So, I have been really busy lately, so busy that it really felt like my body is going to give up on me, but I just want to make this announcement that I am choosing a cryptocurrency to short-termly invest some of my money on, while quantum computing, the technology I believe will break them all, is still half-awake. This is not a financial advice but just me expressing my thoughts about this and another cryptocurrency that a lot of us is already familiar with.
We all know Bitcoin as a decentralized, mined but will be limited (just 21 million forever if I can remember correctly), private (as long as no one knows that you own a certain Bitcoin wallet address) digital currency, but it has a lot of problems, one is, many people will argue, it is not as decentralized as we all think, a huge number of Bitcoin is concentrated on a few and many newly mined Bitcoins are mined by big mining facilities who can afford it, also, Bitcoin is not really as fungible as many would think, Bitcoin's technology is based on transparency without privacy in mind as you can trace where a Bitcoin has been since it's mined by just looking at Bitcoin's public ledger, which makes older coins maybe less valuable than new ones, especially if some can be traced back on illegal activities in the past, maybe fraud or ransomware, it just wouldn't be as great if you find yourself, maybe a company you're transacting with, having a Bitcoin that has been used in bad acts in the past.
So, what cryptocurrency do I have some of my money on? It's a cryptocurrency that came from the Darknet, just like Bitcoin, but replaced Bitcoin as the preffered currency in many places in the Darknet due to its certain advantages that are too important for a good digital currency and is too hard to ignore. Monero. Monero is now the preffered digital currency in many places in the Darknet due to its privacy-centric features over Bitcoin. Now, isn't that something that sounds as grounds for regulators to ban it. The implementation of SSL (now TLS) that encrypts our communications today in the internet went through the same scrutiny before, claims that criminals and other bad actors will benefit from it, but don't we now mistrust any website that don't implement them due to the risk of our data being monitored and collected by people that we don't know doing man-in-the-middle attacks.
Let me explain why Monero. Monero's design is privacy first plus a few extras, like how transactions in Monero is faster than Bitcoin's. Also, individuals and businesses in the network don't have to worry as having a certain Monero wallet address linked to their name doesn't give the viewers of the public ledger know if they're the one making a certain transaction and how much do they really have in their wallet, if it has been spent already, let's say you purchased Monero using an exchange that did a KYC, they would not know if you have already spent what you bought or if you're getting more Monero from another source.
No company would want their competitors see who their customers and suppliers are and no customers would like their companies to know what other things they are buying from another company or individual, unless I guess for certain situations. Also, many of us dislikes people knowing how much money do we own, it saves us from being specific targets and improves our security. Monero is solving a lot of Bitcoin's flaws by obscuring its public ledger using algos that makes it just like cash but more portable.
There's more. Monero, unlike Bitcoin, is better long-term due to its gold like inflation, which if I'm right is just around 1%. Holders are not incentivized to hold it forever because of that, which improves its liquidity, while Bitcoin will have a fixed supply after like a year I think from now. Bitcoins that has been lost due to forgotten or lost keys will not be replaced, which always shrinks circulating Bitcoin supply, and though makes its price higher, dangers its liquidity in the future as the less Bitcoin there is, the less people are able to hold it as a currency of choice, and that I think is a huge problem for a currency that one is anticipating to hold forever. Monero also makes mining it more decentralized, which protects it as well from control, as it is immune to ASICs or specialized hardware that big mining facilities use to better mine it than individuals who only has regular computer hardware on their PCs.
I think Monero is better than Bitcoin, and is only being outshined by Bitcoin due to its popularity and liquidity for now. Monero and Bitcoin as of this moment is close in terms of supply but Bitcoin's price, though less superior IMO, is way higher than Monero's. Monero I think is an opportunity to many crypto holders that missed Bitcoins skyrocketing price.
Thank you for reading and have a happy life with me! I read this Buddhist quote today that reminded me of something, "Love is the Absence of Judgement" and I think it is very beautiful. I'll post also my Monero wallet address here as my support for the said crypto. Any amount is welcome and I wouldn't know who you are!
Don't forget to subscribe.