Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Privacy Coins Forum => Monero Forum => Topic started by: jackrayan886 on March 23, 2021, 08:18:54 AM

Title: How Is Monero Different from Bitcoin?
Post by: jackrayan886 on March 23, 2021, 08:18:54 AM

Privacy

Bitcoin is that the primary virtual currency to introduce cryptography. How does cryptography shield the identity of the participants? It generates pseudo names using combinations of alphabets and numbers. That said, it doesn’t mean the user’s identity is completely non-traceable. There are two reasons behind this argument. First, both Bitcoin addresses and transactions are registered on the blockchain, opening them to public access. And, second, all transactions performed by a user are linked to the same address. So, it’s not impossible for others to trace the address and identity of the user.

On the other hand, transactions over Monero are confidential and untraceable. Monero achieves anonymity and fungibility. Sender and receiver - here every user is anonymous by default. Monero makes use of three important technologies: Stealth Addresses, Ring Signatures, and RingCT to form sure the privacy of its users.

How do the technologies protect privacy?

 They ensure untraceability (having multiple possible senders for a transaction) and unlinkability (being unable to prove that multiple transactions were sent to the same person). Ring signatures ensure untraceability while stealth addresses are to introduce unlinkability.
Because every transaction is private, Monero cannot be traced. Merchants and individuals accepting Monero don't need to worry about blacklisted or tainted coins. However, this could be an alarming thing for regulators of fiat currencies across the earth.

Fungibility

Unlike other cryptocurrencies, Monero could also be a very fungible currency. to understand fungibility, let’s fancy examples. Two $1 bills are equal in value but can they be the same? No, because they'll be associated with different products/services. But two one-ounce gold bars of the same grade are fungible. Monero is that piece of gold, while other cryptos are the $1 bills.

read more to Buy Bitcoin in India  (https://www.pcexmember.in/buy-btc-online-india)

Title: Re: How Is Monero Different from Bitcoin?
Post by: sarahjones245 on March 23, 2021, 08:58:03 AM

Bitcoin and Monero use different mining algorithms, with Bitcoin using the SHA-256 algorithm and Monero using Cryptonight (GPU mining). This creates a few differences between the two; for example, the bitcoin algorithm runs on much faster custom mining chips known as ASICs, application-specific integrated circuits.