Bitcoin and monero
Quote from EvanDuke on November 18, 2024, 6:12 pmHello, everyone! I have this question about bitcoin and monero. I've recently started learning about cryptocurrencies and I've been wondering what makes them so different. I know that bitcoin is kind of the first cryptocurrency to become popular, and monero came later. But here's what bothers me - I've heard that bitcoin is kind of not so anonymous, and monero is the opposite - it's positioned as an anonymous crypto. It's important to me, for example, that my transactions are hidden from prying eyes, but at the same time I don't want to face any problems when exchanging or selling monero in the future. Can someone explain why monero is better in terms of anonymity and what are the main differences?
Hello, everyone! I have this question about bitcoin and monero. I've recently started learning about cryptocurrencies and I've been wondering what makes them so different. I know that bitcoin is kind of the first cryptocurrency to become popular, and monero came later. But here's what bothers me - I've heard that bitcoin is kind of not so anonymous, and monero is the opposite - it's positioned as an anonymous crypto. It's important to me, for example, that my transactions are hidden from prying eyes, but at the same time I don't want to face any problems when exchanging or selling monero in the future. Can someone explain why monero is better in terms of anonymity and what are the main differences?
Quote from tbes50203 on November 18, 2024, 7:11 pmThat's an excellent question. Let me try to clarify. There are actually a few key differences between bitcoin and monero, and first and foremost it's specifically about anonymity and privacy. According to https://tradebrains.in/features/whats-the-difference-between-bitcoin-and-monero/, it's important to understand that while bitcoin is a highly decentralized and secure cryptocurrency, it is not anonymous. The bitcoin blockchain is a public registry of all transactions that can be viewed by anyone. In principle, all transactions can be tracked: who transferred money to whom, how much and when. Of course, bitcoin addresses are not directly tied to real personal data, but with the right tools and some knowledge of how this blockchain works, it's pretty easy to find out who is behind a particular address. For example, if you once used an exchange that requires identity verification and then transferred your bitcoins to an external wallet, it would be possible to trace your transaction, and with other data from the exchange, try to link your wallet to a real person. Monero, on the other hand, was created with a focus on complete anonymity. That is, here all transactions are protected so that no one can understand who sent the money, who received it and what amount was transferred. This is achieved through the use of several technologies such as Ring Signatures and RingCT (confidential transactions in a ring).
That's an excellent question. Let me try to clarify. There are actually a few key differences between bitcoin and monero, and first and foremost it's specifically about anonymity and privacy. According to https://tradebrains.in/features/whats-the-difference-between-bitcoin-and-monero/, it's important to understand that while bitcoin is a highly decentralized and secure cryptocurrency, it is not anonymous. The bitcoin blockchain is a public registry of all transactions that can be viewed by anyone. In principle, all transactions can be tracked: who transferred money to whom, how much and when. Of course, bitcoin addresses are not directly tied to real personal data, but with the right tools and some knowledge of how this blockchain works, it's pretty easy to find out who is behind a particular address. For example, if you once used an exchange that requires identity verification and then transferred your bitcoins to an external wallet, it would be possible to trace your transaction, and with other data from the exchange, try to link your wallet to a real person. Monero, on the other hand, was created with a focus on complete anonymity. That is, here all transactions are protected so that no one can understand who sent the money, who received it and what amount was transferred. This is achieved through the use of several technologies such as Ring Signatures and RingCT (confidential transactions in a ring).
Quote from thiefcrazy98 on November 18, 2024, 9:12 pmI would add that if anonymity in using crypto is important to you, monero is definitely better. But if you just want to invest and not worry about technical details, bitcoin is a more “convenient” choice, because there are less problems with it on exchanges.
I would add that if anonymity in using crypto is important to you, monero is definitely better. But if you just want to invest and not worry about technical details, bitcoin is a more “convenient” choice, because there are less problems with it on exchanges.