Investing in the most perfect crypto currency is the best thing you can think of, you wouldn’t go for some investment you are not sure of, or if you know that it has so much drawbacks. Bitcoin has come a long way has been dominating the markets, there is no doubt that it is the most adopted crypto currency in the world.
It has its good side which makes it powerful, but as you know whenever a competitor comes he makes sure that the weaknesses of his opponent are well perfected and makes them his own strength. That’s the way to outperform a competitor who is well established.
What are the weaknesses of bitcoin?
Higher transaction fees. Bitcoin has higher transaction fees which makes it expensive to transact with, investors wouldn’t want to make transaction with a currency they know is expensive to send. The more you make transactions with bitcoin that’s the more it will costs you e.g. sometimes transaction fees of bitcoin can reach $3-$5 so imagine if you make a lot of transactions per day how much would you lose?
Privacy. This is its main weakness, it lacks privacy and it exposes the transaction details to the public and this will make its investors vulnerable and prone to attacks. There are high cases of exchangers being hacked and bitcoins stolen by hacker e.g. cryptopia was hacked and bitcoins stolen
Low mining speed. The mining algorithm of bitcoins is a bit slow as compared to others, it takes 10 minutes to produce a new block on the blockchain which is much slower.
Here comes the new challenger
Monero is the top contender and it has outperformed bitcoin and has perfected its weaknesses and now it has made them its strength, so its checkmate in favor of Monero
What is Monero?
It is a decentralized crypto currency released in 2014 by 7 developers and their intention was to make a secure coin which offers anonymity to its users so as to protect their accounts. It uses Proof of Work for validating its block. This coin is untraceable and uses digital signatures for securing the transactions.
Advantages of Monero over bitcoin
Monero has low competitive transaction fees as compared to bitcoin which makes it cheap and the most preferred to transact with.
Mining algorithm of Monero is more advanced and faster than of bitcoin, bitcoin is 5 times slower than Monero on the time taken to mine a block.
Lastly Monero knocks out bitcoin when it comes to privacy. Monero uses better technology which protects the transaction and is untraceable, users can relax and not fear for their accounts being hacked.
Conclusion
Bitcoins is a good crypto currency but Monero is a better investment with a tight layer of security. Its use of stealth addresses makes it a beast when it comes to privacy and security. If you are a person who would like to enjoy privacy then Monero is your crypto coin.
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