Monero and ZCash have always set the standard for privacy in the cryptocurrency industry. Many other platforms have been unable to provide the kind of privacy that these platforms do. While this is an advantage, it also comes with a disadvantage as most cyber criminals have found a way to benefit from this privacy.
Monero (XMR) Price Today – XMR / USD
During the Money 2020 conference, Litecoin’s developer, Charlie Lee, talked about how he developed Litecoin because he was inspired by Bitcoin in 2011. He said that cryptocurrencies are better than other forms of money that have been developed since the beginning of money. He pointed out fungibility as one of the main reasons why privacy should be key in every aspect of cryptocurrency. According to him, money is made valuable because it gives users the power to spend or hold.
To bring the information, home he said that Bitcoin is not as fungible as Monero is. This is because transactions on the Bitcoin network can be traced back to its source. Because of this, wallet addresses that are used to perform illegal or shady Bitcoin transactions can be blacklisted preventing any future transaction. With Monero, however, the concept of blacklisting doesn’t exist because no third party can look for the transaction history within the network.
According to him Bitcoin would be much better if it was fungible. He said that when Bitcoin is transferred to someone, the receiver can see how many Bitcoins the user has. This isn’t a good thing because it doesn’t protect the privacy of the sender. It’s not secure for any of the parties involved to know what the other party makes. In his words:
“Currently, altcoins like XMR, ZEC and XZT are taking the lead in pursuing privacy related innovations. Innovative technology is changing the game in the blockchain industry.”
Lee didn’t just talk about the good side of privacy. He said that the privacy provided by Monero makes it less scalable. According to him, the bulletproof update reduces transaction size by 90% but these transactions are still larger than Bitcoin transactions. He, however, said that he believes cryptocurrencies will do better in providing privacy in the future.
How Are Both Cryptocurrencies Doing Today
Monero (XMR) is currently trading in red against the USD and Bitcoin at $105.76. This shows that it is down by 2.24% against the USD and down by 1.93% against Bitcoin. Over a 24 hour period, the trading volume is $12,028,612. Monero has a market capitalization of $1,746,755,371.
Zcash (ZEC) Price Today – ZEC / USD
ZCash, on the other hand, is trading at $126.35. At a time when other cryptocurrencies are trading in red, ZEC is green against the USD by 2.54%. Against Bitcoin, it is up by 2.88%. The market capitalization is $643,067,096 while the trading volume over a 24 hour period is $100,662,515.