Major advantages of Monero over Bitcoin ?

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Mon Nov 20, 2017 7:13 pm

Now a days Monero (XMR) are more trending topic in Crypto market. But what is major advantages of monero over bitcoin ?
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Mon Nov 20, 2017 7:16 pm

MAJOR ADVANTAGES OF MONERO OVER BITCOIN

1. Monero’s superior mining algorithm

‘Mining’ is the name given to running a program on a computer which verifies and processes the cryptocurrency transactions that other people announce to the worldwide network. We believe the creators of Bitcoin chose poorly when it came to their mining algorithm. The Bitcoin algorithm runs dramatically faster on custom made mining chips (known as ASICs) than on standard PCs and laptops. 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. In contrast, the Monero mining algorithm was specifically designed such that ASICs will not have too much of an advantage over ordinary computers owned by the general public.

This means people all over the world will be leaving mining software running on their home or work PCs. Those that do this will earn Monero in exchange for running the software that processes and verifies other Monero transactions. Therefore, if someone else is paying the electricity bill (e.g. 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 to. Far more people will be willing to casually use existing computers for this task than there would if they would need to purchase and install purpose built ASIC mining hardware. Because no special mining equipment is required, it means that it would be easy for anyone that downloads a Monero wallet to simply click a single button to start mining on their computer.

Because we predict a dramatically larger number of people participating in the Monero mining network vs Bitcoin, an important consequence will be that ordinary people who are interested in Monero will be able to earn their first little bit of Monero by participating in the mining process. This is a major marketing win, as it distributes Monero to the broadest possible number of participants to fuel their enthusiasm.

2. Monero’s ‘Adaptive block size limit’

When transactions are announced to the Monero or Bitcoin networks, they appear as part of a ‘block’. Monero blocks are produced on average every 2 minutes, and Bitcoin blocks are produced on average every 10 minutes. Bitcoin blocks have a maximum size, so if there is no room then your transaction will be delayed. 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.

Monero, however, has been designed to have an automatically adaptive block size limit. 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.

3. 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. I2P will protect 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.

4. The quality of the development and research team behind Monero and their design goals are seriously impressive

There are over 180 contributors to the Monero project. See the Monero design goals roadmap here.
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