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Today, we will be discussing why the FEDERAL BEAUREU OF INVESTIGATION (FBI) OF THE UNITED STATES OF AMERICA IS AFRAID OF THE CRYPTOCURRENCY MONERO.
Monero is a cryptocurrency, not very popular, it is not worth so much or very loved but it has been a thorn in the flesh of the FBI and other federal investigative institutions or forces in the United States.
Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on fungibility , privacy and decentralization. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount or destination. Monero uses a Proof of Work mechanism to issue new coins and incentivize miners to secure the network and validate transactions
Source-wikipedia.
I won't bother you much with the statistics of Monero nor its history, but what you should known about the FBI's hatred for it.
Monero has been the enemy of most regulatory institiutions in the US for this singular reason IT IS UNREGULATED AND ITS BLOCKCHAIN IS UNTRACEABLE.
Yes, Monero is both unregulated and untraceable because no one yet, at least non of the staff of these agencies understand or have the knowledge of how to manipulate or control this currency. As of my research only the people involved in designing its blockchain knows a reasonable amount of information about Monero. These individuals are unknown thus my depiction of Monero as unregulated as there is no one to necessarily hold accountable for it.
For this primary cause Monero is now the priced currency for criminal elements, as most drug traffickers, kidnappers, and scammers use this as their preferred means or form of payments because it is fast, easy and light as millions could be transacted through this method.
In January 2018, Bloomberg suggested the hackers who stole approximately 500 million NEM tokens ($530 million) from Coincheck would find it challenging to launder the stolen tokens by selling them for Monero since at least one exchange, Shapeshift , had blocked NEM addresses associated with the theft.
In the first half of 2018, Monero was used in 44% of cryptocurrency ransomware attacks.
In November 2018, Bail Bloc released a mobile app that mines Monero to raise funds for low-income defendants who can't otherwise cover their own cash bail.
According to sources, Monero should be worth more than it is as it is one of the primary currencies of the underground societies, as the value of cryptocurrencies largely depends on its acceptability and the amount of transactions that is carried out in it.
This is one of the reasons the dollar is a strong currency as it is the most accepted currency done and used for transactions worldwide. The famous bitcoin also works on this principles. Monero allegedly should be higher, because according to one of the FBI's leaked files stated that the Monero was transacted on more than the bitcoin as of a specific period if time which is unknown.
And the US is currently not really able to freeze accounts of drug lords anymore because payments of sales of illicit drugs which are remitted to the cartel bosses of Southern America are done in Monero.
Monero is said to be the safest cryptocurrency to transact in due to the design of its blockchain. Monero's blockchain apart from its safe nature was not designed to save the history of transactions or wallet address after transactions. This is or of the several factors that makes it very safe.
The FBI has come out to give a paid challenge to tech geeks and geniuses offering an outstanding some of $150,000 to anyone or group of people that can breakdown Monero's blockchain for them even as their own cyber support team is working on it.
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Monero, in my opinion, is by far the most mysterious and cutting-edge cryptocurrency on the market today.