Monero (XMR), as you probably already know, is an open currency created in April 2014, the key features of which are confidentiality and decentralization.
Unlike bitcoin, Monero’s crypto currency is untraceable, which allows users to provide absolute confidentiality.
But … is not bitcoin a confidential currency?
In fact, bitcoin is not really a completely confidential and untrained currency, like Monero.
This does not mean that if you carry out transactions in Bitcoin, your name and other data can be easily recognized by everyone, but if you need to track the bitcoin -transaction it is still possible.
For Monero , on the contrary, confidentiality plays a primary role, although this does not mean that this currency was created only so that criminals and “bad people” can do their “bad deeds”.
What are the advantages of Monero?
As mentioned above, Monero transactions can not be tracked , that is, no institution or person can find out the sender, the recipient, and the transfer amount.
Thus, users have complete confidentiality in any transaction, and this was one of the reasons that Monero grew by 1700% from March 12, 2017 to March 12, 2018, despite the overall downward trend in the entire market.
Next, consider some of the Benefits and disadvantages of Monero
- High level of confidentiality.
- Unrelated transactions.
- Transactions can not be tracked.
- No block size limits and dynamic scalability.
- Huge potential, the development of which is working team of dedicated and talented developers.
- Because of the special encryption method, the volume of each transaction is greater than that of other crypto-currency, in particular, in bitcoin.
- Monero is almost not compatible with various wallets . You can not store Monero in hardware.
- Beginners find it difficult to understand its system, and the currency has not yet become widespread.