Like most digital coins, Monero (XMR) is equally vulnerable despite its bullish trading pattern against the US dollar. With privacy becoming more important each day, Monero is already well-positioned in that regard. The network has shown some resiliency despite its dependence on developers rejecting miner monopolization efforts.
Monero Receives Backing from Nick Szabo
There have been concerted efforts regarding privacy by citizens who are opposed to the behemoths focusing on personal data collection and processing for their own gain. For instance, Facebook (NASDAQ:FB) has been in the spotlight regarding privacy issues despite recently agreeing a $5 billion penalty with regulators. The company is expected to launch its crypto coin dubbed Libra, which is backed by a number of fiat currencies.
Given the privacy concerns that Facebook has had in recent times, it remains to be seen whether it will be trusted with financial information. As Facebook faces a storm, on the other end, there is Monero, which is the most discernible privacy coin and will most likely flourish as such. It has already received backing by the creator of smart contracts, Nick Szabo.
Cheap, Secure, and Decentralized coin
This is an enormous opportunity that will reinforce the ambition Monero developers have of producing a perfect coin that is secure and affordable, as well as one that is not vulnerable since it will be decentralized completely. However, there is a trade-off when it comes to the quest for a decentralized coin. The network may be vulnerable as its computing power may be less secure due to the frequent updates.
Currently, Monero (XMR) is stable but still under pressure, just like Bitcoin and other coins, and there is a possibility of bears flowing back. XMR’s flexible resistance level of $100 is likely to edge lower unless a surge happens beyond the middle Bollinger Band.
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