Monero

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This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.

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Monero, XMR, crypto, cryptocurrency

founded 1 year ago

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submitted 1 month ago by [email protected] to c/[email protected]

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Hey, guys. Can anyone explain in simple words, what are the main benefits of Monero compared to other anonymous coins?

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[–] JimmyCryptoMan213 8 points 1 month ago* (last edited 1 month ago) (1 children)

Keep in mind not all "privacy coins" are private. Some claim to be private because they have a privacy mode or just simply use IP obfuscation.

All monero transactions are private. The sender, reciever and amount are hidden. This is a true privacy coin because of these three features.

ZCash privacy is opt in

Dash I do not consider to be a privacy coin but is called a privacy coin since it has a privacy send mode.

There is Firo which I have not used much but I believe its privacy is opt in

Zano is a privacy coin that looks promising.

[–] [email protected] 2 points 1 month ago

Thanks for the explanation. Will use Monero further