Bitcoin (BTC) is the first cryptocurrency that became so revolutionary that it led to the creation of thousands of new digital cryptocurrencies, like Monero (XMR). It was launched in 2015 as Bitmonero, with the aim of focusing on user privacy. Bitcoin transactions are more transparent as compared to the privacy coin-XMR. On the other hand, Monero transactions are anonymous and give enhanced user privacy.
One of the top privacy features for XMR is Stealth addresses, which are the random one-time address that can be linked to a previously published address. There’s another feature called Ring Confidential transactions, which is a combination of ring signature and confidential transactions. Another privacy technology under active development is Kovri, which is similar to the Tor Browser, which hides the user information such as location.
Bitcoin, on the other hand, also offers optional Stealth addresses in wallets such as Samourai. Bitcoin uses a technology called ZeroLink, similar to XMR’s ring signature, which makes it anonymous as who owns what.
Fungibility is when one unit of the money is interchangeable with any other unit of money. Bitcoin lacks fungibility, as if you receive tainted BTC unknowingly, it would be useless. Monero, on the other hand, solves the fungibility question by applying privacy to every single transaction.
Scalability means being able to handle many transactions. In this case, Bitcoin has the upper hand due to the lightning network, and it can handle hundreds of transactions per day.
A Monero transaction takes about 20 minutes to fully complete a transaction, as the network confirms the transaction ten times, and XMR takes 2 mins to confirm. Bitcoin takes an average time of 10 minutes to confirm a transaction.
Monero recently adopted a technology called bulletproofs, which decreased the transaction size and increased the privacy, as a result of which, the average transaction fee for XMR decreased to around 17 cents. The average bitcoin transaction fee is 1.39 USD, as of March 26, 2020.
Bitcoin is trading at $6,631.28, with a market capitalization of around $122 billion, and a circulating supply of around 18 million BTC. Monero is trading at $49.82, with a market capitalization of around $871 million and a circulating supply of around 17 million XMR.
Monero is a privacy coin, and Bitcoin is the largest crypto in the world. Both have unique advantages.
Monero is a privacy-based coin, and Bitcoin is not. The major differences between them are mentioned above.
Monero transactions are made anonymous with privacy-based techniques, while Bitcoin transactions are transparent. Both of them are valuable in their own way.
1 XMR is equivalent to $49.82 as of March 26, 2020.
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