Security and privacy on the Internet quickly became a myth. The point is not that the vast majority of users behave very carelessly online. The problem is aggravated by the emergence of new technologies for analyzing large volumes of data. The same applies to financial security protection.
Blockchain technology and the cryptocurrencies based on it have been positioned as the best solution for ensuring the privacy of your financial aspect of life. Yes, the world of cryptography and decentralized financial systems is superior to traditional centralized systems in many ways. Cryptocurrencies offer high payment processing speeds and low fees. High confidentiality was also considered one of the key advantages of cryptocurrencies, although in practice it turned out that not everything is so rosy here.
What makes Bitcoin (BTC) different from Monero (XMR)
Without going into deep technical details, the fundamental difference between these two cryptocurrencies is the level of privacy. Although usernames do not appear in transaction records on the Bitcoin blockchain, transaction history is completely transparent.
Moreover, BTC coins can be compared to banknotes, each of which has a unique number. This means that tracking the movement of specific coins and connections between user wallets is technically difficult, but possible. And the more active users of the blockchain network are, the more simplified this task becomes.
However, if a specific BTC coin is subsequently proven to be used in illegal transactions, and for some reason it ends up in your wallet, this could lead to unpleasant consequences. Accounts of owners of “dirty” coins may be blocked or deleted.
Monero (XMR) was originally created with an emphasis on opacity, and there is still no known way to extract information about transactions other than confirming that they took place. Moreover, the development team is actively working on several updates that will make even the fact of using Monero invisible.
Continuing this analogy, it can be argued that if Bitcoins (BTC) can be compared to banknotes, then Monero (XMR) is similar to faceless and completely identical bars of precious metals.
How XMR and BTC are used
Bitcoin (BTC) is gradually and confidently approaching one of the goals set by its creator. Bitcoin is traded on all cryptocurrency exchanges, and in some countries it has even already been officially recognized as legal tender. Additionally, reputable investors include Bitcoin in their portfolio as a means of investment protection. A good sign for Bitcoin optimists is the growing interest in the cryptocurrency on the part of institutional investors.
However, this is not the case for Monero (XMR). The ability to hide financial transactions is very attractive to those involved in illegal activities. Decentralized currency cannot be controlled or destroyed, but creating barriers to its use is entirely possible. Given the extremely alarming realities of recent years, it is quite reasonable to expect tougher legislation regarding the circulation of digital assets.
Where to exchange XMR to BTC
To exchange XMR to BTC, you don’t have to waste time searching for a suitable website. You can entrust this process to the Smart Rate program on the LetsExchange instant exchange platform. In a matter of seconds, she will find and analyze all available offers for your transaction and select the best one. The built-in XMR to BTC calculator will immediately calculate how much you will receive in the end.
In this case, you do not need to create an account, since all operations are performed completely anonymously, regardless of the amount or number of transactions performed. To carry out the exchange, you just need to follow a few simple steps:
- In the top field, select BTC and enter the amount you want to sell.
- In the bottom field, select the XMR you want to purchase.
- Enter your crypto wallet address.
- Make a deposit.
- Click the “Exchange” button.
Once you confirm your exchange request, the transaction will be completed and the purchased coins will be sent to your wallet. If you are satisfied with the current XYO to BTC exchange rate and you were planning to make a few more transactions, do not rush to leave the site. There are no restrictions on the volume or number of swaps on the platform, and you can completely rebalance your investment portfolio in one visit.