Is Monero About To Gain Increased Adoption?

Deviation From The Satoshi Model

I don’t think Satoshi envisioned the ecosystem that is now, Cryptocurrency. Perhaps he considered that there would be a handful of knockoffs entering the market when it became apparent that Bitcoin was indeed securing adoption. However, the expansion of the Crypto market is by no means something that many could have expected, or at least so early on in the journey. An idea born in a world of cypherpunks, without any financial backing or investment is now a medium of exchange that has a higher market cap valuation than hundreds of government-backed fiat currencies. This includes the Russian ruble, which is a representation of an economy that is quite influential in global markets. If this were not the case, the current crisis would have little effect on the rest of the world.

Bitcoin and other altcoins continue to provide a way for funding and cash flow to continue in spite of many current limitations, both on the side of tragedy and government-induced policies.

Exchanges Have An Issue

Exchanges are receiving requests from different government entities to block certain transactions and users from certain parts of the world. My guess is, it won’t be long before these requests become orders. Monero is a privacy-based coin that has already experienced exclusion from many Crypto exchanges, long before the current global issues even surfaced. This was obviously done in the expectation that regulatory scrutiny was soon on the way. Sensing the shift towards heavy regulation, Crypto entities sought to position themselves so as to avoid unnecessary problems.

In the event that gatekeepers begin blocking and restricting services on a much tighter level, will there be a shift towards Monero and other privacy coins?

Alternatives To Exchanges

Despite there being not many exchanges facilitating Monero, P2P exchange is still very much an alternative for XMR users to exchange and trade. I did hear something about government agencies hiring “Crypto experts” to find a way to breach XMRs privacy encryption. I still have not heard of any progress on this front. Many have suggested that privacy coins could be the next big thing in Crypto, while others believe that they will be targeted and as a result, an asset most will avoid. How this plays out, we will have to wait and see. Personally, I have not formed an opinion on privacy coins just yet, as I would rather wait to see signs of where the government is going in regards to privacy-based coins.

Litecoin Has Recently Also Introduced A Privacy Feature

With the introduction of Mimblewimble, Litecoin has also recently entered the world of privacy-based transactions. This comes at a time when a lot of exchanges have turned away privacy coins like Monero. So, it makes you wonder what Charlie Lee knows. Litecoin can obviously function as an open and public chain, while simultaneously having the option of increased privacy. This allows it to play both sides and if privacy faces future issues, it still has public transactions available. The regulatory side of Crypto is still so very grey and will most likely drag on for years in my opinion.

I could however be wrong but once again, it’s a case of wait and see. Either way, I expect privacy coins to become a hot topic within the next couple of months. I definitely believe that it will be an avenue of exploration for many, as financial exclusion and censorship are peaking at an unprecedented rate.

Final Thoughts

There are quite a number of Monero “maximalists” out there who have been waiting for an opportunity that would validate their bias towards privacy. Unfortunately, it goes without saying that the “opportunity” was most likely destined to be connected to catastrophic events, such as what we are currently experiencing in our world. Privacy will most likely be a sector of exploration that many will be forced to travel. The world seems to be currently shifting from calamity to calamity and nobody is quite sure of how to navigate these perilous times.

We simply have to try and predict where markets and behavior are headed, as uncertainty seems to be the only certainty at this point. My guess is that privacy is a niche to keep an eye on. Thanks for the visit and keep traveling along your own unique Crypto journey!

Disclaimer

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This article was first published on Sapphire Crypto.

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