- Monero gets mainstream media coverage
- This comes amidst a fresh optimistic crypto market sentiment
- The report highlights the use of XMR for illicit activities
Privacy-focused cryptocurrency Monero (XMR) received mainstream coverage on May 15, 2019, when Reuters reported on its anonymity features and what separates it from the most popular cryptocurrency, bitcoin.
Monero Gets Mainstream Media Coverage
It’s not very often that you see mainstream media cover cryptocurrencies, especially those cryptocurrencies whose names frequently pop up when speaking of the notorious dark web.
However, close followers of the crypto industry can identify a pattern that emerges when cryptocurrencies start a journey upwards. In short, the increase in the price of cryptocurrencies often results in increased coverage on mainstream media platforms.
The recent surge in the price of bitcoin to over $8,000 has set the Wall Street and finance publications abuzz. Blockchain Reporter informed on May 14, 2019, how a CNBC report termed bitcoin an “uncorrelated safe-haven” asset to hedge against traditional stocks markets amid the escalating U.S. China trade war.
In a series that will reportedly cover some of the major “altcoins” of the crypto ecosystem, Reuters decided to start with Monero. However, the publication didn’t hesitate to highlight the use of privacy-centric cryptocurrency for illicit purposes. The very first mention of XMR reads:
“The first in this series looks at Monero – referred to as a privacy coin because it allows users to conceal nearly all details of transactions. It has become increasingly used for illegal purposes.”
The report goes on to highlight the major differences between XMR and BTC – most notably that of privacy.
Further, the article mentions how Monero is a favorite among criminals courtesy of its complete anonymity. According to the report, three of the top five darknet marketplaces accept Monero.
Tom Robinson, chief data officer of blockchain research firm Elliptic, told Reuters that XMR’s use on the darknet for buying and selling illegal drugs to stolen credit cards and child pornography is on the rise. He, however, added that despite the privacy feature of XMR, bitcoin is still the most widely used cryptocurrency in the underbelly of the internet.
The report also highlights how XMR is one of the most preferred cryptocurrencies when it comes to cryptojacking. For the uninitiated, cryptojacking is a method deployed by hackers and online criminals to mine cryptocurrencies on the victim’s computer without their knowledge or consent.
One Step at a Time
Surely, the report, for the majority of its part, paints Monero in a rather grim picture. However, one silver lining out of this is that a controversial digital currency like XMR managed to get mainstream attention. And for a nascent industry as that of crypto, that’s more than enough.