Satoshi Nakamoto created crypto with privacy in mind, and Monero is the coin that sums up all the privacy and anonymity-related features.
Back in 2020, Monero was able to surpass all other privacy-centric coins in year-on-year growth, up 249% in 2020.
Now, it seems that there is a symmetrical triangle pattern that hints at a possible upswing to $200 following the ongoing consolidation.
At the moment of writing this article, XMR is trading in the red, and the coin is priced at $156.35.
The importance of privacy in 2021
Privacy becomes more and more important these days, and a lot of analysts are saying that 2021 will be a crucial year for crypto.
With the wild money-printing spree that began back in 2020 due to the pandemic, people have been flocking towards Bitcoin and crypto as hedge funds against inflation.
Crypto generally boosted its popularity, and people have been moving their economies into digital assets to take shelter from the falling US dollar.
But what many seem to underrate these days is the importance of privacy in 2021.
Just think about the recent Ledger hack that took place and exposed the private data of hundreds of thousands of people.
This latest @Ledger breach is horrendous. Names, emails, addresses, phone numbers of so many people in plain sight. This will only happen more often if government's force more AML/KYC upon us such as proposed US rule changes. It just creates numerous honey pots. 🚨💀⚠️ #Privacy https://t.co/6ruKH25Fx4
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) December 21, 2020
Bitcoin vs. Monero
Bitcoin does not enjoy the necessary degree of privacy, but one coin out there does – this is Monero.
These days, some crypto exchanges delisted XMR, but things are still going great for the coin because the demand continued to grow for censor-resistant solutions allowing the token’s market value to rise.
“There’s a larger societal war on privacy taking place, and when it comes to crypto, Monero and Zcash are on the front lines. Monero should, in theory, be the most difficult asset for exchanges to support from a compliance standpoint because all transactions are anonymized by default via the protocol’s ring signature scheme,” Messari reported.
Bitcoin does not have the privacy needed by people, but Monero shines bright in this direction.
Anyone who is pitching #Bitcoin privacy as less important for people today than their ability to purchase KYC'd, surveiled Bitcoin is either a fraud or a fool.
We need usable privacy *today*, not in some distance future after we've all linked our ID to a transparent ledger.
— Seth Simmons (@sethisimmons) January 17, 2021
Simmons continued and also said that “The world doesn’t need another investment vehicle. It needs a way to transfer value privately and without censorship if you want to use something today for that, #JustUseMonero. If you have Bitcoin already and want to use it, use @SamouraiWallet.”
Someone said: “The atomic swap story is IMO over-played. Eventually, people are going to sour on the notion of giving up their fungible XMR for tainted BTC. Ultimately it’s just passing the buck, playing hot potato. No one will want to be stuck holding the tainted BTC.”
We’ve also addressed the issue of atomic swaps more than once.
People have to understand the importance of privacy these days until it’s not too late.
Bitcoin was not created so that anyone can know your entire balance and every transaction you’ve made.