M is for Monero (XMR) – A2Z Challenge 2022

Privacy is very essential in 2022.

It is challenging to maintain privacy in life, work, and finances because of financial fraud. Cryptocurrency and blockchain give you a seamless network where you can transact with zero worries. But Monero takes this one step ahead. You can transact on their network, and none of your records will be visible. Hence, Monero is known as the privacy coin.

What is the Monero coin (XMR)?

The Monero coin (XMR) is the native currency of the Monero network. There is an unlimited supply of this coin. According to coinmarketcap, 18.1 million coins are in circulation.

Monero coin cryptocurrency live price today as of 15th April 2022:

XMR price in INR – 17,683 INR

XMR price in USD – 232.15 USD

Why should I buy the Monero coin XMR?

Here are a few reasons you must consider investing in the Monero coin.

1. This coin has the third-largest crypto community behind Bitcoin and Ethereum.

2. It is also called digital cash as XMR is readily available to you.

3. It can trap fraudulent transactions because of the cryptographic coding on the network.

4. Finally, for a coin that pumped over 232% in 2021, there is tremendous scope for this coin to boost again.

What is the use of the Monero coin XMR?

Here are a few use cases of this coin that regular investors must know.

1. Transact on this secure network with absolute privacy of your details.

2. Paying fees for transactions on the network.

3. Stake XMR coins on different platforms to earn interest.

How to buy Monero coin XMR in India?

There are many cryptocurrency apps in the market where you can purchase the Monero coin. However, I believe the best cryptocurrency apps in India are these two platforms that I have been using – Binance and WazirX.

I have read good Binance reviews from customers in India and abroad. Both Binance India and Wazir X are easy-to-use platforms, and I have never faced problems while depositing or withdrawing money.

Here are the basic steps you must follow on each cryptocurrency app.

1. Sign up

2. Add a Bank account

3. KYC verification

4. Deposit INR/USD in your wallet.

5. Start trading

Monero coin XMR crypto price prediction:

In 2021, the Monero coin grew from 10900 INR to 36180 INR, a whopping 232% increase. If you invested INR 33000 and bought 3 XMR coins, their value during that year would be INR 109,000.

In 2022, the cryptocurrency market is going through a bear phase. The Monero coin prices have fallen to INR 17683 today. Hence, price predictions have taken a severe hit. However, if you believe in the future of the Monero prices, I see them ending the year between INR 21500 – INR 25,500 (25 – 45% growth.)

FAQs:

1. Is cryptocurrency legal in India?

Yes, cryptocurrency is legal in India. From 1st April 2022, if you buy any digital currency, you will incur a 30% + 1% TDS cryptocurrency tax in India.

2. Can the Monero coin be converted to cash in India?

Yes. You can buy the XMR coin on multiple currency exchange platforms in India. These platforms support buying the XMR coin in INR.

3. Is Monero worth investing in 2022?

Yes. With the third-largest crypto community and a solid-privacy-themed business, this coin will grow each year.

4. Which is the best research tool for cryptocurrency online trading?

I am a diehard Token Metrics fan. Their ratings and analysis allowed me to uncover hidden crypto gems. For any newbie or experienced professional, having Token Metrics is the best thing possible. If you sign up using my special link, you will get a LIFETIME discount of 10% on all plans.

I’m participating in #BlogchatterA2Z 

To read my posts from the A-Z Challenge from 2015 to 2021, CLICK HERE

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