5 Myths about Monero Cryptocurrency Busted

The cryptocurrency market continues to grow more saturated as more altcoins are created to capitalize on the investment boom. However, this new form of digital currency has drawn some following of doubt and suspicion, especially because of its reputation on the lack of regulation from any government.

While there are indeed dubious altcoins on the market, the more prominent ones such as Monero (XMR) already promise greater security in its protocols, thus it’s a good idea to check out options for the best XMR wallet that can help secure such an investment. In spite of this, many misconceptions about the altcoin continue to circulate as a result of earlier stages in its development.

Today, Monero has come a long way from what it once was, but if you’re still in doubt, here are some of the biggest myths about the altcoin, debunked.

 

Investing in Monero is a financial risk

This is not a myth that needs to be disproven so much as it needs to be put into better perspective. Investing in Monero does indeed come with financial risks in the same way any investment does in the stock market, in foreign exchange, or in any business venture. There’s really no way to know for sure when and how the value of an asset will change, especially when it may rise or crash. 

As with any financial decision-making, the only way to address this best is to be responsible with money. When making any investment, it’s always important not to throw in money meant for more important matters such as bills, necessities, and other living expenses. Investing in cryptocurrency should be done with expendable funds or money that one can afford to lose.

 

Monero is not secure

Data privacy is a valid concern especially in the digital age of internet and targeted marketing, and it’s only natural to express the same concern over largely financial matters. True enough, transactions and exchanges made with most cryptocurrencies can indeed be tracked, but Monero in particular boasts security as its primary feature and focus when compared to the rest of the market. 

Unlike some of the more popular coins, its security is baked into its protocol from the get-go rather than as a layer or an add-on feature on top of it. Furthermore, this privacy only gets better as the community grows larger, making individual users more difficult to identify, and its core team is regularly working on forks that improve the protocol over time.

 

Monero is a scam

This comes from holding a bad impression of Monero due to a slightly troubled history. Similar to many other cryptocurrencies, Monero was originally founded by certain tech-savvy individuals who wanted to extort money, capitalizing on the cryptocurrency boom. 

However, these individuals were soon found out by the community and kicked out from managing the currency. The community has since updated the Monero’s protocol to optimize mining for anyone and to keep out any of the ill-will that once held control over the coin. The altcoin is now maintained by a thriving community of good-willed people who want to improve it for everyone.

 

Monero is more expensive to use

This myth is another lingering reputation that came as a result of the earlier phases of the altcoin. Due to high trading volume and a formerly complicated transaction process, Monero used to charge larger transaction fees whenever it was used.

However, thanks to a technology called bulletproofs, these computations necessary for transactions has been optimized and therefore reduced to only a fifth of what it used to be. While Monero charges more than the most popular cryptocurrencies, it does so with the unique promise of security compared to other coins that require supplemental costs for wallets that feature optional security.

 

Monero lacks compatible wallet options

This is somewhat true only relative to the rest of the cryptocurrency market, but that’s only because of what the coin offers. Monero’s commitment to being a private and anonymous cryptocurrency necessitated its creation from scratch, in contrast to most popular currencies which were developed from mostly the same codebase. 

Most people in the market tend to focus on quantity over the quality of these digital wallets, but this is not to say that there are no good options for storing Monero such as XMRWallet.com. Regardless, the number of compatible wallets has steadily increased as the community continues to grow, including even a few mobile wallets.

Even after busting these myths, there may still be some lingering doubt about investing in Monero, and perhaps this cannot be helped. However, it is important to remember the current context of cryptocurrencies. The concept is still young and budding, especially when most of the world still relies on physical money. Ultimately, cryptocurrencies are an investment on what is believed to be the next stage of global finance as a natural effect of the modern technological revolution. 

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