Episode Highlights:
- 00:01- Advice You Will Receive From This Video
- 00:23-Monero
- 01:11 Monero On The Coin Market
- 02:03-Monero On The Darkweb
- 03:02-Zcash Vs Monero-Integration Of Monero
- 04:14-How Monero Works
- 05:23-The Importance Of Anonymity
- 06:42-Monero’S Value And Projected Increase
- 07:40-Why Monero Is Set Apart From Other Cryptocurrencies
- 10:57-Why I Recommend Monero
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Transcription:
00:01- Advice You Will Receive From This Video
And what’s up guys, it’s Dan from cryotocamacho.com, where each day I bring you the latest and greatest in cryptocurrency and help you make more money in this crazy cryptocurrency world that we’re living in today. Guys today I want to talk about a specific privacy coin. I want to talk about the king of privacy coins. What am I talking about? I’m talking about Monero.
00:23-Monero
I want to talk about Monero because I think Monero is significantly undervalued right now and I think that in 2018 and beyond, we’re going to see Monaro go up a lot in value and I’ll give you the reasons why in just a second here. So first, what is Monero? Monero is one of the oldest privacy coins out there today. If Bitcoin is the king of cryptocurrency, Monero is the king of privacy coins. They have the most widespread adoption, they’re the only privacy coin that literally is completely untraceable, untrackable, unlinkable, so forth and so on. I’ll get into that in just a moment, but Monero is being widely adopted on the darknet, it’s being widely adopted through a variety of integrations which I’ll go through in just a second and I think that at the price point it’s at today, I think it’s completely undervalued right now.
01:11 Monero On The Coin Market
Let’s take a quick look Monero on coin market cap. So market cap says that more Monero today is number 13 in terms of market cap compared to all other cryptocurrencies. It has a market cap of about 4.9 almost 5 billion dollars, has a price point of $318.00 with a supply of 15 million coins. I like one: that the supply of coins is relatively low, if you look at dash the supply of Dash is about half that of Monero and the price is about twice that as Monero, it’s a little bit higher than twice that actually as a market cap of 6 billion, Monero has market cap of 4 billion and the supplies are about half what they are from one another, so this even in and of itself tells me that the price of Monero should be closer to $400 you know rather than $318, that’s point number one.
02:03-Monero On The Darkweb
Point number two is that Monero is now overtaking Bitcoin on the darknet, if you just search in Google for darknet web, darkweb or darknet cryptocurrency, you’ll see Monero’s name popping up all over the place. Monero becoming more popular than bitcoin on the darkweb, bitcoin in the dark about new character cryptocurrency, Monero skyrocketing thanks to darknet drug lords financing the darkweb and it talks all about Monero and essentially, if you dig into this topic and research a little bit more, you’re going to find out that Monero is overtaking bitcoin and it’s really becoming the default cryptocurrency to be used on the darkweb, and that is because Monero is completely untraceable, it creates complete anonymity for users that are transacting with Monero. Just search here again for darknet cryptocurrency you’re going to see Monero’s name pop up all over the place, read through these forums you’re going to see Monero again popping up all over the place.
03:02-Zcash Vs Monero-Integration Of Monero
Look at this, darknet cryptocurrency ZCash vs Monero, Monero has a leg up and is better ZCash and I’ll tell you why. I like the ZCash but Monero is better than that. Also if you look at the integrations of Monero, many, many are happening as we speak. Every day, every week, more and more integrations are happening, Dream Market puts finishing touches on Monero integration, Coinsquare’s integrating Monero, Rahakott, the cryptocurrency wallet success story with Monero. It’s all over the board guys, Monaro support for the Ledger Hardware Wallet inches closer to reality, all kinds of things. There was even something in here, Canada’s top exchange Coinsquare could beat Coinbase to adding Monero, so forth and so on. Just look through this, there are integrations happening all over the place so Monero is being widely adopted in the cryptocurrency space in the tech communities, so forth and so on. It’s got a very, very big user base and a very, very big success story, if you will. And the reason why the darkweb is embracing Monero is because it scales, it’s been tested, it’s been tried and true, unlike some of these other privacy coins that are brand new, that are just coming out. I’m not going to say they don’t have potential and they’re not good points because they absolutely are.
04:14-How Monero Works
but Monero has been around longer, it’s been tested, it’s been tried and true and it’s being scaled on the darkweb and we all know that whatever happens on the dark web will ultimately, at some point, become more mainstream especially when it comes to technology. If you guys remember back to like the Napster days, if you guys remember Napster, remember Napster? Napster was a peer-to-peer music selling software. It was a centralized platform that was really the first company to enable peer-to-peer electronic transferring of music files, then we all know Napster went out of business because the government was able to seize control of Napster because it was a centralized enemy and the government shutdown Napster. So what happened after Napster came something called Gnutella. Gnutella was the first decentralized, distributed, peer-to-peer technology and then beyond that we went to things like BitTorrent and Torrent networks and things like that and that’s what’s happening today and that’s really you know, if you go to BitTorrent.org or BitTorrent.com, you’ll see how the Torrent network works and in it enables private and anonymous transactions to happen with files, with software with music, with anything data related.
05:23-The Importance Of Anonymity
Monero is basically the same thing as that but for money. So bitcoin, initially, was kind of this poster child for anonymous transaction, darknet transactions and anonymity and things like that and we quickly found out that bitcoin it was not really anonymous because it could be linked back to the account where bitcoin was purchased, where all of my information is right so it’s not truly anonymous. Monero was the first point to come out to really truly be an anonymous coin, to provide untraceable, unlikable transactions between two parties and even beyond that, so I think Monera is really unseating going in terms of becoming the number one, default cryptocurrency for privacy and anonymity across the web and this is going to become more important 2018 as more governments, as more third parties, as more regulators look to regulate bitcoin and other cryptocurrencies, regulate the transactions, regulate the taxation of cryptocurrencies, the gains on cryptocurrency gains, so forth and so on. Monero and other privacy coins are going to really fill those gaps where people want this anonymity, they want privacy, they want security, they want the government and third parties out of their hair and I think Monero is really really suited to pick that up well, to really take off in 2018 for all these things coming down the pike, and that’s why I’m very very bullish on Monero
06:42-Monero’S Value And Projected Increase
If you go to the Monero’s chart on Coinigy, yoga Monera sitting at about $319, it’s starting to make its way up a little bit and I expect this to go up a lot more in the next month or even sooner. It did have a high of about $500 in that went down to a low recently of $230 bouncing back up to $319, again I think it should be closer to $400 at least right now and it’s not because of the dips that have been happening and the fear in the market and so forth and so on, fear, uncertainty and doubt. I think it’s its position and it’s poised to blow up and go up from here and so I am definitely invested in it. Another pioneer in the tech space, the cyber security space, John McAfee, he touts Monero as being bullet proof, as being kind of the next coin to really rise up in the ranks. It should be worth really thousands, in my opinion, I think it’s going to take a little longer to get that widespread adoption but it’s happening on the darkweb and we’re going to see soon more applications coming out which enable this privacy, anonymity and security aspect into other applications and I think that’s where Monero is going to start to shine.
07:40-Why Monero Is Set Apart From Other Cryptocurrencies
We go back to the Monero website, you know you can go through this yourself, but I do want to show you that what specifically Monero does that’s different from many of the other privacy coins is really right here. it’s all laid out, there are five points of why Monero is set apart from the other cryptocurrencies and the other private sequence on the market. One, it’s untraceable, unlike most of the digital coins, Monero uses a special technology called Ring signatures, think of an onion with rings, multiple rings which shuffle users private keys in order to eliminate the possibility to an identity of a particular user. Automatically, it’s untraceable because it shifting keys and when the transaction happens it only then chooses the key to use, and it doesn’t link it back to the actual user. Next one, unlikable, being a great feature and traceability doesn’t protect a receiver from defining his or her balance through inspecting ongoing messages to the user’s public address, therefore Monero employs a specific protocol which generates a multiple, unique, one time address and that can only be linked by the payment receiver and are unfeasible to be revealed through blockchain analysis, that’s a very, very big one. So the transactions you send cannot be linked back to the sender or to the sender’s account or to the person that purchased the Monero in the first place, it can’t be done. Only the receiver of the payment has that code and given the cryptography of Monero, it would be virtually impossible right now to crack that to link it back to the original sender, that’s another reason. Reason Number three, security. Like any other digital currency Monero is cryptographically secured, though the peculiarity of algorithm consists in tremendous computational electric capability, is that a hacker would need to even try to steal your funds, to put in a nutshell your wallet is unbreakable, it’s unpenetrable, given the computing power today, it’s just virtually impossible to break the wallet. Maybe when quantum computing comes out, that will be a different story but right now, completely unbreakable. Number four, private, besides other features, privacy is basically provided with the idea of anonymous transactions without any obligation to cooperate with third parties. Monero is based on cryptography that has lots of modelling factors in its arsenal, making it difficult to detect who transactions belong to, so it’s very, very private and in the protocol, it deliberately models and breaks apart the signals to connect these pieces together to tie them back to a user. Lastly, analysis-resistant. Here’s one thing about bitcoin, is that with the right amount analysis, the right team, the right computational power, anything can be analyzed on bitcoin and bitcoin’s blockchain core. Anything can, given the amount of time and resources, it can be broken then it’s not truly anonymous and that’s why Monero comes in. Monero’s blockchain analysis-resistance results from unlinkability, which was achieved by using a modified version of the Diffie-Hellman exchange protocol that generates multiple one-time public addresses that can only be simply gathered by the message receiver, but hardly analyzed by confused foreigners inside the Explorer, So again, it’s using this ring technology and it’s using this protocol that generates multiple public addresses and keys and it’s only deciphered on the receiving end when that transaction is completed. So boom there again is another reason why Monero is powerful.
10:57-Why I Recommend Monero
So, guys, this is why I’m bullish on Monaro in 2018, I think there’s a ton of potential there. If you want a secure coin, if you want to coin that’s been around for a while, you want to coin that’s not going away, you want to coin that’s more stable than some of these altcoins that are under a dollar, under ten dollars, Monero is it for you. I mean there are other great privacy coins out there but Monero is the most stable and I think, will have the most stability through 2018 and likely have the most rising potential. It may not beat out some of the others in terms of overall gains in 2018, because it’s a little bit higher priced, but I think, overall in the long term, it’s going to be less risky, it’s going to be more stable, you’re going to make a decent return it’s not a fantastic return and you’re going to see Monero go up in the months to come, mark my words on that.
I’m Dan from cryptocamacho.com, If you haven’t already subscribed, please click on that little red box in the corner there, click that red box you’ll be subscribed, you’ll receive video updates for me on a regular basis and until then guys hope you enjoy it. Leave your comments and let me know if you think there’s anything better than Monero. I would love to hear your opinions guys. Thanks, see you later.
