What are the leads taken by Monero over Bitcoin?!

Bitcoin has been in existence for almost 9 years now and even after a lot of debates and criticism, blockchain based cryptocurrencies have been evolved over this period to cope with the emerging needs. Cryptocurrencies allow fast, secure, private and inexpensive mode of transfer of funds around the world. Be it the individuals or big corporates, everyone is taking the maximum possible benefit of crypto market.

Now, Bitcoin being the oldest and most acceptable among all, enjoys the largest market share and trust among crypto users. So, what does other cryptos like Monero hold to compete and even take a lead from this ace crypto?

Monero

Monero (XMR) is the open source cryptocurrency developed on the blockchain platform and was released in early 2014. Monero focuses majorly on fungibility and decentralization. Monero uses a complicated public ledger, meaning anybody can broadcast or send transactions, but no outside spectator can locate the source, amount or terminus. Monero uses a Proof of Work mechanism to issue new coins and incentivize miners to secure the network and validate transactions.

Here are the leading factors discussed to compel you to think over BTC to XMR exchange:

Privacy and Censorship

Unlike most operating cryptocurrencies, including Bitcoin and Ethereum, which supports transparent blockchains, thereby implying that your transactions are openly verifiable and traceable by anyone in the world. Additionally, sending and receiving addresses for these transactions may potentially be linkable to a person's real-world identity.

Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts.

Security

Monero is a decentralized cryptocurrency, which means it is secure digital cash worked by a network of multiple users. Transactions are confirmed by circulated consensus and then immutably logged on the blockchain. Third-parties do not need to be trusted to keep your Monero safe.

Non - Traceability

Sending and receiving addresses as well as transacted amounts are obscured by default. Transactions on the Monero blockchain cannot be linked to a particular user or real-world identity.

Fungibility

Fungibility means that two units of a currency can be jointly replaced and the substituted currency is equal to another unit of the same size. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be followed by anyone back to its creation CoinSwitch transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be saved in the blockchain in eternity. One can easily buy Monero with credit card from all the leading exchanges, such as – CoinSwitch, Coinama

Monero has been developed precisely to address the delinquency of traceability and non-fungibility that is intrinsic in other cryptocurrencies. By having entirely private transactions Monero is truly fungible and there can be no debarring of certain XMR, while at the same time serving all the benefits of a secure, decentralized, permanent blockchain.

Conclusion

Everything in the world needs to be evolved overtime. Monero is the live example in the crypto market. By addressing those needs of the modern age, Monero price has attain this level of $102 with a total market capitalization of $1.68 billion and secured itself a rank in the list of top 10 cryptocurrencies. By proving such leaps and bounds success in a short span of 4 years, it is established that Monero is one of the cryptocurrencies of the future.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes