Monero Review | Is XMR Legal?

Before now, there have been various misconceptions regarding cryptocurrency. While others believe it's a scam and shouldn't be accepted, others see it as the next wave of technology in the financial sector. However, with cryptocurrency in the financial industry of virtually every economy, the aim and objectives of these digital assets must be explained.

The first reaction towards cryptocurrency is always towards Bitcoin. This is because being one of the first and most popular digital currencies of all time. However, several other assets have compelling use cases and adoption. To understand these assets, a proper study needs to be made to understand the project's genesis and aims. Most cryptocurrencies at large have a general objective: decentralization – putting financial freedom in the hands of the users instead of a central government. There are, however, other unique goals that make these coins different from one another. One of these coins is Monero, and you can find the assets on various Monero exchange platforms.

Monero, like every other cryptocurrency, targets decentralization but has its unique features. In the same way ethereum, litecoin and ripple have their use cases and adoption, Monero has its own. There are more than a thousand named cryptocurrencies, and a handful of them are listed on exchanges where you can trade them alongside other tokens. Here's a brief history of the legality of monero.

Legality of Monero

Straight to the point, Monero isn't illegal. It works similarly with every other crypto but has unique features. First, Monero provides its users with anonymity making the coin privacy-oriented. In a more direct meaning, it means every transaction carried out using monero on monero exchanges cannot be traced, unlike other cryptos like bitcoin that register each transaction on the open-source blockchain. The privacy and traceability features of monero made it famous on darknets. They are primarily used to purchase and pay for services on the dark web since their transactions are untraceable.

So, peradventure you are planning on investing in monero, but you have paranoia, you shouldn't. Nevertheless, it's a good investment, and luckily for you, you can swap it for another token and vice versa on monero exchange. Between January 2020 and January 2021, the token price made a 137% pump, making it a good buy for any interested investor.

Another interesting fact about monero is that you don't need any special hardware or technicality to mine. Instead, you can mine it using your CPU, which will save you many transaction charges and work basically on all operating systems.

Monero Fungibility

One of the several perks of using monero is fungibility. It means you can substitute each unit for another. As a result, every monero coin has the same value. Fungibility is one of the unique characteristics monero has over other cryptocurrencies like bitcoin. Bitcoin, on the other hand, has each of its transactions recorded on the blockchain. Hence, transactions as regards theft or other peculiar events could be shunned by the exchange or merchants.

No two monero coins could be distinguished from one another, meaning the exchange or the merchant views them equally. Thanks to monero's fungibility, it's somewhat impossible for an exchange or a vendor that accepts crypto to refuse the coin because of its history. Because of this singular reason, monero has gained popularity in the dark web space, which includes Oasis and AlphaBay.

Monero Markets

As established above, monero is a Cryptocurrency, and its market operates like others. They can purchase it on monero exchanges to get complete details on how the token works for interested investors. Monero was listed on its first exchange with six trading pairs in 2014, while it also got listed on Bitfinex 2016, allowing the deposits and withdrawals.

Monero offers users the opportunity to mine blocks like every other crypto. Interested parties could also join mining pools or mine monero themselves without the use of any hardware. Unlike bitcoin that needs the ASICS software before mining can occur, monero can be mined using your CPU on any operating system. Monero uses the PoW (Proof-of-work) algorithm, which is accessible to a wide range of processors ensuring mining is as easy as possible to as many parties interested instead of limiting it to large mining pools. Monero's block time is estimated at 2 minutes, and it offers miners permanent block rewards.

To summarize

Monero is one of the top private cryptocurrencies on the internet, especially in the dark web marketplace. It's legal since cryptocurrency is legal in the jurisdiction. 

Barbara de Sousa