Bitcoin has been in the news all year and that’s why most people looking to invest in cryptocurrencies are all flocking to it. Many don’t know that there are other cryptos outperforming bitcoin on a percentage basis. Take Monero for example; it has performed extremely well in the last few months, peaking at its current price of over $400. You are probably wondering, what’s different about Monero when compared to Bitcoin? Is it a more superior technology, and if so, how is its future? To help you out with this, let’s go through some of the key differences between the two cryptocurrencies.
The key differences between the two cryptocurrencies
One of the greatest aspects of Monero when compared to Bitcoin, is privacy. Any Bitcoin transactions you make on the blockchain network are visible to the public which is quite different than Monero. Monero is designed to be as anonymous as possible. Given that privacy is part of the reason why cryptocurrencies have surged in the first place, it makes s complete sense that Monero’s value will continue to grow as more people learn of its highly anonymous transactions.
One of the most delimiting aspects of bitcoin is its slow transaction speeds. That’s been a big problem in recent weeks as more people take an interest in bitcoin. Monero is actually designed to eliminate this problem by having a scalable block size. As more people get to learn of this intrinsic strength of Monero, its price will grow even further.
Why Monero is a better bet than Bitcoin:
With the above differences in mind, you are probably wondering, which one of the two has better prospects in the long run? A critical analysis of the two would reveal that Monero is way better as a long-term investment, and here is why:
Monero has a better mining algorithm
Monero is designed to be mined efficiently using ordinary PCs and laptops, unlike Bitcoin which requires specialized ASIC devices for mining to take place. This means that anyone can mine Monero and make a contribution to the network. That’s quite different from Bitcoin mining, which at this point can only be done through large-scale mining corporations. These corporations also require extraordinary amounts of power, and they might not run profitably in coming years. As more people get into Monero mining, and as bitcoin mining becomes increasingly unsustainable, the demand for Monero will grow leading to increased prices.
Monero’s adaptive block size will allow for future scalability
If you have followed bitcoin or bitcoin cash lately, then you know that the system is starting to show its weaknesses. Already, it is taking longer for one bitcoin transaction to go through, and even when it does, the costs are unsustainable. This is one area that Monero has a great potential for growth. Its adaptive block size allows for fast transactions irrespective of the number of people using this alt-coin.
What’s Monero’s future?
Monero transactional efficiency and privacy will give it a great value push in the long run. In fact, it is not hard to imagine Monero at $1000 as more people get to learn about its technological superiority over Bitcoin! Be sure to join our Monero live chat room and forum by applying,