Cryptocurrency’s popularity in recent years is majorly due to its decentralized system. Investors have shown interest in its ability to grow money without involving a third party nor financial institutions.
There are several cryptocurrencies to consider when investing in digital assets, while developers create new coins daily. Hence, several options are available for cryptocurrency investors. Nevertheless, one currency precedes the other based on several factors, with the most prominent being cyber privacy.
In this article, we discuss the features people consider in cryptocurrencies with cyber privacy.
Private Cryptocurrency Exchanges
Investors fear the decentralization of cryptocurrencies is compromised. Governments suggested securing back door encrypted data to access investors’ transactions. The reason is that government regulations fear cryptocurrencies may get out of control without being under financial management.
The fear is understandable. Although, it is a just assumption to see cryptocurrency as the promising future in the financial world and not a gambling investment. Hence, investors move from centralized exchanges to using decentralized exchanges, like Monero. What does it mean?
Mostly in cryptocurrency, your transaction takes place on the platform of a third party or company. Since governments are using a back door means, these companies are therefore not trusted. On the other hand, decentralized Monero exchange allows you to perform transactions without involving a third party.
In this case, you can sell, buy, and hodl your coins discreetly. Also, it provides maximum privacy and incurs a lesser transaction fee than centralized exchanges. Meanwhile, it requires some technical know-how, as it involves more complex processes than the centralized counterparts. Having known the transaction procedures, you are good to go.
Since there are also several decentralized exchanges out there, how do you choose the best? One offers a maximum privacy level than the other.
Monero exchange is at the top ladder of a decentralized platform due to the high level of privacy it provides. Recently, more investors use the platform than ever before. Monero receives a higher percentage increase than the “cryptocurrency king”, Bitcoin.
There are about 1000 cryptocurrencies out there, but ensure you find one that offers a suitable value. Just as we have it in businesses, your preferred cryptocurrency should have a clear and specific proposition. More so, it must be problem-solving. A problem-solving cryptocurrency determines the rate of user-friendly applications and the consideration of users.
If you are looking into a long-term goal, you need to determine the currency mission. Also, how do the founders wish to accomplish such a mission? For Monero exchange, the co-founders are Crypto enthusiasts that thrive to ensure a continuous trading system.
Also, the proposition will help you determine the type of token the security offers. Consider if the company gives tokens out for owning a part of the company, like stock, or based on blockchain participation.
Another feature investors consider is the history of a cryptocurrency. It is crucial to note the rate of price volatility in the past. You may also want to ask, how does the co-founder respond to market instability?
From your observation of records, you can predict if the cryptocurrency can sustain the market heat. The financial market is highly competitive, and your currency should be strong enough to withstand competitors’ forces. Meanwhile, Bitcoin price affects the fluctuation of other altcoins.
When Bitcoin demand increases, it leads to a rise in the sales of coins, including the Monero exchange. Hence, estimate your cryptocurrency relationship with Bitcoin in history. Determine how Bitcoin prices have affected its buying and selling. However, a reliable cryptocurrency should not completely depend on Bitcoin prices. That is, it should have its independent influence in the market.
Moreover, investors try to figure out if cryptocurrency is available on many exchange platforms. If it is readily available, it can spur its price.
Market Supply Rate
Many investors are concerned about the availability of a currency in the market. Ask if the coin is mineable. A reliable cryptocurrency should be unlimited. There should be no restriction on the number of coins that can be supplied to the market, except for a few exceptions.
Also, find out the number of coins that are currently in the market. With this, you can discover cryptocurrency sustainability.
Is digital currency a means of daily transaction in the present and future? Very likely. However, not all cryptocurrencies can survive till then.
The attractive feature of the Monero exchange is the ability to remain anonymous while trading. Interestingly, some centralized exchanges are beginning to implement this feature, including Evonax.
On Evonax, you can perform your transactions without revealing your identity. Also, it requires no stressful registration procedure. A highly secured platform is all you need to protect your digital assets, and you can get on board today.