In 2009, Bitcoin was introduced and provided the world with digital cash. It was the first ever decentralised currency, allowing transactions that involved huge sums of money anywhere around the globe without needing intermediaries and permission. For years, Bitcoin became the leading name in the cryptocurrency industry.
However, it has limitations, and the most concern of its users has something to do with privacy. Because it is not a very private cryptocurrency, it has become difficult to upgrade and have new features. The transactions are also quite slow and expensive.
For those shortcomings, a cryptocurrency was born in the form of Monero. This new coin has what Bitcoin users have been searching for: privacy. While there are already numerous competitions out there, Monero sets itself apart from the rest by being a secure and untraceable cryptocurrency. The benefits do not end here, which is why Monero is not a Bitcoin clone, unlike most other cryptocurrencies.
Monero vs Bitcoin Comparison
If you are an investor and you are contemplating whether to invest in Monero or Bitcoin, it makes sense to compare the two first. Monero is a lot younger than Bitcoin since it was introduced in April 2014 while Bitcoin was launched in January 2009. Satoshi Nakamoto is considered the person behind the creation of Bitcoin while Monero’s founders remain unknown. Bitcoin has a maximum number of tokens, which is at 21 million while Monero currently has no fixed limit.
Aside from the features mentioned above, there are other differences between the two and here are the most important ones:
Privacy: Bitcoin was once believed to have anonymous transactions. However, the reality was discovered, and this famous cryptocurrency is not as secure as everyone thought it was. It does allow users to transmit and receive funds without requiring identification. Unfortunately, the details of the transactions and the wallet addresses are accessible on a ledger, which is available to the public. For this reason, Bitcoin is “pseudonymous” unlike Monero, which ultimately keeps transactions private by default.
Transactions are anonymous and cannot be traced, which are two of the most significant features built into its protocol.
Fungibility: This term means that all units in the currency can be interchanged so you cannot tell the difference between an individual coin and another. Bitcoin does not have this feature because every single coin can be tainted once tracked back from an online wallet or crypto exchange. Monero, on the other hand, is untraceable, so fungibility is not an issue with it.
Supply: The maximum Bitcoin supply is 21 million, and approximately 17 million BTC are circulating right now. It means Bitcoin has already reached about 80% of its maximum limit. Monero does not have restrictions with regards to its coin supply. It is designed to offset the coins it loses every year with a production rate of 0.3 per minute.
The Monero vs Bitcoin comparison shows that Monero has the advantage. Invest in Monero and keep your coins in secure storage by using XMRWallet.com.