Monero For Beginners 7
Monero For Advanced 7
Monero Quiz 0No items in this section
Monero VS Bitcoin
Bitcoin prides itself on the transparency and its blockchain is literally an open ledger that anyone can access at any time and can read all of the past transactions. Bitcoins are simple to access and use while Monero is built for complete and utter privacy. All of the transactions are completely secret and Monero can be a little more complicated to understand and access for beginners.
Monero is one of the best privacy features on any cryptocurrency and the transactions are not linkable. The transactions cannot be traced so the blockchain doesn’t have a block limit and is dynamically scalable. Even if Monero supply runs out there will be a continuous 0.3 XMR/min supply to incentivize the miners. Monero achieved huge growth and it is selectively transparent. Anyone can make their transactions visible to the person of choice which makes it auditable as well.
Monero has a 43 percent hashrate that is owned by 3 mining pools. The transactions are larger than another crypto such as Bitcoin because of the amount of encryption involved. There is not much wallet compatibility for Monero as compared to Bitcoin and can be a little confusing to use at the start which is why it hasn’t been widely adopted.
Monero has faced difficult issues in the past because it is harder to add things to it. Bitcoin had a lot more time to create its network and won’t be giving up its first moving advantage that easily. With Monero, the market capitalization comparison doesn’t reflect the fact that Monero has a different use case than Bitcoin which is built around privacy. Bitcoin lost the fight with the Dark market users who switched loyalty to Monero since it offers much more privacy and a few steps further than Bitcoin could.
Hard forks prove that they are very dangerous in Bitcoin as they show major rifts in consensus and make the protocol upgrades difficult. When it comes to an upgrading protocol, Monero has a policy of hard forking every 6 months. All of the users are warned and expected to upgrade their software. Monero has a dynamic block size that is easily adaptable to the network’s requirements unlike the hard-capped limited block size of Bitcoin.
Miner centralization is a problem that Bitcoin was not able to solve and short of a contentious fork to change the proof of work algorithm, it seems that the mining centralization will remain for Bitcoin. Monero uses mining algorithms that are ASIC resistant which means It can be mined with standard CPU and GPUs.