How Is Monero Different from Bitcoin?

[riponsumo]

How Is Monero Different from Bitcoin?


Bitcoin, the most popular cryptocurrency, works on a protocol that attempts to shield the participant's identity using pseudo name addresses. These pseudo names are randomly generated combinations of alphabets and numbers.

However, that approach offers limited privacy as both the bitcoin addresses and the transactions are registered on the blockchain, opening them to public access. Even the pseudonymous addresses are not fully private. A few transactions carried on by a participant over a time span can be linked to the same address, allowing the possibility of public, government, family, and friends to become aware of an address owner's trends, and hence, his identity.

[riponsumo]

Another advantage of monero over bitcoin is fungibility, which means that two units of a currency can be mutually substituted and there is no difference between the two. While two $1 bills are equal in value, they are not fungible, as each carries a unique serial number. In contrast, two pieces of 1 oz. of gold of the same grade are fungible, as both have the same value, and don’t carry any distinguishing features. Using this analogy, a bitcoin is the $1 bill, while a monero is the gold piece.

The transaction history of each bitcoin is recorded on the blockchain. It allows identifying bitcoin units that may have been linked to certain events, like fraud, gambling, or theft, which paves the way for blocking, suspending, or closing accounts that are holding such units. Imagine receiving a few bitcoins today that were previously used for gambling, and they are banned in the future, leading to a loss.

Monero, with its non-traceable transaction history, offers participants a much safer network where they don’t run the risk of having their held units be refused or blacklisted by others.

[mojerjer]

I think Monero coin has not been decentralized while Bitcoin is a decentralized digital crypto currence and it is very popular now.

[chinito]

The difference of Monero coin and Bitcoin is very clear.Bitcoin is decentralized digital cryptocurrency and has the most popular crypto coin now while Monero is just still a little bit new in the crypto world nad not very known crypto coin.

[moonuranus]

Can you guys explain to me how Monero is not decentralized? Sorry for the noob question.

[jbc081475]

From the popularity to the price value,these two coin has a very difference.Bitcoin is the most popular digital crypto currency now and has the highest market price value while Monero has not.

[mikesmat]

Bitcoin is vert popular and uses a decentralized system whilst Monero is not that popular and has not gain much attention of people.

[Alcor]

Bitcoin is vert popular and uses a decentralized system whilst Monero is not that popular and has not gain much attention of people.

But Monero has a very high degree of anonymity and even countries such as Japan are taking measures to ban this coin precisely because of this. However, of course, this is a very great advantage of this coin.