this post was submitted on 24 Jul 2024
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The more I hear about Monero, the bigger of a scam it seems
How so?
It's the closest you can get to digital cash. It's untraceable, has very low transaction costs (a few cents), and it's mining-resistant (so no big mining farms). It's not popular for speculation, so the price tends to be pretty stable (has been pretty flat for 2 years now), at least related to other coins. I honestly haven't seen many scams around it, probably because it's a tough sell to get someone to "invest" (it's never going "to the moon").
If you are looking for a digital alternative to cash, Monero is it. The main problem with it is due to its main benefit: governments don't like it because it's untraceable, and because it's untraceable, it's often used for illegal activity. So you can't buy it directly in many areas due to gov't regulations, but you can usually trade another cryptocurrency for it (e.g. Bitcoin), but you should do it in relatively large transactions because BTC fees can be steep (as in, $1-2 fees, so convert >$100 at a time).
People don't advocate for it because they're looking to get rich, they're advocating for it because they want more options to spend their Monero, and the more people that use it, the more stores will accept it.