Profile for XMR

If you still not familiar with the Monero cryptocurrency (XMR), the official web site sums it up very well.

 

“Monero is a secure, private, and untraceable cryptocurrency. It is open-source and accessible to all. With Monero, you are your own bank. Only you control and are responsible for your funds. Your accounts and transactions are kept private from prying eyes.”

From <https://getmonero.org/>

 

 

We firmly believe that XMR is the way forward for cryptocurrencies. Since privacy is often neglected when assessing cryptos for investment, XMR will be able to stand in the forefront as the most mature private cryptocurrency with significant market cap.

 

However its main traits of security, privacy and untraceability are a double-edged sword as it also has proven to be a popular crypto to be used by criminal elements as well. Once the XMR is in their hands, it is essentially untraceable due to the fungibility and nature of how XMR is set up.

 

 

Another factor leading to its popularity with hackers is that it is a cryptocurrency that is still feasible to be mined using CPUs instead of GPUs and ASICs. Hackers used to commandeer large armies of zombie machines to do their bidding for DDoS attacks or to propagate attack vectors, but that has changed recently to use these machines to perform XMR mining instead especially since the market price or XMR has risen so much in recent times.

 

Disclosure: The author has a long position in XMR