Monero, the better new old Bitcoin?

in monero •  8 months ago

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Simple everyday payments are not a future model for Bitcoin, at least not as long as the lightning network is not running. Since this is clear, a competition has begun for the vacant place of the coin for everyday payments. One of the most exciting and popular contenders is the cryptocurrency Monero. I will show what speaks for and against Monero.

You do not have to be a friend of illegal trafficking to acknowledge the role that Silk Road and the other digital black markets have played in Bitcoin's history. They were a kind of proof-of-concept that the cryptocurrency works as a censorship-resistant, pseudonymous means of payment, and they were perhaps the first areas where there was a kind of ecosystem based on Bitcoin. It could be that the same thing is repeated with Monero.

Since Bitcoin denied the SegWit2x Hardfork in November, it is clear that the ability to make small, everyday, and cheap payments is not a bit of a privilege in Bitcoin's development. While Lightning promises to transfer payments in virtually any amount, virtually free and in real time, the potential for growing Bitcoin as a means of payment is extremely limited until that happens. Therefore try since November, several alternative cryptocurrencies as a coin for the daily payments set up. In addition to Bitcoin Cash, which has recently made a big leap forward with the acceptance by BitPay, Litecoin and Monero are the most popular performers.

Of all three candidates, Monero is probably the most interesting. While Litecoin and Bitcoin Cash are more or less clones of Bitcoin, Monero builds on a largely new, innovative design. This is why Monero has perhaps the most dedicated developer community behind it and has recently been accepted as a form of payment in Room77, the famous Bitcoin pub in Berlin. Thereby Kasisto is an easy-to-use point-of-sales system for Monero is helping.

Because Monero not only returns the fitness as a means of payment - but also makes them a lot better. But let's start at the beginning.

Click on the image below to see the Kasisto POS in 22 seconds video.
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The Birth as Fork of Bytecoin

Monero is a fork of Bytecoin. This coin came out sometime in 2014 after being allegedly used in the Darknet for 2 years. Bytecoin had developed the Cryptonote technology. Most notably, it brought two innovations into play: making miners' work more resistant to Asics and, to a lesser extent, graphics cards, while ring signatures gave them unprecedented levels of privacy. Ring signatures mean that a signature can be recognized as being valid because it belongs to a group of authorized draftsmen, but it can not be said who actually drew it. Thus Bytecoin broke the verifiable connection between sender and receiver in a cryptographically clever way.

A standard CryptoNote transaction (click to enlarge)
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However, Bytecoin was pretty much riddled with fraud. The years of prehistory were apparently fictitious, 80 percent of the coins were already distributed to a small group of people, before Bytecoin was even announced on Bitcointalk, and on top of that, it was revealed that the official mining software was artificially slowed down. The community found the concept exciting, but rejected the distribution of the coins. So they made a fork: Monero. This rapidly became the dominant incarnation of the cryptonight algorithm.

A Community for Privacy

Behind Monero quickly gathered a community that put privacy above everything. Virtually every development of Monero should serve the better privacy of users. The goal was and is to create a maximally anonymous cryptocurrency. And you have to say that the developers have already accomplished remarkable steps in this direction.

Thus, in addition to the ring signatures, confidential transactions has also been implemented, a procedure to disguise the amount sent. This completely eliminated a possible attack on ring signatures, which with a certain probability was able to discover the sender among the possible signatures.

Furthermore, Monero has set up stealth addresses, by which the recipient of a payment provides a code with which the sender can generate a one-time address. As a result, you can issue a public address without others knowing how many transactions were sent to them. Of course, one could ask whether this is still necessary in view of ring signatures and confidential transactions, or is it an overkill.

With Kovri, the Monero developers also try to bring the I2P procedure for obfuscating IP addresses in the node, to prevent an attacker can aspirate the IP addresses of the network participants. Should this succeed, Monero is relatively well placed against all possible attacks on the privacy of users.

In addition to these privacy features, Monero also comes with other attractive features such as the flexible adjustment of the mining difficulty and a decreasing, but never quite expiring block reward. By 2022, approximately 18 million units will be generated, after which the reward will fall to a fixed amount per block equal to less than one percent per annum inflation. However, the block reward has a mechanism to control the size of the blocksize: Miners that form blocks larger than the median of the last 100 blocks are penalized with a reduction in reward. While this makes the Blocksize flexible and adaptable to the needs, there is an incentive that prevents the miners from making them excessively large.

For many exhausted by the hard fork wars at Bitcoin, it is also refreshing to see that Monero makes a hard fork about every six months to protect himself from fossilizing the protocol.

The long Way to Mass Fitness

All these qualities make Monero an exciting coin, behind which stands a community that works with enthusiasm and skill on a vision and makes their currency better and better. A downside was usability for a long time. This was more of an ancillary construction site and sometimes not available. If you wanted to use Monero, you had to deal with the client and the command line or trust the online wallet MyMonero.

Since the confidential transactions are extremely large, about 10 times larger than Bitcoin transactions, the blockchain grew relatively quickly, without taking a particularly large number of transactions. The result is that even at Monero, the transaction costs are relatively high (but, at least, even cheaper than Bitcoin, while you get superior discretion).

But for some time Helium Hydra has had an optical wallet and with Monerujo a light wallet for Android. Also, a special hardware wallet just for Monero is in the planning and work - the development was funded by the Community itself - and the French hardware wallet Ledger allegedly already plans to integrate Monero. Finally, the development of Bullet Proofs promises to make Confidential Transactions marginally larger than normal transactions, which for Monero may mean that scalability will not be a problem for the time being. Once again, the community funded a comprehensive audit to implement bullet proofs as quickly as possible.

2018: The Year of Monero?

In the darknet Monero is already reasonably popular and is accepted by more and more black markets. With the acceptance in Room77 Monero now spreads in legal trade. If it depends on the followers of the cryptocurrency, this is only the beginning: Monero is ready to become the Coin, with which everywhere is paid. The fact that Bitcoin no longer fulfills this task, and makes room for something different, gets such a positive side effect: the new old Bitcoin, Monero, will not only have a variable block size, but also solve another weak point of Bitcoin, the lack of privacy.

Beautiful new crypto-currency world? Or is there some catch on the matter? I mean yes. In my opinion, there are some points that are likely to prevent Monero from becoming the new old Bitcoin.

It is new and different. All that Bitcoin already has is relatively easy to transfer to Bitcoin Cash or Litecoin, but has to be rewritten for Monero. So far, there is a very thin infrastructure of wallets and libraries.

The extreme privacy is Monero's greatest strength - but also the biggest weakness. The high degree of anonymity of Monero has undoubted advantages, and one could even say that it is necessary to create a digital cash that meets the requirements of good data protection. But it is obvious that there are drawbacks: it makes the cooperation of exchanges and other platforms with the supervision, anyway not a simple topic, more difficult (1), makes it difficult to look up transactions in the blockchain, for example in the customer support (2), makes many kinds of audits probably difficult or impossible (3) and increases the complexity of user guidance, as exchanges need about payment IDs to allocate payments (4).

In addition, I am not convinced that almost absolute anonymity is something you really want with digital cash. Bitcoin has a fine balance between transparency and privacy. It is, with appropriate use and good software, possible to realize the ideal of Cypherpunks: privacy for the little ones, transparency for the grown ups. Mass surveillance can easily be made impossible while observation continues to work. All those beautiful blockchain observations, such as the FBI confiscating Bitcoins from the Silkroad and having them auctioned, or how the bankruptcy trustee of Mt. Gox sends Bitcoins to crypto exchanges - all this would not work out with Monero. The little ones would undoubtedly have more privacy than Bitcoin, but so would the big ones, and mass surveillance would be impossible, but so would the surveillance of criminals. While there is a voluntary transparency that you create by publishing view keys, I'm not sure that changes too much.

This is probably a difficult choice. Monero would be better than a Bitcoin of mass surveillance. But it would not be better than a Bitcoin that realizes its privacy potential for the little ones, while forcing the big ones to be transparent.



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Have a nice day!

LOVE&LIGHT
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The world just got a little dumber. It's a sad day the world has lost a great man, with a great mind. Einstein's birthday and World Pi Day?!?! Way to go out w a Bang!

Rest In Peace Mr. Stephen Hawking

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Bitcoin is a massive ponzi scheme. It's in terminal decline for many reasons. Just wait until the IRS cracks down on Bitcoin tax cheats. Alot of people are going to get wiped out as the price declines further.

Time to sell and cash out.

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Bitcoin is the ONLY decentralized crypto currency and ALL the other shitcoins are just following the trend of the bitcoin.
when bitcoin goes up all the other coins are going up and when bitcoin is crashing all the market is crashing.
The bitcoin has no CEO or developers that are being payed by the bitcoin company ALL the other coins have a CEO and a company that stands behind them, and if the CEO will die tomorrow in a car crash - you will see the coin loosing 60% of it's value in one day. It has happened to Ethereum last year when someone said that Vitalic B died in a car crash.

check the definition of Ponzi Scheme - https://en.wikipedia.org/wiki/Ponzi_scheme

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Bitcoin is not the only decentralized token. You clearly don’t know what u are talking about respectfully...

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i am not an expert
far from being one

..let me know what other currency is decentralized - no CEO or developers that are being payed and no structure of a company

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The good news is that 2nd hand very high quality graphics processing cards will soon be available for deep discount.

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Monero?

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I don't think you can call BTC a ponzi scheme in the real sense. I agree that crypto's are going to go down to pre november price but there are new idea's coming out daily.. BItcoin cash has a new point of service device that will be launched in the autumn. No fees and instant,,

Monero is amazing buttt the transaction headers are to large I am looking forward to Monero V

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MoneroV is a scam.

Bulletproofs are coming with the September hard fork, which will reduce transaction sizes by about 80%.

And anyway, you can already pay about 50c per transaction if you change the priority of the transaction to low.

"The community found the concept exciting, but rejected the distribution of the coins."

Somehow this sentence hoovers ominously in the back of my mind after reading your article. Is this a bytecoin-specific problem, or could it also be true for Steem?

i will stick to my btc

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Which suggests that they want the recent entrants (weak hands) out, so that they can take over.

If Smartcash can deliver on its promises, it will be my favorite privacy coin!

Yes,Rest In Peace Mr. Stephen Hawking

Great post! To be frank I'm surprised that we don't see money flocking into Monero whenever there is talk of potential regulations in crypto. It seems like a logical place to house assets in times of uncertainty. Done properly, your funds would be secure and hidden. Also, if you know where to look you could find active markets to use the currency even with a heavy crackdown on cryptos (which we hopefully won't see).

Monero's privacy tech is fascinating

A lot of people paint monero as some black market coin, however one particular application of monero will be that when institutions enter the crypt space seriously they aren't going to want to their competitors to know their positions. In this respect Monero is quite valuable .

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It is much deeper than that.

Do you want your other employees to know how much you pay everyone else?

Do you want your competition to know who your suppliers are and how much of a good deal they are offering you?

Do you want your baker to know how many more thousands in bitcoin are in your wallet by virtue of change addresses?

Do you want your whole transaction history exposed to anyone you ever transact with?

Do you want your BTC to be rendered worthless by virtue of being tainted from previous use, possibly implicating you in a criminal case in the process?

That is not the way forward, that is the way to madness.

If 2018 is year of monero, sumokoin also benifited with that since it is a fork of monero.

Great post! Monero is an actively developed cryptocurrency that has unique value over other coins. I am still holding my Monero XMR. Because I know Monero is the No. 1 coin with privacy. While the sentiment for Monero is to be used for the dark market, this will change as people start to realize how 'transparent' Bitcoin or Ethereum can be. Everybody NEEDS Monero. I have no doubt about it.

Nice article. Same thoughts were in my mind while I bought Monero recently. I would also like to add some information that is positive to Monero. In technical charts, Monero is one of the very few Altcoins/Cryptocurrencies that are bullish against BTC. You can find other 2 Altcoins that I recently bought using the techncial charts.
(link: https://steemit.com/cryptocurrency/@vinothkanna/3-cryptocurrencies-that-i-recently-bought-using-technical-charts)

Great insight, I noticed that Monero is a big player in the crypto space, backed by strong communities. however, how sustainable are these privacy coins (not just Monero, but Verge, Dash, Cloakcoin, and other privacy coins) in the long run? do we need that many? if so, influencers as well as we, the users could contribute an idea on how to make all these coins to co-exist with one another and why should it be so? I am curious how this is gonna playout.

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There is no such thing as a privacy coin.

I could go in real depth about this, but simply there is no other real contender right now. Monero is what it promises to deliver and it has the best tech talent working on continued development.

Monero is what people think bitcoin is. Digital cash.

Polymath and security tokens are the next big thing! Its the future

Sorry for your post I have reblog. Happy working.

Great post about Monero which seems to have a great future ahead.

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Thank you and yes it looks like Monero will do great in the future :)

Oh you have really created great post .Monero is of much signifance.I have decided firstly to read about it and then to use it.

monero this is one of the greatest post

Monero is a strong coin with PoW and truly decentralized but recently I read that an ASICS came out and because Monero's community has strong anti-ASICS priority maybe some fork will be on the way ...

monero is great as a privacy coin. lets see what TokenPay has to bring as is expected to be more private than monero

You got a 17.26% upvote from @postpromoter courtesy of @danyelk!

Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

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can you please guide me for getting maximum votes?
I have recently created three posts
one of them is here
https://steemit.com/software/@hafizhafi17/software-blogging

Thanks for all the info. I'm a real dummy here, but my thoughts have been around actually implementing a universal 100% transparent, 1 wallet per human being coin. To me this eliminates all threats since no one can steal money from someone else without being seen by all. What do you think would be the disadvantages of implementing a universal coin like that?

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Do you see a problem with having a state-sponsored camera+microphone apparatus in everyone's home, such that no planning of crimes is ever possible?

Yeah, it's about the same thing.

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Well, I don't see much point in having privacy violated, but when it comes to money, transparency will eliminate all forms of corruption, if well implemented. And don't the governments already have access to all our financial information, anyways?

Wow! What a great writeup! Thank you! Upvoted!

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Thanks and your welcome :)

Thanks, great post. I've not been tempted by crypto before but I'd probably use Monero if I did, from what I've read about it.

Crypto needs mainstream adoption and coins like Bitcoin are just a waste of time, pretty much useless for any day to day commerce.

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Bitcoin is in my opinion not useless maybe it's not that great anymore to use for day to day commerce but it's still the number one coin without BTC and it's blockchain there would be no other cryptos. BTC is awesome to hold and sell when the right price is reached.

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I don´t think Bitcoin has ever been brought as a new day-to-day currency. It should be the new gold, which we use to weigh currencies against. Bitcoin is needed in order to buy other crypto currencies. Graphs also show a similar growth to gold. You should not invest in the next coin because that will be a stable value. You should invest in the next gold/Silver/platinum.

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yes but right now it's v. integral and interconnected with all other coins. it's the daddy, and for trading purposes all prices react to the price of bitcoin. This may change, but even as a store of value it looks likely to stick around. There is also some development going on.

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How about gold bars, waste of time? Bitcoin is a store of value.

Becoming a means of exchange is the battle you're referring to, and it's being fought now by many but certainly not all of these cryptocurrencies.

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I personally don't like this association with Gold, people saying that 'Bitcoin is virtual Gold'. It's nothing like gold at all despite the futile attempts to shoehorn gold related language into it.

Gold is tangible, it has a real world purpose. We use it in everything from industry, electronics to jewelry, dentistry etc. It's a rare commodity that's hard to extract, that's where it's value is.

Where is the value in Bitcoin ? It's completely made up. The price means nothing at all, it doesn't represent anything. You can't even use it for anything except 'storing wealth'. And how's that working out for everyone at the moment ?

Monero, or something similar that can be used in the real world, has a chance of being adopted at least and made worthwhile.

And why should the price of any coin be tagged to Bitcoin in the first place ? That's as ridiculous as saying the price of USD has gone down, so I better sell all my Yen. In fact it should be the opposite, Bitcoin should be falling as investors pull their money out of it and put it into other currencies which are increasing.

Sorry for the rant, just my own feelings on crypto, nothing personal :-)

hopefully bulletproofs will be implemented and monero will become cheap on fees.

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You can lower the priority of your transaction, then it costs about 50c.

I definitely agree! I think Monero will at some point takeoff. Bitcoin originally gained traction due to its anonymity, but it’s been proven not to be anonymous. Monero is a natural successor to Bitcoin and its rise will be due to adoption not promise!

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Yup time will tell but what we can see is that Monero is much more used in the darknet nowadays.

Hello my friend @danyelk 😃 , i hope u and ur family are fine😃.
Thanks you sharing a good information , I like that for ur opinion 👍, I believe that Monroe has a great future, and it is better than Letcoin and bitcoin cash , so good luck my dear friend @danyelk 👍👍😉 , all the best for you 😊👍😃

INTERESANTE ARTICULO

very informative post.........

Hey!
I like your post, I will follow you!
Today's date 14/03/2018:
For all readers, useful information about the day opening price:
Bitcoin: 9206$
Ethereum: 690$
Ripple: 0,79$
Bitcoin Cash: 1071$
Litecoin: 176$
Cardano: 0,22$
NEO: 83$
Stellar: 0,28$
NEM: 0,47$
EOS: 5,9$

Have a good day everyone!

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In regards to your point on mining. Regardless of whether new coins are resistant to Asic miners, that doesn't stop existing software from trying to gobble up all of the CPU rther than using a computer's spare cycles. Maybe that's a misconfiguration on my part, though doubtful, considering anything that seemingly claims to use spare cycles takes it all instead if you don't watch out. So not sure whether or not this is a problem with Monero or how it works. Needless to say, thanks @Danyelk for the post, and you got a follow from over here! Can't wait to read more!

Monero certainly can not take Bitcoin's place. I do not have to tell you about the causes. Bitcoin is the US Dollar of the crypto money world!

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The way I see it -- Fools are now parting with their money by selling their coins at these levels.
There are too many of them in the market now. And unfortunately, we will have to jettison them to go back up.

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But I think in day to day payments it will because of lower fees and in the darknet as well because of more privacy. We will see time will tell.

Hello, you have a VERY COOL blog and this post is extremely useful. I will follow you and I will encourage you to do so too.

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it's such a TIME FOR OPENING on STEEMIT :) best regards Gordon :)woman-2794679_1280.jpg

Great article, resteemed... Definitely clears some things up about monero..

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Thank you and I glad it cleared some things up for you :)

Monero, can not replace bitcoin ever!

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it's not trying to

I agree, Monero is a great crypto to own. I've waited a long time before finally adding it to my portfolio but I've recently gotten some and am planning to hold it for the long run.

I do have some concerns about it potentially being banned/outlawed in the future which is keeping me from increasing my stack, but the longer I am in crypto the more I realize how valuable and important Monero actually is (moreso than other privacy coins). As long as crypto keeps growing and profits are made, I believe coins like Monero will continue to grow as well.

I really enjoyed this article! Great to see another serious crypto blogger! I'm giving you a follow!

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Your welcome and thanks for the follow.
Yes I see as well a bright future for Monore and polymath, security or private coins and I think they are the future in crypto. Time will tell ;)

excellent publication, I am new user in steemit but I have been mining for months in Minergate with Monero cryptocurrency if you have recommendations help me, I am from Venezuela

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Thank you!
Be carefull with Minergate I heard a lot of bad news about them like they have planted some virus in peoples pc and stole there coins but it maybe just FUD.

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if you have recommendations help me, I am from Venezuela

Get out of Venezuela :)

Monero has no innovation and it doesn't do something that bitcoin is not doing already.
I use it to speculate i buy it when it is about 0.01BTC and sell when it is 0.03BTC ...just soled all my monero last week almost at the top at 0.0031 and now I am waiting for it at 0.0012ish

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That is a completely baseless and ignorant opinion.

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this is not an opinion ...this is my strategy that made me nice money in the past and it looks like a good plan

Don´t get emotional man, it is only a cryptocurrency :)

Bitcoin will start to soar tomorrow and return to $20 thousand in two months, up to $30 thousand in the second half of the year.

@danyelk - great post and information on Monero. Did not know much about this coin until I read your article. I just knew that Monero offers superior privacy protection. I did not know about the Point of Sale payment systems already developed.

I can't wait for the day that you walk into a retail store and they ask, when you are buying something: "cash, credit/debit, or digital currency?"

Kid_Steem.jpg

Bitcoin dying
Monero is the future

Same old story with different title.. each coin now claim as the better version of Bitcoin.

Take a look at BCH, Bitcoin Gold, Dash, etc etc etc..

I don't care which one is better as long as they "deliver" the technology a.k.a useful; whether it's useful in terms of privacy, transaction speed, value, or anything else.

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No, it's not the same old story.

Monero is truly unique in the space! Do some research about it and I'm sure it'll surprise you!

Good job.

Monero, has a big first movers on the privacy coins!

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No actually there were many privacy coins before Monero. In the earliest days Anoncoin, Darkcoin (now rebranded as Dash) and others all vied for this title. Monero and ZCash came much later.

Nice! you have posted a real historical evidence with climax view. We need more information about the old stages of Bitcoin. Thanks for this wise post.

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Thanks and your welcome :)

Great Post. Bitcoin is like the first cellphone. There are a lot more Coins with larger potential like Monero, Dash, Stellar, Verge, VeChain etc.

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Great in-depth analysis of the advantages versus of the disadvantages of Menoro.

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Thank you glad you like it.

@danyelk
What i think is
Monero is one of lowest risk & highest potential reward, investments you can make. It is what most ppl believe bitcoin to be

it is not necessary monero. any CryptoNight coin could become king easily.

Only time can say that.

hy thanks for giving a detail note but I have never used cryptocurrency. I am doing transactions in USD. Still I am running my blogs and started a new one. you can check that here too
https://steemit.com/software/@hafizhafi17/software-blogging

in my opinion, monero has a lot of potential.
If at some point the regulations come I believe that much will be accessible to Monero

WOAO talks about many things that I did not know about, and every day this increases thanks to your contribution, to sharing useful information for those of us who do not know that all this is happening. And without a doubt this is the future

The biggest issue I have with Monero is that is has very high transfer fee's compared to an alternative like Verge. I also hope they can soft fork it to prevent the newly developed asics from mining it.

Nice article, I just wanna point out a couple things. Privacy is absolutely needed in this world - how can you doubt it? If I run my business on the blockchain I don't want competitors to know how much I pay a programmer or how much a vendor charges me.

Second point is that privacy does not need to sacrifice ANY functionality. The idea behind zksnarks is that I can conceal the details I want to. I can prove, say, that I have enough funds at an address to cover $1 million USD worth of expenses without revealing the actual balance.

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The problem is that privacy being optional (I assume you were referring to ZCash in your post), all private transactions automatically stand out, and the anonymity set is much smaller.

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Yeah that's a common criticism of Zcash - people won't deliberately do anything, and most will use the transparent addresses. Not convinced it matters though - there's no clues, even if the anonymity set is small.

Bitcoin has a fine balance between transparency and privacy. It is, with appropriate use and good software, possible to realize the ideal of Cypherpunks: privacy for the little ones, transparency for the grown ups.

Sorry, but no.

Everything about the design is wrong when it comes to privacy.

Nearly everyone will query an electrum-style server, and without Tor/i2p/VPN. The server now knows all of your addresses. And where your home is.

Every transaction is stored forever in a transparent manner. It is trivial to analyze this data.

Coin mixers do not work for this reason.

You pay for your shopping online, and the merchant now knows the balance in your wallet due to the way change addresses work (and the utter lack of privacy).

There is no fine balance. If you think bitcoin is private, you're delusional.

You forgot to mention that #monero has optional transparency baked in. Per transaction, or per wallet.

The whole argument is a bit like saying that we need cryptography that makes the big guys snoopable and the little guys completely secure.

Ignoring who gets to define who the little and the big guys are, this is simply just not how technology works.