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Monero seeks to be the cryptocurrency that resists censorship

Monero, a cryptocurrency developed by volunteers since 2014, offers private default transactions, thus protecting issuers, receivers and even the amounts of the transaction.

Monero is a project that does not have behind it a centralized entity, foundation or company that develops it; it is developed by volunteers," Andrés Fernández, a member of the Monero community since 2017, said at a conference.

This decentralization is one of the characteristics that distinguishes monkey from other cryptocurrencies as ether. You may be interested.

With the rebound in the price of the popular currency, its market value has already reached $1.97 trillion.

Monero also implements technologies that make transactions private by default, without requiring additional configurations by users. This means that the issuer, the receiver and the amount of each transaction remain hidden.

"My grandmother can use Monero and uses it as private as I do, who worked five years ago on her adoption," Fernandez said.

The ease of use and security make this cryptocurrency a powerful tool for those who seek to protect their financial privacy.

Community-based privacy
Since its launch in 2014, Monero has grown thanks to the work of a global community. In Latin America, Fernández has contributed to this project in the creation of Spanish content and in the development of tools such as the first mobile wallet for the Android operating system.

Events such as Monerotopia, which was held for the second time in Mexico City last November, have served to educate the public about privacy, decentralization and resistance to censorship.

"Monerotopia is a unique conference, because it does not focus on price discussions or speculation, but on how to use the currency in trade and the tools necessary for its adoption," he said.

With hundreds of attendees, from activists to developers, the event reflects an interest in building a financial ecosystem more resistant to censorship and surveillance.

Virtualization of money
The monkey boom also responds to global economic trends. Fernández stressed that we are seeing more and more inflation and a constant depreciation of the fiat currencies.

Fiduciary currencies or fiat currencies, which no longer have support in assets such as gold, are losing value quickly in inflationary contexts, as is the case with Argentine or Venezuelan economies, in the case of Latin America.

This adds, according to Fernández, that the virtualization of the money and the reduction of the use of cash have eliminated an exhaust valve that previously allowed individuals to retain a certain degree of financial privacy.

"In Europe, they are imposing increasingly strict limits on the use of cash, which combined with inflation makes those limits increasingly laughable, Fernández said.

This trend is accompanied by the development of digital currencies of central banks (CBDC), which will allow governments to monitor and control many of their citizens' transactions.

"In places with authoritarian governments, CBDCs could be used to penalize purchases, deduct taxes automatically or even restrict access to certain goods and services," he said.

Bitcoin and its limitations
Although bitcoin pioneered the space of cryptocurrencies, Fernández argues that his transparent design makes it a potential surveillance tool.

"If the world adopts bitcoin, we could end up with an even more oppressive system in terms of financial surveillance," he said.

In contrast, Monero focuses on protecting the privacy of transactions, making sure that even less technical users are protected by default.

Barriers to adoption
Despite its advantages, Monero faces several challenges. Fernández identifies two main ones: lack of knowledge and regulatory barriers.

"It's still hard to hear that there's a Monero," he admitted.

The second challenge is that the inherent privacy of monkey generates resistance from governments and corporations, which try to limit their adoption because of their potential to evade controls. Fernandez hopes that these barriers will be overcome.

Adoption is genuine; you can see in the increase of anonymous transactions. This shows that more and more people find value in a currency that protects their privacy," he said.

Future of money
Monero seeks not only to be a financial tool, but also a declaration of principles in an increasingly guarded world.

It's like freedom of expression; what we buy reflects what we consider valuable. If that's always public, it could lead us to self-censorship, Fernandez said.

In a global landscape where digital currencies promise comfort but also pose significant risks to privacy, Monero can be a resistant alternative to censorship and surveillance.