Nov 16, 2018 at 07:55
Nov 16, 2018 at 07:55 UTC
If you have read our beginner’s guide to Monero, you would know that this privacy coin is making quite a wave in the crypto scene of late because of its myriad features that give it an edge over many of its competitors. Should you invest in Monero? What does the price outlook look like? What are the reasons you should invest in Monero?
Let’s find out:
Price Outlook for Monero in 2018
Recently, in the last couple of days, experts have been predicting a bullish upswing for Monero in the short-term period. Its price is expected to rise for a while, giving investors quite a bang for their buck. The Stochastic Oscillator for the Monero cryptocurrency seems to be moving from the oversold region and the signal appears to be moving upwards. This clearly signifies that there might be an upward trend in the price of Monero in the short-term.
Reasons to Invest in Monero
Monero offers several characteristic features that make it a great candidate for investment. Let’s have a quick look at what they all are:
1. Privacy of Monero
While cryptocurrencies are often assumed to be anonymous, they are not exactly so. Especially Bitcoin possibly opens up your transactions to public knowledge by hosting the public keys on the openly accessible database. While there are certain roundabout ways to make Bitcoin transactions anonymous, they are not inherently private. Hence, a coin like Monero is very private, as it uses features such as confidential addresses and ring signatures.
2. Monero is a lot Like Money
Monero has a key characteristic that money has: FUNGIBILITY. This means that one unit of Monero is interchangeable with another unit of Monero easily and immediately upon demand. This is because its great privacy features ensure no old transactions are captured in the records to take away a coin’s interchangeability.
3. Ease of Mining with Monero
If you read our article about how to mine Monero, you would know that it is incredibly easy to mine,unlike one of the older cryptocurrencies, like Bitcoin, the oldest. This ease is expected to boost adoption rates, which in turn should increase prices and take the investment potential upward.
4. Monero is Scalable
We all know that Bitcoin has a scalability issue that has proven hard to deal with. A lot of it stems from the fact that Bitcoin has a block size of maximum 1 MB. As a result, to cannot handle too many transactions at a go and this slow operation hampers the scale at which it can be adapted, as the prices go up and the efficiency gets reduced. Monero solves that issue by not having a maximum block size at all. Instead it has a block reward penalty. It is meant to stop unscrupulous miners from blocking the network.
All these factors make Monero a smart cryptocurrency with great potential, and investors should definitely check that out. However, before you go ahead and add Monero to your crypto portfolio, do check out other altcoin options as we have made you a list of best altcoins to invest in, in 2018.