Monroe is a safe, private and untraceable currency. You might think that bitcoin has these features too, but bitcoin transactions are traceable. Monroe is a digital currency that uses a different cryptography for specific features. This is Monroe’s basic guide and helps you understand the differences between Bitcoin and Monroe.
There is a common misconception among most users that Bitcoin is a completely anonymous digital currency. But in Bitcoin, you can track money transfers from one wallet to another. This is a practical case because anyone can make sure the transaction is done. Especially for companies and the government that want to ensure the transactions of other companies.
Monroe is different from Bitcoin in this respect. In Monroe, only the sender and receiver can track the transaction, and it is not possible for the public to check the transactions of a wallet address.
If you share the address of your Bitcoin wallet, anyone can see the transactions and the amount of bitcoins received at that address. You do not need to provide a name in Bitcoin, but when you give your Bitcoin address to a company or person, it means that you own this wallet and that person can see previous transactions on that wallet.
Bitcoin is more suitable for certain organizations and tasks that need more transparency. But if you do not want anyone to know about your wallet transactions, Monroe is the best option.
Without getting bogged down in technical details, Monroe’s main advantage is complete anonymity and the ability to extract more easily with graphics cards. Of course, in Monroe, it is possible for some people to make transactions transparent.
Monroe has a seven-member core development team. Five of them have nicknames and two are known to the public – Ricardo Spagni and Francisco Cabanes. Monroe, like other currencies, is evolving and, over a period of time (usually six months), is improving in terms of security and extraction, or so-called “harder”.
The main differences and similarities of money, Monroe and Bitcoin
As you can see in the image above, Bitcoin is decentralized and digital but not completely private. Traditional money is also available digitally and no one can view users’ accounts, but money also has a major problem and that is being centralized. But Monroe has all the features together. Decentralized, completely private and digital.