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Bitcoin’s public ledger and a traceable secure network leads to popularity of altcoins
- Monero offers anonymity in all respects as to what amount was transferred, sender and the recipient details and obfuscates the wallet address
- Other altcoins like zcash, dash and XRP used in ransomware attacks
- Bitcoin remains the favorite among criminals as it is accepted at all gateway points
Digital currencies do not have a regulatory authority that regulates its demand and supply. Hence, it becomes easy for criminals to run the show and scam investors or businesses of cryptocurrencies like Bitcoin.
However, Bitcoin’s public ledger system has not fared well with hackers as the ransom is easily tracked back to its source. The FBI, in several cases, were able to locate the sender and receiver and criminals were held accountable.
Subsequently, the rise of Monero can be noted as the network offers anonymity like no other digital currency. It hides the sender and receiver details, the amount transferred and the wallet addresses.
Monero’s growth sustainable
The spike in cryptocurrency adoption has led to the growth of currencies other than Bitcoin. The world’s most famous cryptocurrency lacks privacy and hence is not very attractive to users. Furthermore, its poor mining algorithm has hurt miners combined with the harmful emissions during mining.
Monero, on the other hand, has a superior mining algorithm and an adaptive block size limit. Developments are on for the integration of another invisible internet I2P layer project within Monero. It will increase secrecy among users and an efficient transaction system.
Monero’s roadmap is quite commendable with the research and development team of 180 members working round the clock to keep its network secure.
Bitcoin’s global acceptance
Although having a high level of transparency and even higher chances of attracting regulatory action, Bitcoin is widely used in the digital space. Insurance providers offer services only if the loss is borne in Bitcoin.
During a ransomware attack, the authorities can easily track the sender and receiver along with their addresses. However, black money has turned white even in a safe network like Bitcoin. The illicit funds are mixed with clean cryptocurrency after exchanging hands via different networks.
A Bitcoin ATM might be used to cash out the funds used in a ransomware attack. Although chances are low, users may be defrauded of their investments even in Bitcoin.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
