What is Monero (XMR) used for?
While Monero (XMR) has stereotypical criminal use-cases on the dark web, it also solves numerous privacy-related problems that legitimate businesses face.
Let me guess, you think you already know what Monero (XMR) is used for?
Monero is the go-to untraceable cryptocurrency that criminals use to avoid the prying eyes of the law while perusing for dRuGs on the dark web.
Everyone knows this.
Well, you certainly are correct.
But the privacy aspects of Monero have so many other use cases beyond the criminal underworld.
Use cases that regular, functioning members of society like you and I can take advantage of.
This section of our Monero (XMR) guide has been written to help open your eyes to the numerous ways Monero can be used to enrich your financial life.
Bitcoin has a privacy problem
There’s no denying the fact that Bitcoin's biggest flaw is its lack of privacy.
Every transaction conducted on the Bitcoin network is printed and permanently stored on an immutable blockchain.
This makes all transactions on the network entirely traceable.
Balances of both you and those you do business with, all out there in the completely public domain.
Cash flow data featuring EVERY transaction in and out that you have ever made.
While the Monero is for criminals narrative is the easy one, can you start to see some legitimate business and personal use cases starting to emerge?
Being entirely transparent is kind of the idea of a public blockchain, there’s no denying that there are legitimate times when privacy would be the preferred option.
3 legitimate Monero use cases
Monero is designed to solve the issue of transaction privacy, protecting the balances and identities of both senders and receivers.
Monero solves this issue, by automatically implementing privacy systems to every single transaction made.
When it comes to legitimate use cases, let’s go over 3 examples below.
Monero use case 1 - Keeping business accounts private
Consider every single piece of commercially sensitive information that you could reveal from a company if you were privy to the details of every transaction they made.
All the things you could do with that information maliciously toward the business in question.
Heck, just think how extremely beneficial that could be to you!
Let’s just say you would suddenly hold all the cards and leverage in any negotiations that would follow.
As a business, you don’t want to find yourself bent over the boardroom table like this...
Monero use case 2 - Keeping personal accounts private
Your spending data is valuable.
I mean do you think Facebook is actually a social media company that gives a shit about your family and cat photos?
Facebook is a data mining company that sells all the data you freely give them to the highest bidding advertisers.
You’re their commodity.
Now think about the what it could mean if every single transaction you make was publicly published.
You become EVERYONE ELSES commodity.
Monero use case 3 - Ensures the safety of ALL
Government officials looking to ban privacy coins sit safely in their ivory towers completely unaware of how fucked up the real world is.
Or actually, its more that they’re simply too drunk on power to care.
In some parts of the world, having the ability to keep your finances and transaction history private is imperative.
You don’t walk around with a flashing billboard advertising how much money is in your wallet.
Well, the Bitcoin blockchain is essentially a virtual version of that.
Not cool.
But Monero is used by criminals
So, is Monero used by criminals?
Well duh, of course it is.
I mean they’d be stupid not to, the privacy aspects of Monero is amazing tech.
But before we get too far ahead of ourselves, the US Dollar is obviously still the preferred currency of criminals.
Yet we don’t have that discussion in every second mainstream economic article.
This section of our guide to Monero has hopefully helped explain how the legitimate use cases of Monero far outweigh the risks of criminals also using the coin.
But being able to keep your transactions private and free of a 3rd party benefits EVERYONE.
This is the reality.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on Monero use cases within the comments section below? All comments that add something to the discussion will be upvoted.
This Monero coin (XMR) blog is exclusive to leofinance.io.
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