Monero

23-12-2021

The cryptosphere has been booming the last few years. Many people dabbled in bitcoin, ethereum and even shitcoins like doge. At the same time many of these people don't understand how non private these coins are. The only reasonable coin, privacy wise, is Monero (and Wownero but that's a shitcoin).

Everything that's done on a regular blockchain is totally transparent and visible, you can look at any bitcoin address and find out its entire transaction history, its current balance, everything. That's worse than traditional banking because at least in that case the only entity knowing all that info is your bank not the entire world. Imagine anybody in the world being able to know all your spending habits. Another issue with the transparency of bitcoin is that you might get a hold of a bitcoin that was part of an illegal transaction which would cause a whole investigation to be launched against you where all your bitcoin is frozen and you can potentially loose all of it, many such cases exist. This is where monero excels. It's entirely private. You don't know a wallet's balance unless it's yours, no transaction history, you don't even know who the sender is in a transaction you receive unless they are willing to disclose that info separately. It's so private in fact that the IRS put up a $625,000 bounty to crack it.

Another plus for monero in comparison to bitcoin are its low transaction fees, to send bitcoin, an amount that would make sense for its fees is probably something that's higher than $500, for monero though that's not true. Additionally to mine bitcoin you'll need ASICs(application specific integrated circuit) while for monero you can just mine with a regular CPU, monero is resistant to ASICs. Lastly we are not sure if bitcoin miners will continue to process transactions when all bitcoins are mined. Monero on the other hand will continue to be mined forever.

Monero is the best thing for people that are privacy conscious and bitcoin the worst. Currently the most privacy friendly solution for paying for something is cash, even that sometimes is not private enough. Also imagine having to mail money for an online service. Yes it's somewhat private but extremely inconvenient. The best solution would be to use monero, currently there are not that many services accepting monero but the pool is growing so that's nice. I find it unlikely that the whole world will at some point run on monero but if it does then we would have probably achieved the most decentralised currency system possible.

Currently the most difficult part with monero is getting it or exchanging it for something else privately and securely. Yes you can go to a crypto exchange like Kraken or Coinbase but then you'll have to provide a ton of personal information due to KYC. Another solution are crypto ATMs but none exist close to me and transaction fees are really high, also they are full of cameras. The most logical solutions are Localmonero and bisq where you can exchange monero with other people using various methods like face to face, cash by mail, bank transfers etc. I have heard good things for these 2 but have yet to test them because I created my monero wallet just yesterday.

On that note here's my wallet's address feel free to donate. Also if you followed my previous post and created a website, create a monero wallet as well and post it there, I don't think there's any harm to doing that. Here's a tutorial

Monero

49VJjJUr7rBgZsmc2fCcKxifQaJ2tTnSpXyhiFPrSURKRshRnAFv4GW4yZCC4Z1hvsMQRGK9nVQ2xSMsFH9k7JKwL87FekU xmr qr code

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