Is Monero better than Bitcoin? Let’s look at them

ByWealth Diagram

When it comes to privacy Monero is probably a better cryptocurrency than Bitcoin .

Is Monero better than Bitcoin.

A metaphor is you can look at bitcoin as HTTP , the connection is unsecured

unsecured

you can look at Monero as HTTPS, the connection is secured

secured

As a whole the monero community focus on privacy more than bitcoin community.

A warning: Pay you due taxes, and keep things legal.

One of the point of using cryptocurrency is to protect you money, so no one can take your money. Example if you happen to have a default judgment, they can freeze you bank account and you can lose you money.

But with Bitcoin or Monero they can’t freeze your wallet, not your key not your wallet. So since you are the only person with your key, you can’t lose money.

Now, in this post, i am not recommending to buy Monero over Bitcoin or Bitcoin over Monero, that’s up to you to decided.

Some of the things to keep in mind are

  • Decentralization
  • Security
  • Privacy
  • Speed

There are trade offs when using cryptocurrencies

Take bitcoin for example, Bitcoin is decentralize but really slow.

BNB are faster than bitcoin but centralized

so, coming back to monero and bitcoin

Monero does a much better job than Bitcoin when it come to this

  • Ring signatures
  • Zero knowledge proofs
  • Stealth address
  • Confidential transitions

But Monero make compromises when it comes to things such as decentralization and security

Monero can lead to blockchain bloat, meaning as more information is added to the blockchain, it grows , and as it grows it slow down. and it might get to a point where the size is so big that you make not be able to run your own full node in a small hard drive.

Many monero users do not run they own full nodes

In contrast, many Bitcoin users run their own full nodes

Now, Monero is decentralized however because not every body can run the full nodes , we can look at monero in a way , they focus more on privacy than security and decentralization. With monero you can not check if the nodes have being altered

In the other way around , bitcoin focus more on security and decentralization since you can run your own full node. You can also check if the nodes have being altered, so in a way no-one can altered bitcoin, there is a record of every transaction on the blockchain so everybody can see what’s happening.

Final thoughts

200 years from now bitcoin appears to still be around, Other countries are using bitcoins, and countries like the USA, will have to find a way of how to coexist with bitcoin

200 years from now Monero might not be around, Monero is not use by other countries like bitcoin is. Contires like USA don’t really line Monero, it’s harder to tax people that are using monero.

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