Why Fortnite Accepting Monero (XMR) Privacy Coin is an Absolutely Bullish Sign for Crypto Assets
Investors seem to be very optimistic about virtual currencies after Fortnite started to accept Monero (XMR) on its merch store. Monero is one of the so-called privacy coins that allow users to preserve their data and private information.
Crypto users are now able to purchase brand merchandising using Monero. Fortnite was released back in 2017 and it became popular very fast. According to a Reddit user, having Monero as a means of payment in this platform would allow individuals from all over the world to learn what a cryptocurrency is if they see Monero’s symbol and start to learn about it.
According to one of the most popular crypto figures, ShapeShift’s Erik Voorhees, commented on Twitter about this, saying that within a couple of years, 16-year-old players will know more about cryptocurrencies than average Wall Street Bankers.
Within a couple years, the average 16 yr old Xbox player will understand more about crypto than the average Wall St. banker. https://t.co/OvQOpcJpR3
— Erik Voorhees (@ErikVoorhees) January 4, 2019
In general, younger generations are not willing to wait long queues in banks to perform slow transactions and pay high commissions for the services that they have. The virtual currency market is more independent, modern, faster and cheaper than traditional finance and mainstream institutions.
Although cryptocurrencies are attracting several individuals and investors from all over the world, there are some people that still attack the space. For example, Nouriel Roubini, one of the most important critics to virtual currencies, has called Bitcoin a Ponzi scheme.
Crypto enthusiasts believe that economists are not focusing on the technological aspects of the digital currency world. Warren Buffet, for example, did not know how internet companies were going to work because he just simply did not understand them. This is why these economic experts might fail to predict how virtual currencies will evolve in the future.
Although Fortnite is not accepting Bitcoin, according to Riccardo Spagni, Monero’s founder, the team behind Fortnite is experimenting with the Lightning Network (LN) that is more private than Bitcoin itself.
Lack of privacy, but they’re considering LN because it restores *some* privacy to Bitcoin.
— Riccardo Spagni (@fluffypony) January 1, 2019
The Lightning Network is a second-layer scaling solution for Bitcoin (BTC) that would allow Bitcoin to scale avoiding congestion on its main network.
Currently, Monero is the 13th largest digital asset in the market. Each coin can be purchased for $50 and it has a market capitalization of $842 million.