is one of the pioneering cryptocurrencies on the blockchain market, launched in 2014. It has gained popularity among individuals who prioritize privacy in their transactions. Despite its initial success, Monero has recently seen a decrease in mainstream media coverage and may be perceived as being less active in the blockchain industry.
Ring signatures enable a group of addresses to be combined in a transaction, making it impossible to determine the specific sender among the group. This serves to protect the privacy of the transaction by preventing traceability to a specific individual or wallet. Bitcoin, as a decentralized cryptocurrency, utilizes a public blockchain, which allows for transparent transactions. Without the use of a privacy mixer, these transactions can be viewed by anyone. As such, it may not be the optimal choice for individuals seeking to conduct illicit financial activities due to its transparency.Many claims have been made that Monero's focus on privacy makes it an attractive option for those engaged in illegal activities.
It is important to remember that human fallibility predates the creation and launch of Monero. While it may be associated with illegal activities, a study by Chainalysis in 2021 found that only a small percentage of all cryptocurrency transaction volume, 2.1%, was used for criminal purposes, decreasing to 0.34% in 2020. Furthermore, the United Nations has estimated that between 2% and 5% of global GDP is used for illicit activities, which are primarily conducted using fiat currency.