Monero’s Value Races Ahead, Beats Bitcoin Value
The value of the new digital currency Monero has soared in the last two weeks in the cryptomarket. This comes following the news that AlphaBay, which is popular for selling psychoactive drugs such as LSD and Cannabis, announced that it has tied up with Oasis, so that Monero is added to the list of accepted currencies.
Monero has dethroned bitcoin BTC to become one of the most favoured currencies as it offers more anonymity to online drug lords who do not want any record of their drug dealing transactions.
Another reason for the shift from the commonly used currency of bitcon has been due to the recent U.S Government initiative of introducing an analysis tool curb the growing illegal commerce. U.S has the 35.9% of the total revenues of the drug market.
Monero has scored more against bitcoin is that the former offers full transaction anonymity in terms of its stealth addresses and ring signatures. More importantly, Monero obscures data such as sender, receiver and price of the deal, giving the much needed shield that protects all parties involved in the dealing.
While Bitcoin uses Bitcoin forks, Monero uses a CryptoNote protocol in which any financial transactions cannot be trailed back to neither to the sender nor the receiver. In addition, what is now emerging as a disadvantage as far as Bitcoin is concerned, is that the pseudonyms that the digital currency encourages, can be traced and reveal the anonymity of the transactions.
With these differences coming to light, the trading in Monero tripled in exchanges such as the Poloniex – which is more than 1,300 Bitcoin in just 24 hours.
In fact, Monero has also caught the attention of the wallets such Bitwala that has recently accepted Cryptocurrencies. Now, users can pay their bills, conduct internation bank transfers and also to up debit cards.
This could also be because Monero and Bitcoin have different market values. While Monero is affordable, Bitcoin’s value has grown rapidly over the years. But, only time will tell if Monero will be able to sustain its momentum or not!