Monero: The Cryptocurrency King
The five key fundamentals that are likely to skyrocket Moneros value by 2024
Chris Jones
Contents
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Introduction
Cryptocurrencies have come a long way since 2010. Back then, Bitcoin was the only kid on the block and everyone viewed it with a ton of skepticism. No one truly understood what the purpose of the currency was. There were even people who confused the blockchain as being all about Bitcoin.
Fast-forward today and there are tons of currencies out there. A lot of them arent meant for monetary exchange. Some coins are used to pay for access to supercomputers for example. Others are outright frauds. This fact should not be minimized. As cryptocurrencies have gained in popularity, the number of frauds have exponentially increased.
This reflects the way in which the general public views cryptos. It might hurt crypto believers to read this, but the fact is that the majority of people out there don't really care about the vision behind cryptocurrencies. All they care about is speculating in them and making some money. Of course, this is directly in opposition to the very reason cryptos exist in the first place.
If youre someone whos picked up this book looking to make a profitable investment, as opposed to understanding the basics of Monero, this is fine. My aim behind writing this book is to get you to understand that you cannot hope to make much money in cryptocurrencies unless you understand the drivers behind a currencys existence.
Lets take Bitcoin, for example. The people whove made money in it are the ones who understand its fundamentals and its strengths and weaknesses. Bitcoin isnt a perfect currency. This is why altcoins (any cryptocurrency that is NOT Bitcoin) exist. Every currency has to have a reason or a drive behind its existence. As long as you understand this point, youll be safe from being defrauded.
Take, for example, the case of a well-known scam artist launching something called Habibi Coin in the city of Dubai in the Middle East ( Founder of Habibi Coin Has Been Arrested in Dubai UAE , 2019). This scammer promised investors that theyd be able to own real estate investments fractionally, by buying his coin.
Aside from the ridiculous name, anyone with even a basic grounding of cryptocurrencies would have understood that this was a stunt. There was no need for a digital currency to be present as a part of this investment opportunity. The cryptocurrency aspect was used to take advantage of what people had been reading about Bitcoin and its price rise in the news.
Greed was these investors undoing. More than greed, it was ignorance. This book is going to not only illuminate the strength of Monero as an investment for you, its also going to give you a blueprint on how to go about evaluating a cryptocurrency.
Why Monero?
Every book has to answer a fundamental question and in this book youre going to learn all about Monero as an investment. Understanding cryptocurrencies is one thing, and being able to differentiate between the various currencies out there, and listing their pros and cons, is a task that many new investors struggle with.
One of the biggest barriers behind being able to do this successfully is the technological jargon. Cryptocurrencies exist in a different space from fiat currencies. Fiat is the name given to paper currencies such as the Euro, the US Dollar and so on. Paper money used to be tied to tangible things, such as gold deposits. But, these days, governments have been neglecting their sense of restraint.
Theyre printing money like theres no end and as a result are borrowing money from the future. When money is printed, theres an excess of it in the economy and, as a result, the prices of everything rises. Its common sense really. If everyone is walking around carrying 100 dollar bills, then the prices of goods must rise.
This means the cash thats sitting in your account is reducing in value day by day. In the future, you kids will have to deal with higher prices of goods and a reduced standard of living. This is the argument for cryptocurrencies in a nutshell. By investing in an asset that is not tied to the currency monetary system, youll be protecting your wealth.
A common argument against crypto investing is the volatility. Take Bitcoin as an example. The price of the coin fluctuates wildly every week. As a result, investors are never sure whether theyve made a good investment or not. However, my argument is that you dont need to worry about volatility if your investment horizon is sensible.
Most people claim to be investors but in reality are looking for a quick buck. Theyre trying to make $10,000 in a few hours. It doesnt work this way. You need to remain invested for a long time to see the benefits. The price of cryptos might fluctuate in the short term wildly but, over the long term, their prices trend upwards (assuming everything else about the currency checks out.) Therefore, as long as youve invested your money over the long term, what does it matter what the price is today?
Monero is at a stage right now where an exponential growth is possible. It isnt guaranteed, but then again nothing ever is. Youve taken a great first step in buying this book to learn more about Monero. As you read this book, pay attention to the things Ill highlight.
This can serve as a blueprint for you to investigate and analyze any cryptocurrency of your choice. Should you choose to invest in Monero or some other currency, make sure youve evaluated it as Ive done in this book. This will save you a lot of time and money in the long run.
The only question is, why should you listen to me? How do I know so much about crypto evaluation and about Monero?
My Story
When people ask me what I do for a living, I usually reply by saying that Im an investor. Ive authored investment books before this one so the description fits. However, what I truly consider myself to be is an anarcho-capitalist. Im a firm believer in the capitalist system, despite its flaws, but even I can see that the current system is broken.
