The key difference between Bitcoin and Monero
If you’ve decided to exchange Monero to BTC, mind the following facts. The purpose behind creating Monero was the same as with Bitcoin: its main feature is to let users transfer value without any central authority to control the transaction. Although Bitcoin claims to be an anonymous currency, the information about transactions is still linked to the users’ personal wallet addresses and anyone can trace them in the blockchain.
Unlike Bitcoin, Monero provides its users with full privacy. Launched as the Bytecoin fork in April 2014, Monero is based on the Ring signature system which allows conducting totally anonymous transactions. The Ring signature grants the users with a number of keys that help them confirm transactions without revealing themselves. Moreover, with Monero, only the wallet owner can see the balance on the blockchain.
What is Bitcoin mining algorithm?
In order to create Bitcoins special mining equipment is used for performing Proof-of-work algorithms. This equipment consumes electricity in order to resolve computational problems and find then new blocks that are linked with each other (this is where the term ‘blockchain’ comes from). Whenever a miner discovers a new block he gets a reward in Bitcoins. However, in the last year, Bitcoin mining has become less profitable due to the amount of electricity you have to spend to find each block.
The blocks on the Bitcoin blockchain are in fact public ledgers where information about transactions is kept. This information is visible for everyone on the web and cannot be changed or reversed.
What is Monero mining algorithm?
Monero mining algorithm is called Cryptonite and it can also be used for mining Bitcoin. Cryptonite is a proof-of-work algorithm designed for low capacity CPUs and thus it can be mined on personal computers. It’s not possible to mine Monero on the specialized equipment. The logic behind mining Monero is the same as the one behind Bitcoin, as in order to find a new block you should know the location of the previous one.
Monero supply is an important fact you should consider if you’ve decided to perform Monero to BTC exchange or vice versa.
The circulating supply of Monero equals to 17,065,692. Its maximum supply equals to emission infinite.
For Bitcoin, the circulating supply equals to 17,783,300, while its maximum supply equals to 21,000,000.
If you want to buy Monero with BTC, you should also pay attention to the coin’s market capitalization.
Monero’s current market capitalization equals to $1,606,097,453.00. Bitcoin’s capitalization equals to $213,161,781,768.00.
Volume of transactions
During the last 24 hours, Monero’s volume of transaction made up $220,268,901.98. For Bitcoin, this index equals to $43,612,864,226.38.
Average transaction speed
Monero offers a much faster way to transfer funds than Bitcoin. With Monero, every new block is created in 2 minutes on average.