By this time, you must’ve heard about Cryptocurrency and the famous Bitcoin which has the value of $17, 181.31 (https://www.coingecko.com) and might reach the $18,000.00 mark by the time this article is posted.
So what exactly is Cryptocurrency and How it reach the fame in today’s digital world?
Cryptocurrencies or sometimes called the Digital Money, Virtual Currencies, Tokens are not your ordinary Peso, Dollar or any printed bills that circulates around the world. Cryptocurrencies circulate online and not backed by any government at any country, technically speaking, cryptocurrencies are only dealt online with respective networks backed by millions of cryptominers in a decentralized database. In order to change these entries, specific conditions must met first. Entries are secured with math via solving complicated blocks and not people.
The year 2017 is the best year so far for the Bitcoin’s value which multiplies from its past values.
So how does Monero differ to Bitcoin?
Bitcoin was the first decentralized Crytopancy. Then, many Altcoins (short for Alternative Coins) which popped years past after Bitcoin. These includes Litecoin, Etherium, Zcash, Dash, Ripple, Monero and more. While these altcoins have many in common but each have a unique feature and one of which is Monero (XMR).
Monero is secure, private and much more untraceable than the other currencies. Monero is also and open source cryptocurrency like all other currencies. It was launched in April 2014 which boomed a great interest among cryptographers and other enthusiasts. Monero was developed completely on a donation-based and driven by its community. It was launched with a sturdy focus on decentralized, scalable, and enabled complete privacy which the technique called “ring signatures” was used. This technique appears on a group of cryptographic signatures that includes at least one real participant - everyone may appear valid, but the real one cannot be isolated.
The most crucial advantage of Monero to Bitcoin it the tighten privacy which Monero emphasized. If you give, post or declare your Bitcoin wallet address for transactions, you automatically compromise your privacy. Now every person who saw and saved your wallet address can now track your record as a matter of public record as how much Money or Bitcoin you have in your Wallet address. This situation don’t differ when even when your the one sending Bitcoin.
On privacy concerns, Monero solves these issues by applying an automatic privacy techniques to every single transaction ever made. It is rest assured that every Monero you own is not a ‘tainted’ Monero. In the concept of economics, this is known as ‘fungibility’ and is historically considered a foremost characteristic for any currency that ever existed. Although, Bitcoin community has attempted to have remedies for this problems by introducing ‘mixing’ features. Others described these solutions as ‘a band aid over a stab wound’.
Everyone that uses Monero will automatically receive a privacy features applied to each of their transactions, which also gave Monero a huge advantage over other cryptocurrencies whose privacy features are at risk and some are optional.