Bitcoin may be the king of all cryptocurrencies, but when it comes to privacy, Monero is the center of attention
Seth Simmons, from the Monero community, in a recent podcast, talked about the unique values that set Monero apart from Bitcoin and also shared his thoughts on how Bitcoin’s inability to iterate and implement new features has led many to move from BTC to Monero. Noting that Monero is important for space, not just in terms of privacy, he stated:
“For me, Monero is really Bitcoin with many technical issues fixed and a community that is willing to interact quickly through many progressions. There have been many technological advances and many changes in governance that have had to happen all the time to ensure that the things that happen, happen when needed. “
Going back to how Monero rekindled the ethos of the Bitcoin ecosystem, Simons shed light on the recent actions of the Fed and the central bank’s digital currencies [CBDCs] and noted how crucial Monero was to the ecosystem. In his opinion, Monero is a better tool than any other cryptocurrency to “opt out of centralization” today.
In addition, the Lightning Network [LN] it should help Bitcoin with its scalability, privacy and many other shortcomings, but, as seen, LN has been in the works for more than years. The inability of the top currency to iterate and implement new features on its network is another factor that has led many to switch trains; Monero’s tail mission, dynamic block award and even privacy by default are controversial in Bitcoin.
On the other hand, Litecoin’s creator Charlie Lee had recently opined that while there may be a delay in implementing privacy-enhancing technologies, such as Taproot / Schnorr in Bitcoin, Ethereum’s PoS update and Litecoin’s MimbleWimble, they all looked very promising and added that they could end up becoming a threat to Monero and other privacy currencies in the future. Lee had stated:
“Privacy currencies like Monero, Zcash and Dash have great privacy, but they are not the same, right? The block size becomes huge. The transactions are huge. “
Putting things in perspective, implementing privacy enhancement techniques in Bitcoin and altcoins can take a long time to implement. So, at the moment, Monero continues to lead the space in terms of privacy, and this is something very crucial, considering the centralization of the world at the moment.
Source: AMB Crypto