Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Privacy Coins Forum => Monero Forum => Topic started by: Methos on May 16, 2018, 03:54:58 AM
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I know little about eth, bitcoin and litecoin, they have their uniqueness that brought them into success. How about monero? What makes this token special?
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Its annonymity feature. Its nearly impossible to track down someone dealing in monero as such most hackers now deal using monero
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Monero has five key features that make it the most secure and private cryptocurrency currently available and this makes it special;
Stealth Address:
The stealth address feature is a huge upgrade over bitcoin’s privacy. Here’s the best way to think of it…
With bitcoin, you reveal your real “home address” in order to send and receive bitcoin. With Monero, you use the equivalent of a “post office box” as your address to send and receive Monero.
By using a virtual P.O. box instead of your actual address, your transactions cannot be linked back to you.
Ring Signatures:
A ring signature is a way to make sure a transaction can’t be tied back to a specific individual.
Public-View Key
The public-view key feature is what separates Monero from any other privacy solution. You can share your public-view key so other people can see your transactions.
Limited Supply
Unlike traditional currency, Monero will have a set coin supply and programmed inflation rate. This ensures that the value of Monero cannot be diluted by endless money creation.
Built-in Scalability
Another big knock against bitcoin is that it limits the size of each block in the blockchain to just 1 megabyte. As bitcoin has grown, the block sizes have stayed the same. This has caused the bitcoin network to slow down. It just can’t handle a lot of transactions at once.
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Also, monero powerful incentive to use Monero to send money is the lack of multi-day holding periods. And, due to its powerful encryption technology, there is also no risk of fraudulent chargebacks, and the coin cannot be controlled by governments suffering from economic instability.
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Monero is pretty much THE privacy coin. All transactions are 100% anonymous and will forever be anonymous. There are some other coins out there that do the same thing but Monero is already established.