monero vs bitcoin reddit

Monero, however, has been designed to have an automatically adaptive block size limit. By using our Services or clicking I agree, you agree to our use of cookies. But the point is that the network effect of users adopting the original Monero and not the clone is what gives Monero coins scarcity compared to the coins of a clone. 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? While cryptocurrencies are making rapid progress in becoming more useful and convenient, there is a war on cash and deposits which are making traditional currencies increasingly less useful. Monero is actually designed to eliminate this problem by having a scalable block size.

Question About Monero

This means it is almost completely pointless for any ordinary computer user to attempt to participate in the mining process for Bitcoin, and leads to a relative concentration of miners in countries with the cheapest electricity costs. Follow redditquette and the rules of reddit. This Economist magazine article describes how people in Greece were restricted to accessing only 60 Euros per day during their crisis holders of cryptocurrencies were saved from this fate. Posted by, bitcoin is up 24 in the last 6 months, but Monero is up 428 in the same period. This is commercially sensitive information that damages your negotiating position enough to cause you relative financial loss.

Bitcoin : Monero - reddit

To help you out with this, lets go through some of the key differences between the two cryptocurrencies. Their solutions have been described as a band aid over a stab wound. Those that do this will earn Monero in exchange for running the software that processes and verifies other Monero transactions. Simple wire transfers can take a minimum of several days even between high income developed countries. The Bitcoin algorithm runs dramatically faster on custom made mining chips (known as asics) than on standard PCs and laptops. Many dont know that there are other cryptos outperforming bitcoin on a percentage basis. There are no wire transfer or check clearing fees, no multi-day holding periods, and no risk of fraudulent chargebacks. Sort by, community Details, warning r/Monero monero vs bitcoin reddit Rules. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Already, it is taking longer for one bitcoin transaction to go through, and even when it does, the costs are unsustainable. I hold ETH, but I'm looking to buy one more crypto. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record.

This means it will automatically be able to handle future increases in transaction volume by automatically expanding the size of blocks to accomodate higher future transaction volumes. It is true that if everyone stopped using any particular cryptocurrency, monero vs bitcoin reddit it would lose its value. See the Monero design goals roadmap here. Similar to metals such as copper or silver, cryptocurrencies do not pay a dividend. Monero transactional efficiency and privacy will give it a great value push in the long run.

monero vs bitcoin reddit

Thats been a big problem in recent weeks as more people take an interest in bitcoin. They may be able to roughly determine how many customers you have and how much you charge your customers. For price/valuation talk, please use /r/xmrtrader. I2P will protect monero vs bitcoin reddit you from passive network monitoring, so that not only are your payments untraceable, but people snooping the network cannot tell you are even using Monero at all. I fail to see how Monero isn't better at being "Digital Gold" in nearly every single aspect, especially fungibility. Press question mark to learn the rest of the keyboard shortcuts. Furthermore, the always-on nature of Moneros privacy features means that even if the majority of Monero users are not privacy sensitive, they will still automatically participate with the strengthening of the privacy mechanisms for other users that are privacy conscious. These corporations also require extraordinary amounts of power, and they might not run profitably in coming years. You sell cupcakes and receive Bitcoin as payment. Is it a more superior technology, and if so, how is its future? Its adaptive block size allows for fast transactions irrespective of the number of people using this alt-coin. Be sure to join our. You are aware that it is common practice for companies to attempt to use price discrimination algorithms to attempt to determine the highest prices they can offer future services to you at, and you would prefer they do not.

No zealotry regarding other currencies. If you are desperate to have your transaction included in a Bitcoin block promptly, you will have to increase the transaction fees that you pay to the Bitcoin network. This essay does not constitute investment advice and may contain errors or omissions. Other social networks existed before Facebook, and they were protected by their own network effects. Because everyone that uses Monero automatically has privacy features applied to their transactions, Monero has a huge advantage over other cryptocurrencies whose privacy features are only optional. However, I wonder, which one do you think will prevail on the long term? Source: Bloomberg, why might Monero see greater future adoption than Bitcoin? With very short notice, India recently declared that 86 of all the cash in circulation would soon no longer be considered legal tender. Moderator u/Rehrar rehrar u/shy, cSS u/needmoney90, moderator u/AutoModerator View All Moderators Cookies help us deliver monero vs bitcoin reddit our Services. Valuing a cryptocurrency, valuing a cryptocurrency is difficult. The European Central Bank has announced it will be phasing out the 500 Euro bank note, and Australia has proposed a ban on the 100 bill.

Bitcoin vs Monero : Monero - reddit

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. I want to buy one of these as a store of value. Even for currencies described as being open, there are huge variations around the world for the time required for the opening of a bank account to be approved. Any Bitcoin transactions you make on the blockchain network are visible to the public which is quite different than Monero. We believe that Monero is a superior product, which has come along at the right time in history when massive new adoption of cryptocurrencies is about to occur. In fact, it is not hard to imagine Monero at 1000 as more people get to learn about its technological superiority over Bitcoin! Privacy, one of the greatest aspects of Monero when compared to Bitcoin, is privacy. An employer or university housing complex then there will be a financial incentive for people to mine Monero using the spare capacity of the computers they already have access.

There is nothing to prevent anyone from creating a Monero clone and calling it NeoMonero. You are probably wondering, whats different about Monero when compared to Bitcoin? . I can see as a matter of public record how much money you have in your Bitcoin wallet (there are messy workarounds to attempt to fix this problem, which we will address shortly). The IMF in 2015 published a table of 100 countries, of which 48 had some form of capital controls on at least 10 of transaction categories (IMF publication page 15). Do your own thorough research before proceeding. Quick Links, moderators u/eizh, moderator u/fluffyponyza, xMR Core Team u/americanpegasus, moderator u/debruyne_1, moderator u/gingeropolous. Bitcoin blocks have a maximum size, so if there is no room then your transaction will be delayed. First things first: Why use cryptocurrencies at all? Four other major advantages of Monero over Bitcoin.

Facebook did not need to overcome those network effects in order to win. Bitcoin has been in the news all year and thats why most people looking to invest in cryptocurrencies are all flocking. Roger Ver, known as Bitcoin Jesus for his evangelical support of the currency during its early years said his investment in Monero is substantial and his biggest in any virtual currency since bitcoin. Please remember, cryptocurrencies are currently extremely risky investments and our enthusiasm biases our reasoning. If you monero vs bitcoin reddit have followed bitcoin or bitcoin cash lately, then you know that the system is starting to show its weaknesses. An impressive integration of the invisible internet project I2P layer into Monero is in development This will add even greater privacy protections when transacting in Monero. You need to use some of your Bitcoin to pay for something. Therefore, if someone else is paying the electricity bill (e.g.