Since the launching of Bitcoin in 2009, many alternative cryptocurrencies have emerged into this young space. Among the cryptocurrencies include Ethereum that debuted in 2015, Monero in 2014, and Dogecoin in 2013. Today, let focus on Monero.
Monero attracted users in its early days due to its privacy features. It was widely used in the darknet markets to purchase illicit products and services. Apart from purchasing products, crypto is used to make anonymous donations. Cybercriminals also love the crypto to demand a ransom payment.
Monero is appealing to users because of its unquestionable privacy. It has become an alternative payment method for regular day-to-day activities. Monero is also used by other users who own other cryptos like Bitcoin and Ether to link between transactions.
Monero has impressive privacy features that make the crypto untraceable and unlikable. Token senders are protected by a ring signature and the receiver by a stealth address.
For Canadian looking to snatch Monero, a cryptocurrency exchange like Binance is the best place to start. Thie crypto is different from Bitcoin and Ethereum in that it isn’t available in an exchange-traded fund or an index fund on regular markets.
This makes it impossible for users to take advantage of its gains in Tax-Free Saving Accounts or any saving plan. Privacy is the only selling point of this currency.
Crypto investments have been attractive to Canadians in the past years. Just like the other crypto tokens, Monero has reached an all-time high of US$543 in early May. But at the time of writing, Monero was trading below US$265, meaning it had the sharpest dip among its crypto peers. It is an intriguing option for crypto investors and users, its privacy tops in the crypto space.