Monero Outreach Group Goes on the Offense Towards Reuters with Response to Their Claims
Reuters has recently published a report related to Monero (XMR) and how the digital asset is used by criminals that do not want to leave their financial information behind. Reuters released this article and report for its series that examines features and characteristics of other digital currencies different than Bitcoin (BTC).
Monero’s Community Answers Reuters Back
The Monero community was not attracted to the comments and report released by Reuters a few days ago. Monero Outreach, a working group that operates among the Monero community has answered back with a blog post.
According to Reuters, Monero allows users to hide all the details of a specific transaction. That means that, compared to Bitcoin, it is not possible to track and follow funds and addresses on the Monero network. Bitcoin has a public blockchain that gives information about the funds transacted, the addresses and even more.
Moreover, Reuters mentioned the case of a Norwegian kidnapping case in which the kidnappers were requesting Monero as a ransom. The report says that there is a growing trend for criminals to use Bitcoin alternatives rather than the most popular virtual currency.
At the same time, the report highlighted how many users purchased Monero in order to operate in three of the five biggest marketplaces on the darknet. At the same time, Cryptojacking activities have affected the network, since 4 percent of the total number of coins have been mined using malware software that affected users around the world.
Monero Outreach answered to these accusations saying that the report focuses on the negative side of the digital asset rather than on the positive characteristics that make Monero a popular and great virtual currency. The blog post provided information about which were the positive things linked to Monero.
The virtual currency was created in order to offer a solution to the privacy issues that Bitcoin had. One of these characteristics is fungibility. Each XMR coin can be exchanged for another without any problem. This is also very positive because it makes the virtual currency better digital cash.
Moreover, they explain that Monero has a large developer community, one of the largest in the crypto market.
The team has also commented about cryptojacking activities:
“Lastly, the article mentions ‘cryptojacking’, while neglecting to discuss the issue of botnets in general and how they are a problem with computer operating systems. Monero cannot control the security of operating systems, which would be primarily responsible for eliminating botnets.”
Currently, Monero is the 13th largest cryptocurrency with a market capitalization of $1.42 billion. Each XMR can be purchased for $83 and in the last 24 hours, it fell 6.11% according to CoinMarketCap.