Privacy coins are not new, but they are becoming increasingly more exciting as time goes on. One of the largest advantages that privacy coins offer is their ability to transact privately, and Monero does this best.
Transacting privately has many benefits. It allows businesses to accept payments without worrying about exposing their customers’ sensitive information; it provides individuals with the freedom of personal expression without fear of judgment or retribution; and for those who live in oppressive regimes, it can mean living a free life without fear of being targeted by your government for speaking your mind.
Privacy coins accomplish this because transactions on these blockchains don’t leave an easily traceable trail behind them like traditional cryptocurrencies do. For example, imagine if you used Bitcoin, all transactions are public, and can be traced back to you by anyone who desires to do so. This means that if an institution does not like how you spend your funds, they may act accordingly, as seen recently with the Canadian Trucker protests. The Canadian government has used blockchain analysis to determine who donated bitcoin to them and is now threatening to freeze those citizens assets. If those donors used a privacy coin like Monero. There is no way that the Canadian government would have been able to discern who exactly donated.
Monero is a proof of work cryptocurrency created in April 2014 that focuses on privacy and decentralization that runs on Windows, macOS, Linux, Android, iOS, and FreeBSD. Monero uses a public ledger to record transactions while new units are created through a process called mining. Monero aims to improve on existing cryptocurrency design by obscuring sender, recipient and amount of every transaction made as well as making the mining process more egalitarian.
The Monero community continues to grow, and adoption of Monero has been increasing as many crypto users slowly recognize the importance of privacy. Monero’s popularity has increased in countries like Brazil and Vietnam due to concerns of possible censorship by some banks that do not allow deposits or withdrawals involving cryptocurrency. Monero is currently the best privacy coin .
Monero transactions are confidential and untraceable. Every Monero transaction, by default, obscures the sending address, the receiving address, and the amount being sent. Monero uses ring signatures , RingCT , and stealth addresses to accomplish this task.
Every outgoing transaction on the Monero blockchain generates a new one-time public key (known as a “ring signature”) for which any one of many potential recipients could have signed the transfer. This means people cannot tell where the money came from or went to by looking at each transaction.
-Monero’s RingCT (Ring Confidential Transactions) which is more of the same, but it hides the sum of all inputs & outputs.
-Monero also obfuscates the IP address used by the sender of a transaction with Tor and I2P technology.
Naturally these features of Monero have attracted bad actors. Although Monero is in many users’ eyes, to be used like cash. The same features of cash are what attract these types of users.
There are several different cryptocurrencies that claim to offer users anonymity; however, they all use some form of obfuscation to hide transactions on their networks. A comprehensive list on why Monero is better than the other privacy coins can be found here. Why Monero is Better than Dash, Zcash, Zcoin (Even with Lelantus), Grin and Bitcoin Mixers Like Wasabi (Updated May 2020) — LocalMonero
Monero is not just a “privacy coin”, Monero is an ideal money for people who desire financial privacy. All major cryptocurrencies such as Bitcoin and Ethereum can be analyzed. Monero is truly fungible and gives its users complete financial privacy. Many people use it today from political movements, privavy advocates and on the “Dark Web”. For many Monero advocates that is reassuring simply because if these groups can rely on Monero with their personal freedom, then anyone should be confident in relying on Monero for their financial privacy.
The Monero community is also very strong and growing fast. The initial community consisted of just a handful of developers and early adopters that began the project in 2014. Since then, Monero has expanded into a worldwide grassroots movement with fans and supporters all around the world. The largest group of Monero advocates can be found here. Monero: the secure, private, untraceable currency (reddit.com) With over two-hundred thousand members and growing.
It is safe to say that Monero is here to stay and it is exciting to watch the community grow as the public learns to appreciate the privacy features that are standard with Monero.
TLDR: In short there are a lot of different crypto currencies out there, but Monero is the best one. Here’s why:
– Monero is secure: It uses a unique protocol that makes it very difficult to hack.
– Monero is private: It keeps your transactions confidential so that you can’t be tracked.
– Monero is fungible: This means that every unit of Monero is equal, no matter who owns it.
– Monero has extremely low fees: You don’t have to pay a lot of money to use it.
– Monero is easy to use: You can buy and sell it just like any other currency.
Recent Comments