Opinion: June 9, 2021. How is Monero Different From Bitcoin?

Bitcoin is the first and most important cryptocurrency, however, it is not the only one. There are thousands of other cryptoassets, each of them with its own purpose and its own rules. Monero is a cryptocurrency. As bitcoin, it is based on a blockchain, and it is decentralized.

Monero is specialized in privacy. With Bitcoin, transactions are transparent and can be traced. So, it a person uses always one address, it can easily be traced to that same person. Monero disguises the addresses used by the users, so if the same person does not associate a name to the transaction, it would be virtually impossible to trace a transaction.

Monero also uses the concept of fungibility. A unit of Monero is indistinguishable from another. This is also a different from Bitcoin. This adds privacy to transactions.

Due to this special characteristics Monero can be use in illegal transactions. This makes this cryptocurrency associated with the dark web and the world of crime. This is a negative side effect for a digital asset that offers quality privacy.

Posted Using LeoFinance ^Beta