What is Monero?
Monero is a cryptocurrency that delivers on one of the most important cryptocurrency benefits: confidential transactions. With Monero, when someone sends you funds, you can’t trace the transaction back to the person who sent them to you (unless they want you to know). And by the same coin, when you send funds, the recipient will not be able to trace it back to you.
Because the movements of funds are kept private, It’s impossible to tell how much Monero a person owns. So what does one do with all the Monero? A lot, as can be seen from the list of Monero applications and the uses of Monero below.
Monero Value: Why Use Monero?
In a way, Monero is a superior cryptocurrency that came along at the right time in history, when people were beginning to realize the drawbacks of earlier cryptocurrencies like Bitcoin. So what is Monero bringing to the table that other cryptocurrencies don’t have?
For starters, extreme privacy. The biggest flaw in Bitcoin is its lack of privacy. When somebody gives a Bitcoin wallet address to receive payment, the privacy of the recipient is compromised. The sender can see how much money the recipient has in their Bitcoin wallet.
The same situation applies to the sender. Any recipient can see how much money the sender has in their Bitcoin wallet, both at present and in the future. So why is privacy such a big deal? Consider the following potential situations.
If you are traveling in a city with a high crime rate and make a transaction, would you like it that the local goons know how much you’re worth?
Or how about your suppliers knowing which other suppliers you deal with and what price you pay them? Would that not hurt your negotiation power?
Or imagine a scenario where a “tainted cryptocurrency,” a currency used in previous illegal activities, comes into your account. And the authorities trace that currency to you. You’d unnecessarily become a suspect in a criminal investigation. You wouldn’t want that, would you?
One would not have any of those problems with Monero. In addition to the privacy, Monero offers other advantages.
Superior mining algorithm: The Monero mining algorithm was specifically designed so that ASICs will not control ordinary computers owned by the general public. To make this simple to understand, users can mine Monero using the spare capacity of the computers they already have access to.
Just imagine: employees can earn Monero by using the spare capacity on their employers’ computers. As no special mining equipment is required, all the person has to do download a Monero wallet and start mining. That’d be a huge incentive.
Adaptive block size limit: Unlike some of the other cryptocurrencies that have a limit, Monero has been designed to automatically handle future increases in transaction volume by automatically expanding the size of blocks.
Invisible Internet project: Monero is planning to integrate the invisible Internet project “I2P” layer into Monero. This is a censorship-resistant, peer-to-peer communication program that will make Monero even more private.
Reputed R&D Team: Monero has a very dedicated research and development team of 180 contributors on the project who are constantly looking to upgrade the service and keep it relevant. (Source: “The Merits of Monero: Why Monero vs Bitcoin,” Monero.how, last accessed December 20, 2017.)
Now that you have more than enough answers to the “why use Monero” question, let’s take a quick look at where to spend Monero by checking out some of the businesses that accept Monero.
Where Can I Spent My Monero? A List of Businesses Accepting Monero
In addition to exchanges, block explorers, and payment getaways, all cryptocurrency-based businesses, many other businesses and merchants accept Monero in exchange for goods and services rendered. The following list will give you an idea of Monero’s applications.
AirVPN: This Italy-based VPN service owned and operated by AIR started with only a couple of dedicated servers in a single country. Today, the company has a total of over 80 servers in 15 data centers on three continents. The data centers are currently in the U.S., Canada, the United Kingdom, Germany, France, Hong Kong, Singapore, Sweden, Spain, the Czech Republic, Portugal, Romania, Latvia, Lithuania, and the Netherlands.
Azur Samui: This luxury resort consists of 61 luxurious apartments and pool penthouses and 26 private pool villa residences located in Koh Samui, one of Thailand’s tropical islands. The resort has complete facilities for sports, dining, spa treatments, and relaxation.
Computer Lab: This is a is a full-service center focused on the development of data-driven applications in media, tech, healthcare and beyond. Founded in 2016 by Patrick Steadman, Mark Fowler, and Zachary Taylor, the lab has its main office in Tribeca, New York.
Elise Hawkins Nutritional Therapy: A part of the world famous Shasta Nutritional Therapy, the company provides the world’s best online hormone restoration programs to clients from all over the world.
Emmanuel Galang, Canada Immigration Lawyer: Licensed to practice law in the Philippines and Canada, Galang is a leading expert in processing application of all kinds of Canada immigration visas.
FlokiNET: This company was established in 2012 in Iceland with the goal of providing a safe harbor for freedom of speech, free press, and whistleblower projects.
GoForward Software: This software development company located in Florianópolis, Brazil delivers custom-tailored solutions based on business requirements.
K9 Satisfaction: A premium dog training service in Illinois, this company offers custom services tailored to you and your dog’s temperament. All training is done in the comfort of your home.
Of course, the Monero applications extend beyond services. There are goods to buy with Monero too:
Hammock Universe: This original online Ottawa, Canada-based hammock store has been living up to the expectations of hammock lovers since 2001. Having been delivering better hammock experiences at affordable prices, this company has become the go-to online shopping destination for all things hammock.
Nestor games: This is an independent board game publishing company located in Spain. The unique feature of these games is they can be bent and squeezed, which makes for easy carrying and storage.
Judit Mátyus Jewelry: This small studio in California is redefining the art of making jewelry by adding passion into each and every individual piece of jewelry.
The above businesses are just a small sample, taken at random from a huge list of businesses, to demonstrate how Monero is transcending disciplines and borders as currency. (Source: “Merchants and Services,” Monero, last accessed December 20, 2017.)
Musicians and Monero
For some reason, Monero seems to strike the right chord with musicians, Last we heard, 45 musicians, plus five other online stores, will not only be accepting Monero, but also offer discounts to those paying in Monero. And we’re not talking unknown musicians. The list of musicians using Monero include names like the Backstreet Boys, Lumineers, Weezer, Mariah Carey, the B-52s, Kaskade, Marilyn Manson, Lana Del Rey, Motley Crue, Sia, and Slayer.
When asked why the sudden interest in Moneo, G-Easy, one of the musicians that accept Monero, went on record saying, “As cryptocurrencies become more popular, it’s important that my fans have choices when it comes to how they buy my songs and merchandise. And given that Monero is one of the safest, most secure and most private cryptocurrencies, it’s one of the best options for my fans this holiday season.” (Source: “Cryptocurrency Monero To Be Accepted By Musicians Such As Mariah Carey, G-Eazy, Sia For Holidays,” Forbes, December 5, 2017.)
Monero’s Future Potential
In the world of online business, financial privacy is a big thing. While the other advantages, like adaptive block, will no doubt add to Monero’s value, it is Monero’s continuous efforts to keep bettering transaction privacy that will propel it into the future. On the flip side, the different variables of Monero transactions costs (increases depending on the priority of transactions, as well as the size of transactions) can prove to be a problem.
That said, in order to support microtransactions, Monero is likely to support systems like the “Lightning network” to radically reduce the cost of small payments in the future. This augurs well for Monero’s future potential, and you can quote me on that.