Blokt, a cryptocurrency news portal, interviewed Justin Ehrenhofer, the Monero community workgroup organizer. The interview covered various aspects including the upcoming October 18th upgrade, the importance of privacy and the reason it was a basic human right. They also spoke about the future plans of Monero community and whether the regulatory conditions were affecting the Monero community.
Justin spoke about Monero, stating that it was a decentralized cryptocurrency which focused on privacy, fungibility, and security. He added that Monero was an open-source platform where users had complete control over their privacy and security.
In the interview, they also spoke about the privacy aspect and the reason for its importance. According to Justin, “Privacy is a basic human right”. He stated that individuals had the right to not disclose their source of funds or be tracked by a third party when they pay for goods or services. He added:
“Monero’s privacy features allows people to transact digitally without worrying about whose Monero is worth more or less than another, or whose Monero will result in their account being investigated or closed”
Justin also spoke about the reason for Monero being the leading privacy coin, stating that the coin offered more privacy in comparision to other cryptocurrencies in the market. He added that the systems on Monero did not have to worry about leaking important transaction metadata including the amount. Justin stated:
“Monero provided a substantial amount of privacy for all transactions and takes a respected approach to decision-making. It is a fair and decentralized coin like Bitcoin”
Monero will also undergo an upgrade on October 18th and Justin opined that it was a typical twice-per-year upgrade. According to him, the upgrade introduced major improvements in privacy, decentralization, security, efficiency, and scalability.
They also spoke about Monero and it’s upcoming partnerships and exciting future plans. Justin stated that ‘Mastering Monero’ was the new book which focused on introducing important topics to readers. He added:
“This is a community initiative funded through the Forum Funding System [FFS]”
Furthermore, Monero is expecting to implement Kovri later this year, which would allow users to easily hide their IP address metadata. In addition, Kasisto, a Monero point of sale payment processor is expected to reach its second beta at the end of November.
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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