Monero vs Bitcoin

Monero vs Bitcoin

We live in an age where we spend most of our time online and privacy becomes the biggest issue in this age. Right here Monero comes to act and ensures privacy for the people.

Monero is yet another cryptocurrency that focuses on the privacy of transaction while doing it anonymously, one can do this sitting anywhere in the world. Monero uses “CryptoNote” which is a strong privacy control protocol. Using this protocol Monero has proved itself to the world by keeping the transaction away from the prying eyes.

How does Monero differ from bitcoin?

Bitcoin is a first of its kind cryptocurrency known for its privacy and untraceable nature. The principle on which bitcoin works is public ledger called blockchain that maintains the integrity and confidentiality of any transaction.  All these features make Bitcoin unique but do not make it private.

Since Bitcoin is based on public ledger all the transactions that are made on the Bitcoin network can be traced from the beginning to the most recent. Monero, on the other hand, works on CryptoNote principle which keeps the transactions untraceable and therefore all the XRM tokens remain confidential.

Privacy is the need of the hour for the financial industry as in this sector more security breaches are taking place every now and then. Monero overcomes this crisis by using the powerful technology described below.

Stealth address that is unlinkable

The important attribute that differentiates Monero from Bitcoin is the fact that in Bitcoin although the identity does not gets revealed but the transaction remains traceable and multiple transactions can happen from the same address. Analyzing the common patterns and tracing the wallet from which values goes out and comes in it becomes easier to determine the person who owns the address.

On the other hand, if you are using Monero for the transaction then only the destination address is identical to both the sender and receiver of the XRM tokens, it does not show the destination where the XRM tokens reach instead it shows the cryptographic hash.

By using the secret view key the recipient can understand how much XRM he has received. For this, he uses the unlinkable private separated from the public address this type of address is known as stealth address.

Final thought

Privacy and anonymity will always remain a prime focus for the individual who wants to keep things private and for those individuals who live in oppressed countries where censorship is an issue. The highly skilled developers of Monero will continue to help people who love to keep things private. There are many competitors of Monero but it has kept its position intact by providing the highest level of services to its users. Click Ethereum Code to know more.