Most people don’t have a clear idea of what a cryptocurrency is. For many, the only crypto they could name is Bitcoin (BTC). It is normal. Bitcoin was the pioneering digital coin in the world. Moreover, it has attracted a lot of attention because of its steep price hikes that have turned several people into millionaires.
When people with knowledge about Bitcoin website are asked to list a few of this coin’s characteristics, the most commonly mentioned are:
- Anonymous transactions;
- Privacy and confidentiality;
- Transactions without footprint.
However, is it true? Well, compared to traditional bank transactions, Bitcoin offers a significantly higher level of privacy. However, some cryptocurrency experts realized that this privacy was not as robust as many would like it to be. To improve the privacy of crypto transactions, Monero (XMR) was created. This relatively new cryptocurrency was launched in 2014. Its main focus is on privacy and anonymity.
Thus, if you are concerned about your privacy in the crypto sphere, Monero could be the right coin for you. If that’s the case, you can convert your Bitcoin assets to this crypto by using a BTC to XMR exchange. Alternatively, you can purchase Monero using fiat money. Let’s discuss the main differences between Bitcoin and Monero such that you can decide which one fits your better.
Privacy of Transactions
Bitcoin offers some level of privacy and anonymity. Each transaction is not linked to the personal data of the involved parties. Instead, they’re linked to the relevant wallet addresses. For the sake of transparency, anyone can see all Bitcoin transactions completed worldwide. By analyzing some basic information such as time zones and known transaction amounts, it is completely possible to uncover the identity of a wallet’s owner.
Many people prefer to remain completely anonymous in the crypto sphere for different reasons. For example, if criminals know the BTC holding of an individual, they could plan a kidnapping for ransom. In other cases, a company may pay suppliers with Bitcoin. If one supplier finds out what the company pays to a competitive supplier, the company may be at a disadvantage during supply price negotiations.
Monero’s technology removes the possibility of an outsider unveiling the identities of the parties involved in a transaction whether you use the crypto exchange without registration – LetsExchange.io or any other platform . The amount of the transaction cannot be uncovered either.
Adaptive Block Size
The fees for Bitcoin transactions depend on several factors such as the number of transactions waiting for approval. The maximum block size is fixed in Bitcoin, which means that a large number of transactions in line can slow down the processing thereof. Users can speed up the processing of transactions by paying higher fees to miners. But this can be expensive in the long run.
In contrast, Monero’s block size is adaptive. Hence, when the number of transactions increases, the size of the blocks expands automatically. The benefit of this feature is twofold. First, the processing time of a transaction gets significantly shorter. Second, transaction fees are kept low. So, even if double verification of a transaction is required, it will be both time- and cost-effective.
Both Bitcoin and Monaro have their advantages. But if privacy is one of your main concerns, then Monero is the best alternative.