Monero, the team behind the XMR cryptocurrency is known for its passion for privacy. Monero is a cryptocurrency project that takes the Bitcoin model one step further by providing a platform for totally anonymous cryptocurrency transactions. The entire community behind Monero is one that values privacy and thus, many people seem to think Monero investors have something to hide? Is this really the case though, or do these people simply just want to exercise their right to privacy and the protection of their own data?
Earlier this month, Peter Todd, an ex-Bitcoin developer has spoken out about his views on the Monero community, stating that he believes Monero is backed by a group of very honest people, despite their passion for all things private. According to reports at the time, Todd stated:
“The XMR community seems honest and represents the coin accurately.”
Furthermore, Todd believes that the future could see Bitcoin and Monero working more closely together. Todd stated:
“Monero is perfectly blinding and Bitcoin is perfectly binding. Smaller numbers of currencies are more efficient than a larger number so I would rather see something like add-ons to Bitcoin, where you could take your Bitcoins and move it off into something like Monero.”
What Todd is discussing here is the idea that though he thinks Bitcoin is better, it will eventually become less efficient because of the sheer number of Bitcoins in circulation. Users can gain access to something more efficient through moving their Bitcoin over the Monero in order to grow and develop their own portfolios.
We know that the Monero community is one of the biggest and most passionate communities within the industry. This is mostly because Monero is a bit of a veteran, as a privacy coin it is often seen as an industry leader and thus, it’s one of the biggest cryptocurrencies in the markets to date. Governments however fail to recognise this and sadly believe that privacy coins are reserved by criminals and those who wish to mask their identity for illicit reasons. This may not be the case, we all have a right to our own data security and we all have a right to remain anonymous, as law abiding citizens. The Monero community recognises that and thankfully, Monero is going to go very far as a result of it.