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The only coin that MIGHT unseat Bitcoin: Monero

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Written by   24
1 year ago

Bitcoin is the number one coin within crypto since forever, it has the liquidity, the fans, the maximalists, and the corporations. At this point you might think that this trend will only continue, and personally, I think that's more than likely, but lets just think for a moment in an alternative, lets think for a moment that another coin takes dominance.

That coin, in my opinion, is Monero. It could only be Monero, in my opinion.

Now, let me explain:

When you buy bitcoin from a major exchange, for instance Coinbase, the coins you receive are deposited in your wallet, and your wallet, almost always is connected to your legal identity, this means that, if at any point in your life you become an enemy of the state or are involved in any major controversy, that transaction is searchable and traceable. You might say, so what? well, the point is that no privacy exist in that case, as long as people can establish a connection between your wallets and your legal identity, they will know what you do, how you do it, and for how long.

Careers have been destroyed by a single misplaced tweet, now imagine that 10 years down the line a company gets cancelled because the CEO said something too conservative and someone does a list of all the bitcoin transactions done between the CEO and everything he owns or has a connection with.

In fact, similar lists are already being put together regarding right wing groups.

Everyone complains that Facebook is too hungry for personal data, but wait till a marketing agency starts doing data mining on bitcoin transactions in order to give you contextual ads.

Once the implications of all of this start to transpire, and the privacy conscious hackers start to get nervous about the equivalent of their browsing history being available, they might start to think in Monero as a good option..

But a good level of privacy is just the beginning

Other cool breakthroughs that can be done with Monero are the following

A Libertarian Tax Haven

I am in favor of paying taxes, but that doesn't mean that I don't see what's likely to happen based on an initial trend.

With Monero, many entities (both legal an illegal) might pour out money in order to avoid taxes, which would mean that the next Cayman islands could be based on crypto. This alone cold shoot the coin to the moon.

Effective DAO's

Decentralized autonomous organizations can be useful in many cases, but what's even the point of using them or creating them if at the end of the day the government can still track you whenever you cash out your money on an exchange.

Strong privacy could foster an environment when whistleblowers fighting corruption is doable without ending up in Guantanamo.

Effective AMM's

Uniswap and similar AMM's are interesting, but again, what's the point of trading back and forth if every sale could be a taxable event and the IRS can enforce that rule by just tracking your addresses.

A monero AMM seems to be kind of inevitable, specially in the face of unjust tax laws.

In fact, someone shared the following with me on reddit: https://www.reddit.com/r/Monero/comments/mmrchk/im_happy_to_announce_haveno_the_monero_based_dex/

"I'm happy to announce Haveno: The Monero based DEX for trading XMR for fiat and cryptocurrencies! (PoC)

After months of work, we are happy to finally make public Haveno, the Monero based Decentralized Exchange!

For now it's only a Proof of Concept and the interface is still Bisq, but the base mechanisms are there and developers can already test XMR <-> Crypto trades!

Repository: https://github.com/haveno-dex/haveno

What's happening?

The calls for a native, decentralized and private way to exchange Monero for fiat currencies and other cryptos have been heard! Haveno is a fork of the Bisq exchange, a decentralized exchange used to trade Bitcoin for national currencies and other cryptos. Haveno is based on Monero, making it more private and cheaper than Bisq (more info in the README of the repository.

Haveno uses peer-to-peer networking and multi-signature escrow to facilitate trading without a trusted third party custodian. Disputes can be resolved using non-custodial arbitration.

The project has a core team, at the moment composed of myself (ErCiccione) and Woodser, the lead developer."

Extremely censorship resistant

Privacy is the backbone of censorship resistance, the more people know about you the more pressure or punishment can they inflict on you, which means that a coin that is extremely private can help liberate the spectrum of human activity.

What do you think about my list? do you think that Monero has any chance to become the number one coin? do you think that this possibilities could be realized or people will just continue as usual, regardless of the poor level of privacy that Bitcoin affords? Let me know in the comments!

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Written by   24
1 year ago
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Comments

But if you convert your BCH to Monero, when you leave the exchange they don't stand a chance. Its a very easy way to not pay taxes. But do the Monero blockchain have the ability to scale up like BCH

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