Reasons for Choosing Monero Over Bitcoin
Monero seems a bit like the new kid in the crypto world but surprisingly it has been around for more than 3 years now. It is a secure, private and untraceable cryptocurrency that is open-source and accessible to all.
With so many people flocking towards Bitcoin, choosing Monero over Bitcoin seems a bit complicated right now, isn’t it? Monero is gradually gaining popularity among the masses, therefore, to better understand it, comparing it with Bitcoin can help to a great extent.
Monero is believed to be a superior product that has come along at a right time when massive new adoption of cryptocurrencies is about to occur. It’s momentum has changed quite a bit if we have look at the past few months. It’s safe to say that the average number of daily transactions has climbed to around 4500 a day.
The most critical flaw in Bitcoin is its lack of privacy. If you give me your Bitcoin wallet address so that I can send you a payment, you immediately compromise your privacy. I can see as a matter of public record how much money you have in your Bitcoin wallet. The same situation applies even if you are the one sending Bitcoin.
Monero brings quite some new things to the table. Especially the “privacy” aspect is a big one. It has a huge advantage over other cryptocurrencies whose privacy features are only optional.
So, Why choose Monero over Bitcoin? Below are the given reasons:
1. Transactions are private. You can share your public key with people without the fear of anyone looking at your funds and transactions in a block scanner somewhere. Even if the majority of its users are not privacy sensitive, they will still automatically participate in the strengthening of the privacy mechanisms for other users that are privacy conscious.
2. It offers a dynamic block size. This means that there are no hard debates over who has the best scalability solution for the network.
Monero blocks are produced on an average of every 2 minutes, and Bitcoin blocks are produced on average every 10 minutes. Bitcoin blocks have a maximum size limit, so if there is no room then your transaction will be delayed.
However, it has been designed to have an automatically adaptive block size limit. It will automatically be able to handle future increases in transaction volume by automatically expanding the size of blocks to accommodate higher future transaction volumes.
3. Monero is more ASIC-proof. This means that the average user can still mine some XMR using GPU or even CPU. If there would ever be a “hard fork” planned by some group to take over Monero even the users(so not only the miners) can prevent this from happening. They could join pools on their preferred official chain to keep the difficulty high.
4. An impressive integration of the ‘invisible internet project’ I2P layer into Monero is in development. This will add even greater privacy protections when transacting in Monero. I2P will protect you from passive network monitoring. This will not only make your payments untraceable, but people snooping the network cannot tell you are even using Monero at all.
Moreover, the quality of the development and research team behind Monero and their design goals are seriously impressive.
Bitcoin, on the other hand, might be the king of cryptocurrencies but in the long run, nothing is certain. There are about 15.5 million XMR in circulation and unlike Bitcoin, Monero doesn’t have a fixed supply.
Always remember, cryptocurrencies are currently risky investments. You should do your own research before proceeding to invest in, no matter which cryptocurrency it is.