The Crypto market appears to be valuing privacy-based coins greater than traceable counterparts and hence Monero is becoming popular for transactions.
As a result Monero miners are earning more fees than the ones mining Litecoin (LTC) and Bitcoin Cash (BTH).
The Privacy focused cryptocurrency Monero has left behind industry leaders like Bitcoin and Litecoin when it comes to mining fees. Cryptocurrency miners pay a lot of importance to Privacy, and thus this unique coin is giving tough competition to the counterparts surpassing their fee volume. Monero most recently left Litecoin behind in its total fees, and it also left Zcash behind, which is another famous privacy-based token.
Monero rallying Since Privacy Is Prime Focus of Crypto Developers Right Now.
Justin Ehrenhofer, the lead of the Monero Project, said that the liquidity is substantially up for the XMR token, supports more payments and thus brings more liquidity in return. Thus this Loop would help generate more payments to Monero, which would eventually push it forward.
The noteworthy point is that till now, Monero has been in hype due to its use on the dark web as cryptocurrency throttles due to some regulatory concerns. However, now the Platform is gaining mainstream attention due to the privacy push from Litecoin and Bitcoin developers. Ethen Hofer said that the cryptocurrency populace is now trusting and recommending Monero for privacy payments.
Legal Compliance and Regulatory Concern Looming Over Monero
Even though there are legal concerns and regulatory implications hovering over Monero, the XMR token was recorded rallying in the past few days. The token rose to around $139 this September, which is its highest since September 2018. The Platform faced several regulatory checks with the US IRS wanting to have insights into the Platform. The European union authority Europol also hinted at Monero and other privacycoins as a threat citing the Internet organised crime threat assessment.
The US department of justice is also looking towards various methods and approaches to deal with the cryptocurrencies and has stated that they are not very fond of the privacy-preserving technology, which is fostered by tokens like Monero. Privacy coins like Zcash and Monero were particularly cited in the report that highlighted that anonymity enhanced cryptocurrencies are being considered.
Monero Still Growing
It is important to note that the Monero transaction fees are more than Litecoin; the actual volume of trading on Litecoin is higher. While XMR earned 1.33 times than LTC, the transaction fees are also five times higher. The experts say that the high fees of mining XMR tokens helps in making the network more secure and promotes liquidity of the Monero private focused network.