Cons of Monero
Monero is a very complex protocol that comes with improved privacy but also with a lot of related problems:
The goal of Monero, which was launched in 2014, is to allow anonymous, private transactions. Although it’s commonly believed that BTC can conceal an individual’s identity, it’s often easy to trace payments back to their original sources due to blockchains’ transparency. XMR, on the other hand, is designed to obscure both the sender and the recipient by making use of advanced cryptography.
Also read: Robinhood Crypto Transaction Income Slides Nearly 80% in the Third Quarter
Privacy and security are Monero’s top priorities, followed by ease of use and efficiency. All users are protected – regardless of how technically skilled they are.
The live Monero price today is $267.52 USD with a 24-hour trading volume of $249,135,535 USD. Monero is up 1.43% in the last 24 hours. live market cap of $4,819,074,501 USD. It has a circulating supply of 18,014,104 XMR coins and the max. supply is not available
Cons of Monero: The adoption
As a result of its regulation and direct banning on most exchanges, Monero will not be adopted. In a nutshell, it means that people who cannot purchase monero cannot use it. What about buying it on Defi? Perhaps defi exchanges can also be regulated! This means monero cannot be exchanged for other currencies.
The price doesn’t do much
Due to the supply, as of now, there will always be a constant amount of XMR produced. As a currency, that’s fine, but the price will not go 10x’s or 5x’s like bitcoin. The privacy aspect is great, and it removes issues with 51% attacks, but at the expense of the price ever going up and staying up. To further emphasize my point above, monero has no value if it cannot be exchanged with other currencies. Its price could be infinite, or $0, it doesn’t matter if nothing can be traded for it.
The reputation
XMR is known as “the shady tax evader coin” or “criminal coin” by people who don’t own crypto. A simple mistake can kill a project in the cryptosphere, remember Elon Musk removing bitcoin from their payment system? It’s not the first time China has rejected crypto projects…
MyMonero, its most popular wallet, has some issues
a reddit user said “my wallet froze and I couldn’t even delete wallets or restore them. I tried reinstalling but it did not fix the problem and I ended up restoring my seed on another wallet.” the response was not very in-depth or helpful. The issue will be addressed in a future patch when the computer goes to sleep or power saving mode.” src
A privacy bug?
Monero’s privacy algorithm has been found to have a significant bug
A rather significant bug has been spotted in Monero’s decoy selection algorithm that may impact your transaction’s privacy. Please read this whole thread carefully. Thanks @justinberman95 for investigating this bug.
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— Monero || #xmr (@monero) July 27, 2021
Two huge problems with monero are outlined here:
- The funds may not be as private as one first assumes, and there may be advanced ways to track their movement.
- The code is still buggy despite being around for over seven years.
Therefore, we must question whether the inherent nature of privacy coins is extremely risky.
