This Is Why Monero (XMR) Is Going To Keep Running - Global Coin Report
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This Is Why Monero (XMR) Is Going To Keep Running

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At the start of this year, Monero (XMR) went for around five dollars apiece. Fast-forward 12 months and the coin currently trades for $277, having dipped from highs recorded midweek just shy of the $300 mark. Much of today’s mainstream media coverage of the space is rooted in the incredible rise in price we’ve seen in bitcoin and, to a lesser degree, Litecoin and Ethereum.

As Monero’s 6,000% 12-month appreciation illustrates, however, these mainstream coins aren’t the only ones that have produced supranormal returns for early investors.

So what’s behind the action in this relatively under the radar token and what can we expect next?

Let’s try and answer those questions.

For anybody new to Monero, the coin is very similar in concept to something like bitcoin or Litecoin but, at the same time, it’s designed in such a way so as to promote a considerable degree of security and anonymity. It’s based on a protocol called CryptoNote which essentially ensures its untraceability, whoever is spending it or receiving it and – at the same time – whoever is trying to follow the coins from one place to another.

There are a couple of reasons why this one is gaining strength right now.

First, it has garnered a very large community of followers, both in terms of your everyday cryptocurrency population and, in addition, some of the biggest names in both this sector and the mainstream security space.

Monero Chart

Monero Chart

One of these individuals that’s noteworthy is John McAfee, cybersecurity entrepreneur and current CEO of publicly traded MGT Capital Investments Inc. (OTCMKTS: MGTI). McAfee went on record as stating that Monero has the potential to challenge bitcoin as a leading cryptocurrency and, while this seems like an outlandish statement right now, McAfee has proved many wrong in the space already and it would be foolish to write him off, whatever he’s predicting.

So, outside of a McAfee validation, we are also seeing some mainstream commercial interest in Monero and this is, once again, serving to buoy sentiment towards the token.

Specifically, and as per the most recent development for the company and its coin, news hit press this week that more than 40 top recording artists, including Slayer, Weezer, G-Eazy, Sia and Fallout Boy (among others) are now offering their records in return for Monero as a payment method. Notably, Mariah Carey (who is especially big at this time of year) is offering a 15% discount on her website to anybody that pays with Monero.

The arrangement came together as part of what is being referred to as Project Coral Reef and is really one of the first times we’ve seen a large-scale adoption of this type of technology in the music industry; we’ve seen single artists do a similar sort of thing but there are no examples of more than 40 artists coming together, and especially of this caliber, to accept one particular coin.

So what’s next?

Security and anonymity is very high on people’s lists of priorities right now and is becoming increasingly so in the wake of things like the Equifax Inc. (NYSE:EFX) data breach earlier this year.

Coins like Monero offer a simple solution to these concerns and, right now, it’s the coin that is at the top of the list from a privacy perspective.

For us, this suggests that there is still a long way to go in terms of upside potential as the company and its coin grow to satiate the ever-increasing market and consumer demand for exactly the product it’s offering.

Keep in mind that we may see a near term correction (a little deeper than the one that just took place) but, in line with this, any correction could be an opportunity to pick up some cheap coins.

We will be updating our subscribers as soon as we know more. For the latest on bitcoin, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Monero.org

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AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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