The Top Five Reasons I Have Been Holding Monero

in GEMS4 years ago

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  1. Sovereignty: Just like with BTC, I have the ultimate say over how much Monero I send, when I send it, and to whom. No judge or bank teller or search engine can interfere with the transaction or take my Monero without me authorizing that transaction. Ever.

  2. Privacy: I'm not doing anything illegal with my Monero, just as I'm not doing anything illegal when I negotiate my salary with my employer or when I sit on the toilet. I still believe the human right to privacy is one of the most worthwhile things to protect.

  3. Hard money: Monero is not inflationary like fiat or many cryptocurrencies. Critics of Monero sometimes bring up the fact that there will never be more than 21 million BTC, but Monero lacks such a hard limit. This is correct. However, just like Bitcoin, Monero is currently experiencing an inflation rate of greater than zero. Just like Bitcoin, Monero will experience an inflation rate of greater than zero when I die. In the far future, though, while Bitcoin's inflation rate is actually going to become zero, Monero's inflation rate is going to asymptotically approach zero. For fiat money, inflation is a problem because it always leads to hyperinflation. The probability that the inflation built into Monero can ever lead to hyperinflation is exactly zero. It technically cannot happen. As a matter of fact, there is an absolute guarantee that the inflation rate of Monero is only ever going to decrease, never increase. You may ask, Why have any inflation at all, when you could just be like Bitcoin and eventually (after the year 2144) have zero inflation? This brings me to the next reason for keeping my money in Monero!

  4. Blockchain security: Even today virtually everyone with a computer can mine Monero and earn a little bit of money doing so. This is possible because of the ASIC-resistant hashing algorithm Monero uses. What this means is I could make a few bucks a month mining Monero on a couple of old computers, but more importantly: Thousands of people around the world are actually making a few bucks a month by mining Monero. This means the mining of Monero is far more decentralized than Bitcoin mining. If a certain tyrannical government decides to make mining illegal, Bitcoin has a little bit of a problem. Case in point the last few weeks. Miners increase security of a blockchain. So when miners stop mining, security decreases. The more decentralized the mining of any blockchain, the more resilient the security of the blockchain. By making sure CPU mining remains possible and by making sure a little bit of Monero is always going to be created to reward anyone who mines Monero (nonzero inflation rate forever), the design of Monero, in my opinion, strikes the perfect balance between very hard money and a very secure and strong blockchain.

  5. There are only two cryptos with an even larger community than Monero. In other words, Monero has attracted more of the highly intelligent developers with strong values than any other crypto except Bitcoin and Ethereum. As we saw last year with the creation of HIVE, ultimately the value of any crypto lies in the people who develop it and the people who use it. This is why my reason number 5 for holding Monero should not be underestimated.

This entire post is my original content. I wrote it today following muybienfrutas's suggestion here:
Of course I got immediately censored.

The Monero logo is from https://www.getmonero.org/press-kit/