I'm a big fan of bitcoin, but honestly, privacy is my biggest worry looking ahead.
Monero is steadily getting more traction across various platforms, services, exchanges, and even on the dark web.
A lot of folks in the truth and freedom movement are leaning towards it instead of Bitcoin.
Interestingly, Monero's node count has overtaken BTC, and its mining hash rate is climbing fast since you can mine it with just your computer, no fancy hardware needed.
To me, Monero is something people really need to pay attention to.
Plus, scaling is a major concern; Bitcoin fees are like 1000 times what Monero charges.
There’s no reason you can’t use Coinjoin or Lightning with your UTXO's while also mixing in Monero for some extra privacy I think it’s a solid tool and a great addition to Bitcoin.
I’d really like to hear your thoughts. Let’s keep it real.
Even with all these and more supposed advantages of Monero over Bitcoin, I will still choose the later. A lot of projects have been developed with some claiming to be able to solve the scalability trilema that is attributed to Bitcoin but none have been successful in achieving this. There was a time ripple prided itself as being able to achieve this until time shows that ripple might be heavily centralized. I believe with time, the weak side of this major contender will also surface and it will become obvious that Bitcoin will always be the leader.
Nothing is perfect, but Bitcoin is unique in many respect. This argument of Monero is coming up again because of the high fees of Bitcoin which is a consequence of Ordinal attack on Bitcoin Network. "This one too shall pass"
Are you sure it is getting a lot of adoption on exchanges? Because I know there's a lot of DEXes that are supporting Monero, but it seems like centralized exchanges are rushing to drop it like a hot potato (because "money laundering" and "crime" and ... you get the idea).
You are right that Monero should not be ignored though. Both of these coins solve different kinds of problems.
There's no other cryptocurrencies that can provide you with the level of privacy you can have with bitcoin after knowing well that bitcoin itself is a decentralized digital currency and most of these altcoins are centralized, privacy is achieved at it's maximum level with bitcoin.
I still don't get the reason why you need to compare bitcoin with monero here, they are different things entirely, any further discussion about menero should be channelled under altcoins discussion, maintaini bitcoin discussion here is more of need than altcoins discussion.
The comparison between Bitcoin and Monero in terms of privacy is unfair because the only use of Monero is due to high privacy. I can understand the comparison between Bitcoin and Monero in general, but in terms of privacy, Monero is better.
Bitcoin was not built to enhance privacy in the same way as Monero, but rather to enhance transparency and make it difficult to track and stop who sent the transaction despite the possibility of knowing who sent it.
The difference is when you're use Monero, other people will automatically think you're use it for illegal thing.
But when you use Bitcoin, people wouldn't automatically judge you're using it for illegal thing since most country accept it, moreover El Salvador dare to legalize it as legal tender.
So holding and using Bitcoin give you a neutral impression instead of Monero.
It might beat Bitcoin in that specific aspect, but overall, Bitcoin holds more value, and that's quite evident. I believe Monero has potential for future growth, but it's unlikely to surpass what Bitcoin has already achieved. Bitcoin remains the main cryptocurrency accepted by the majority, and even though it doesn't offer complete privacy due to government regulations, we still need Bitcoin to lead the market. This way, altcoins like Monero can have a chance to progress.
What weak side are you referring to?
Centralized exchanges should not be taken to be the arbiter of what is a good coin or not. They will list endless numbers of outright scams if it makes them profit. All their decisions are driven only by what will make them profit, not by what is good for their users or the community.
This is just false. Monero is exponentially more private than bitcoin.
Various governments around the world are currently advancing legislation to make it illegal to own and hold bitcoin outside of fully KYCed centralized exchanges and in your own wallet. So you will soon be viewed as equally suspect. The correct answer is not to acquiesce to these crazy regulations and give in to the surveillance state.
I've said many times before that Monero is the only coin other than Bitcoin which I own and use, and the only altcoin I consider not to be a shitcoin. It shares many of the good things about bitcoin - decentalized, PoW, no premine, etc. - while also being far more private if used properly. I don't think it will ever replace bitcoin, but I also think it is one of the only altcoins which will continue to grow and continue to be used many years in the future.
Monero is a privacy coin and it has a facilities to make internal transcation and bitcoin is a decentralised crypto coin and here you can use bitcoin totally anonymously here also has privacy Because no one can track someone personal document by a bitcoin address and on the other hand you can hold bitcoin in a decentralised wallet where you will get a private key or security phrase which is not possible to hack. so bitcoin has totally privacy in holding and transaction too
While I am somewhat concerned about privacy violations and how tons of data end up in the hands of corporations, as well as governments, it's not my #1 concern, and I don't mind a balance of privacy and security. So, to me, Bitcoin is enough. When using a wallet like Electrum, I'm not providing any information about my real identity to anyone, so it's private enough for me. Perhaps, if someone really put their mind to it, they could find out my real identity, but why would anyone want to do that? It takes resources, and I'm just a regular human being.
I don't mind Monero and the existence of similar currencies, but I also appreciate the transparency that comes with Bitcoin's pseudonymity, so I don't feel like I need Monero, personally.
If the privacy is what you are looking from cryptocurrency adoption you should go ahead with Monero. There is literally no competition in this market and the best part is that Monero is minable through CPU. You do not require those expensive rigs to mine this cryptocurrency.
But the majority of the crypto users are mainly investors. They do not like to spend their cryptocurrency. I have no shame in admitting that I am also an investor. So monero is not something that are appealing to this investor community. Investors will always stay with Bitcoin because of the huge upside potential. But for regular users who are concerned about privacy, Monero is the best choice.
Well that's for sure, if you want to a clean transaction, without anyone knowing where it come from then use Monero, but then that is where the sus starts.
Fine for me for not leaving signature on paper when transacting online or putting my name, my age, my country of origin, just a beautiful alphanumeric address.
Well for both coins that serves quite a different purpose is great, both do have its level of privacy either of these can be used so be it. Bitcoin just tops over with its holding value, and that's what most of us are looking for.
Monero isn't popular for traders as it once was delisted from exchanges. This coin is also hot and I bet authorities are closely watching it.
Buying XMR from exchanges seems to have defeated its purpose especially when you already have submitted KYC on this CEX. It would be best to just buy XMR from DEX and keep transactions in p2pn, with no middleman to avoid that dystopian situation.
The hidden does not go hand in hand with legality, I believe that with bitcoin you obtain the balance between transparency and privacy necessary to avoid legal conflicts and mistrust, and yet some governments want to regulate it, because governments always fear losing control.
As for Monero, sadly the government only sees money leaks, illegal purchases, hackers and problems.
Both Coinjoin and Lightning come with limitations when it comes to achieving completely untraceable transactions. Monero has some fancy encryption stuff going on under the hood to keep things extra confidential. Specifically, features like confidential transactions and stealth addresses make it way harder for folks to follow the money trail back to any particular person and so if if privacy is a top concern, Monero brings another layer of anonymity to the table.
Me too, I hold bitcoin and monero personally. I also run a Monero node, except for the 2 Bitcoin nodes that I also run.
I also use Monero swaps with Bitcoin for more privacy. (thanks to you who pointed it out to me).
I have some difficulties with monero, that I think can be addressed in this topic:
1. I don't properly understand the address system it has. It supports stealth addresses. I have seen in various places on the internet that with Monero you can always use the same address and don't bother with changing addresses, like in Bitcoin. It seems strange though, because monero, like bitcoin uses UTXOs and not balance system like Ethereum.
2. I can't sign transactions offline, no matter how hard I tried. Perhaps if I bought a Trezor model T, I would be able to do so, but for the time being, I can't.
3. I am not sure whether the variable sized blocks are good or not... I haven't come to a conclusion yet, but I would like to hear your thoughts.
Also Governments, CEXs, the Press, Twitter etc, HATE Monero. This is another reason why I love it.
Because Bitcoin is used 1000x more often than Monero. If Monero would reach the limits of its capacity, it would have high fees too. And since Monero is not using any different blockchain architecture that would make it more efficient than Bitcoin with block space, you can't say that it's more scalable just because the devs chose to have higher block size cap. Raising the size cap is trivial, dealing with the consequences is not.
You can use both Bitcoin and Monero to enhance your privacy and anonymity with transactions on Bitcoin and Monero blockchains and support from non-KYC exchanges.
Non-KYC exchanges are helpful for you too and if you are seriously concerning about privacy and anonymity, no reason to use centralized KYC exchanges.
https://kycnot.me/