Advantages of Monero over Bitcoin

Carol Gilmore June 27, 2018 Comments Off on Advantages of Monero over Bitcoin
Advantages of Monero over Bitcoin

a)It is easier to mine Monero

The algorithm for Monero was designed to guarantee that Application-specific integrated circuit chips have a slight edge as compared to the regular computers used at home. On the other hand, bitcoin algorithms have a considerable advantage when running on the chips than on regular computers. It is therefore impossible to mine bitcoins on regular computers. Therefore, with Monero, one can extract the cryptocurrency at their workplace or home. It encourages people at home to use their computers to earn Monero while verifying other transactions using the software that runs it.

  1. b) Speed

Monero’s transactions are fast as compared to bitcoin because the bitcoin blocks are often full leading to delays. Bitcoin blocks take longer to produce as compared to Monero’s blocks. On average it takes about more minutes to create the blocks for bitcoin while it only takes 2 minutes to build the Monero blocks.  Blocks have a limit therefore if the room is full in the current block, the transactions will delay, and the only way to quickly include the operation in the block is by raising the transaction price paid to the network. Monero, on the other hand, have block sizes that are adaptive automatically hence are capable of handling a high volume of transactions in the future.

  1. c) Security

One of the reasons for the growing popularity of Monero is its anonymity and privacy while transacting funds. The anonymity is due to the use of ring signature which ensures that one’s identity is hidden by being limped in amidst a group. Furthermore, it is untraceable because no particular address is visible on the blockchain. This ensures that all the transaction are private and secure. The transactions for Monero are more likely to be reversed as compared to those of bitcoin. This is because the large size of the network makes it hard to reverse the bitcoin transactions. If you are looking for a good exchange platform that has good security on Monero cryptocurrency check the wallet Monero website for more.

  1. d) Invisible Internet project

It increases even more privacy when one is sending or receiving transactions through Monero. Invisible internet project protects one from network monitoring to ensure that individuals intruding on the network cannot even realize you are using Monero at all.

  1. e) Privacy

Bitcoin blockchain is an issue of public record which means that the balance for wallets can be known. Due to the level of privacy offered by Monero, it is traded on markets in the darknet. This is one of the reasons that Monero is arguably considered to be the most accepted alternative currency due to its applications in the marketplace

Having been in the market bitcoin for a longer period bitcoin is transacted widely than Monero. The price of bitcoin is also higher and more stable as compared to Monero. Monero has had strong growth over the few years and has been more volatile. Though Bitcoin has some few advantages over Monero, it will take a short time before Monero becomes the leading and most popular cryptocurrency in the world.Wallet Monero is a website can come to your rescue if you are interested in knowing more about Monero cryptocurrency exchange.

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