Monero (XMR) is a decentralized electronic currency that keeps your finances private and secure. The Monero blockchain is privacy-focused, ensuring immutable and untraceable transactions.
Monero’s popularity stems from its censorship-resistant abilities. This privacy-first crypto provides a way to guarantee financial anonymity on the web.
Monero currently has a live market capitalization of close to $3.1 billion, according to data from CoinMarketCap. It ranks 40th by market cap with a 5-day average volume of 143,154.
Being privacy-centered, market researchers find it difficult to understand Monero's adoption and ownership levels among individuals globally. Competition from other cryptos like Bitcoin and Zcash, and Litecoin also play a factor in the adoption of Monero.
Monero appears to have found a niche in the darknet— anonymous marketplaces prefer this crypto due to its untraceable nature.
Stats on Monero Usage and Adoption
Data from April 2020 to April 2021 shows that XMR transactions have doubled.
Transactions grew from 10,000tx to 20,000tx per day.
During this period, there was a total of 5,868,096 tx.
This translates to an average of 16,076tx per day.
On-chain usage for the Monero blockchain grew by a whopping 208% year on year (YoY).
The blockchain size grew 180% faster YOY showing an increase in usage.
More than 36,000 websites are accepting Monero payments.
The Darknet Powering Monero Adoption
Research was carried out in late 2021 to discover which crypto was preferred on the darknet. The report showed that Monero was second to Bitcoin on activity level in anonymous marketplaces.
The major marketplaces in the darknet accept crypto. The study analyzed 35 active marketplaces and found that 79% accepted Monero.
The report suggests that Monero usage is on the rise. Four new darknet marketplaces are accepting Monero only. All trends point to Monero usurping Bitcoin as the preferred mode of payment, considering Bitcoin’s traceability and higher cost.
Ransomware gangs and other underworld criminals also prefer Monero. However, these illicit activities are difficult to put quantify in numbers.
Monero’s strength might eventually become its Achilles heel. Its use by criminal groups has attracted attention from regulatory authorities worldwide. Countries like Japan, the US, Australia, and South Korea have pressured crypto exchanges to bar privacy coins.
Through the Internal Revenue Service (IRS), the US government has gone a step further to offer a reward for whoever can crack privacy coins, including Monero.
Major global exchanges like Coinbase have also avoided support for Monero. The reason could be the ability of Monero to facilitate illicit payments.
Merchants Accepting Monero
Updated consumer metrics by an online directory show an increase in the usage of Monero by merchants and retailers.
In 2021, there were about 950 merchants who accepted Monero compared to only 41 in 2018, a 2,250% increase.
The number of merchants onboarding the coin continues to increase, and there are currently 1,283 stores that accept Monero. These range from shops, internet services, crypto services, offline services, and much more. Shops and markets lead in adoption at 679 in total.
Some of the leading merchants accepting XMR include:
Top Countries and Industries Where Monero is Accepted
Monero has found acceptance across a diverse array of industries. A study shows that the finance and the tech sectors lead in Monero adoption.
The US leads in the number of websites that accept Monero payments. About 10,525 websites in the US accept Monero, which far eclipses the UK at 2,502.
Leading Exchanges Where You Can Buy Monero
Many exchanges are offering Monero. Buyers have the option of using various trading pairs, including USDT, BTC, and USD.
Some of the leading exchanges supporting Monero are: