Bitcoin may finally start to throw away the cloak of shame away, the shame that has been slightly plaguing it for a while.
Many, including people like Jamie Dimon and others, have cast aspersions on Bitcoin, giving it sort of scarlet letter from the start, labeling it the coin of killers and those who make up the underground of societies across the globe.
This trend has been slowly decreasing as more investors are coming into the field and are investing in Bitcoin. JP Morgan and others have reversed their positions saying the Bitcoin could serve as digital gold, a storehouse of value, and a hedge against the fiat system.
Instead of being relegated to the underworld, it is now floating above the ground, and others have stepped into taking the place of being the bad guy.
Altcoins who are potentially serving the needs of the underworld
As Scarface stated, “You need people like me. You need people like me so you can point your fingers and say, that’s the bad guy.”
It certainly applies to the currency stage, as those who are in the traditional realm of finance, in nations across the world, point to cryptocurrencies and scream, stay away, placing sort of a blanket statement on all of them in one fell swoop.
There are differentiations; different virtual currencies exist because they serve a specific purpose, or at least, ideally, they serve a specific purpose.
Monero and other Altcoins take the underworld crown
Although not specifically used solely for the underworld, coins like Monero have gotten a bad rap for mining without the knowledge of the users and other things.
Bitcoin doesn’t provide as much anonymity as digital currencies like Monero and Zcash which were created for the specific use of privacy.
These altcoins are created with the intent of providing users with the privacy that they desire in an increasingly transparent world. Due to these characteristics, a few bad actors are being drawn to them, bad actors like digital scammers and hackers. They are doing away with their holdings in Bitcoin and are looking to utilize these other currencies for their purposes.
Monero is receiving more demand as of late, probably due to more publicity, as it was recently noted on cryptomining via sites like UFC without the knowledge of the proprietors of the site.
Monero has grown rapidly due to this adoption and has outsized growth even passing Bitcoin at a point in growth percentages.
The price of Monero has also grown rapidly, from a mere, eighty-six dollars late last year to now fluctuating in the three hundred range.
Those who perpetrate crybercrimes are also looking to retrieve more Monero as opposed to other digital currencies.
The Bitcoin Blockchain
With Bitcoin, one can expect ever transaction to pass through the Blockchain, and when this happens, the registry captures the addresses involved in the transaction. The registry also captures the time and the amount of the transaction as well. Researchers and investigators are looking at various ways track and trap those who are engaging in illicit activities with this information.
Monero is created to be able to evade this sort of tracking thus giving it more privacy. The Monero network automatically makes it to where those involved in the transaction are not known, the sum that was exchanged is obscured and does a bit more to protect the privacy of the user.