On February 6, 2022, Monero achieved a major accomplishment by surpassing 20 million total transactions on its blockchain. This impressive figure more than doubles the previous year’s total of 8 million, signaling not only sustained growth but also increasing trust in Monero as the go-to privacy cryptocurrency.
This milestone occurred in the midst of a difficult bear market, shaped by macroeconomic volatility, record-high inflation, and aggressive interest rate hikes by the U.S. Federal Reserve. Despite the unfavorable climate, Monero (XMR) demonstrated notable resilience. At the time of writing, XMR was trading at $186.27 and had outperformed Bitcoin by 6.65% and the US dollar by 21.88% over the previous year. Financial media outlet InvestorPlace even recognized Monero as a top crypto asset to buy in February.
Monero has consistently ranked in the top 50 cryptocurrencies by market cap and remains the most dominant privacy-focused coin in the industry. Its commitment to anonymity and censorship resistance has made it a pillar of decentralized finance. However, this privacy has also drawn scrutiny. Government agencies and regulators have expressed concern over Monero’s potential misuse in illegal activities. In response, analytics firm CipherTrace created tools to trace XMR transactions, and the IRS announced a $1.25 million bounty for effective Monero tracing—yet the bounty remains unclaimed to this day. Even CipherTrace’s own CEO, Dave Jevans, acknowledged the limitations: “Tracing Monero will never be as deterministic as tracing Bitcoin.”
What Makes Monero Truly Private?
Monero’s success lies in its advanced privacy-enhancing technologies:
- RingCT – conceals transaction amounts;
- Stealth addresses – protect recipient identity;
- Ring signatures – anonymize sender information;
- Dandelion++ – obfuscates the origin of network traffic.
These layers of cryptography make it nearly impossible to trace transactions on the Monero blockchain. This architecture, combined with the project’s decentralized and community-driven development, has helped Monero stand strong in the face of regulatory pressure and technical challenges alike.
Controversy and the Darknet Narrative
Due to its privacy capabilities, Monero has inevitably become a preferred currency on darknet markets and in ransomware cases. Some exchanges, fearing regulatory backlash, have delisted XMR. Additionally, the U.S. Treasury has released advisories on the use of privacy coins. Despite this, experts such as David Decary-Hetu from the University of Montreal continue to affirm Monero’s technical superiority over other privacy coins.
The Case for Legal, Privacy-Conscious Users
It’s important to recognize that not all Monero users are engaged in illegal activities. In fact, the majority use XMR for legitimate reasons—such as protecting financial privacy, avoiding surveillance, and resisting censorship. For many, Monero represents a secure, private alternative to traditional payment systems and centralized crypto platforms.
Monero also stands out for being mineable by anyone with a basic computer—unlike Bitcoin or Ethereum, which require expensive, specialized hardware. This lowers the barrier to entry and supports decentralization by making the network more inclusive.
How to Get Monero
You can purchase Monero through leading cryptocurrency exchanges such as Binance and Kraken. Be aware that Binance does not support direct fiat-to-XMR purchases—you’ll need to convert another crypto like BTC, ETH, or USDT into XMR. If you prefer to stay anonymous and avoid KYC requirements, LocalMonero offers a peer-to-peer option that allows private transactions without central oversight.
Store Your XMR Safely
Security and self-custody are essential for Monero users. A private wallet gives you control over your funds and protects your anonymity. XMRWallet is a free, open-source web wallet that enables you to send and receive Monero instantly, without needing to download any software. It supports multiple languages and requires no registration. Create your free Monero wallet now and take full control of your financial privacy.
