and overall positive price action make it a solid choice for any portfolio.