Anonymity offered by Monero Privacy Coin
Bitcoin is the dominating cryptocurrency by far when looking at market share.
A popular alternative to Bitcoin that has yielded much attraction is Monero.
Monero solves several key issues that Bitcoin suffers from.
Cryptocurrency is moving more into the main stream as an alternative and replacement for cash transactions.
Monero is also known as an Altcoin (alternative to bitcoin) in the cryptocurrency space.
Monero is being referred to as the most popular and most widely used privacy coin.
It can allow the users to conceal their identify and details in transactions.
This way it simulate more real phsyical money that is anonymous in its use as well.
Monero was launched in 2014 and has grown to 11th biggest cryptocurrency by market share.
At writing time more than $1.4 billion worth in circulation.
What is the difference between Monero and Bitcoin?
When doing a transaction with Monero it obscures the digital addresses of the receivers and senders.
It also obscures the value of the transaction which can give almost complete anonymity and it offers instant sending of transactions.
Making this a favorite coin referred to as real digital cash without it leave any clues behind after a transaction.
Bitcoin in contrary to Monero has all transactions in a public blockchain that can easily be traced.
All Bitcoin transactions are permanently stored on the blockchain after a transaction is made.
Some argue that Monery can be used by black hat attackers for blackhat illegal activities.
In the same argument it can be stated that by overwhelming percentage most criminal activity is done with real US$ and Euro Bills.
Compared to illegal activity by fiat cash compared to cryptocurrencies it is an overwhelming majority.
A popular saying by Benjamin Franklin: Those who give up their essential freedom to gain a little temporary Safety, deserve neither freedom or Safety
Another syaing by Edward Snowden: Arguing that you do not care or think about the right to privacy since you have nothing to hide. It is no different than saying you do not care about free speech because you have nothing to say."
The argument is by far the most use of Monero is for whitehat commerce activities and it is only a small percentage being used for crime activities which is unavoidable.
By far the most crime in the world is paid for with fiat cash.
It can also be useful for commercial business activities to be done in Monero to ensure privacy and commercial secrecy.
In countries bound by censorship, surveillance it can be used to help political and journalists to conduct legitimate activity.
How do Monero stay prrivate?
Monero protect the users on three different levels.
The first is by the ring signatures that mask the senders identity.
It makes it impossible to identify the sender and by using stealth addresses mask the receivers address and by this anonymize their identity.
The Ring Confidential Transactions came in 2017 and it anonymize the transaction amounts.
So compared to Bitcoin the transactions, receiver and sender are anonymous.
It is not possible to know how many coins a specific address is holding contrary to Bitcoin.
Monero is the preferred king of anonymous cryptocurrency at the time of this writing.
Why is Monero so high speed when doing transactions?
Traditional blockchains are fast in the beginning but will slow down over time as they grows.
A good example in this was Bitcoin where it could take up to 20-50 minutes for a transaction to be validated and completed.
New Monero blocks are mined every 2 minutes compared to Bitcoin every 10 minutes.
Monero has an adaptive block size limit which makes it future proof when transaction size increases in the future.