TOR Community Gets Dedicated XMR Wallet - Monero News. Tuesday, September 11
Important Monero Cryptocurrency News
XMR Wallet Launches A Web Based Monero Wallet for Tor Browser
XMR Wallet, the open source client side has announced the development and launch of a monero wallet for the privacy browser, Tor. The development which has been expected from the Tor community makes it possible to browse the web anonymously using Tor as well as have access to a web-based wallet that has been built on the renowned anonymously browsing Tor.
Monero is the most popular privacy coin and the Tor community has been hoping to add its anonymity to financial transactions. Its strength is in its decentralization, security and the ability make transactions within its network untraceable.
Users of the Tor browser can access the new wallet based on Tor at xmrwalletdatuxds.onion. The “onion” suffix is unique to the Tor browser sites. The team said that they chose the web address after considering a lot of options emphasizing that it is apt for the Tor based XMR wallet.
Monero and Dash Ruling the Dark Web
What will you do when there are people who do not want any form of control from the government to the extent of wanting their own currencies? Apparently the dark web is a haven for such people due to the ability to surf the web and interact anonymously.
There is no doubt that such environment attracts criminal elements who would want their activities shrouded in mysteries and undetected by law enforcement agents and some of them may misuse the privacy features of various projects. A recent survey shows that Monero (XMR) and Dash are the most popular coins in the Dark Web with 22 and 20 percent of participants favoring the two cryptocurrencies respectively.
With law enforcement agencies and regulators at a loss on how to track activities in the dark web, the nearest counter measure these agencies are depending on is widespread implementation of KYC and AML by exchanges.
NullTXT has written an interesting article "Monero Is More Than a Darknet Currency", talking about the issue of too much privacy and that it shouldn't be considered a drawback or a problem for government institutions. Moreover, one should appreciate the sole technological advancements and various solutions that Monero developers have come up with while creating their product.
"Being able to transact privately is not just a tool for people who want to hide illegal activity. Monero has some other traits which make it appealing to criminals. However, the number of legal use cases should not be overlooked either. The protocol is perfectly suited for corporations looking to move money around without their competitors knowing. Remittances can also benefit from XMR if they were ever to embrace it. It remains to be seen if that will ever be the case, though."
In terms of the comparison and competition between Monero and other cryptocurrencies:
"Additionally, Monero has partnered with the Software Freedom Law Center for legal advice. There is also the Monero Research lab comprised of dozens of researchers working on technology and research. The currency has a lot of advantages Bitcoin will not necessarily have anytime soon. In terms of scalability, XMR is well ahead of the competition by the looks of things. Monero will even have its own version of the Lightning Network, which will certainly heat up the competition with Bitcoin and Litecoin."
Monero On A Breakout of A Falling Wedge
Monero like other cryptocurrencies has been on a descent in the past few weeks although with a loss of 1.83 percent, XMR is among the few coins with relative stability having found a weak support at $105. With the increase in bearish pressure over the past 24 hours, the latest breakdown has moved support to $100 mark.
This is located at the 30 day moving average. The breakout is being retested at this falling wedge and there seems to be the beginning of a bounce even though the coin is presently trading at $104.57. If the retest is successful, we can see a clear reversal in the trend in the next few days as the bulls build momentum.
Although it is not yet clear if the announcement of the new Tor based browser contributed in pushing Monero towards the green region, the coin’s trade volume surged as well trading a volume of more than $30 million in the past 24 hours.
XMR/USD Price Chart, Tuesday September 11th:
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