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Monero XMR Ranked "The Best Coin For Anonymous Payments". BTC got 2nd place - Monero News. Wednesday, October 10th

10 october 2018, 19:04 by Jesús S. Affigne

Monero is ranked the best privacy coin for anonymous payments

Bitcoin got the second place

Website for reviewing cryptocurrencies Keysheet.io has determined that privacy-focused blockchain Monero (XMR) is the best cryptocurrency to make payments in an anonymous way. The conclusion was based on the curated review of this, and four more digital assets, by several experts in the crypto ecosystem.

“Monero is our top pick for best privacy coin because it has the best mix of cryptographic guarantees and ease of use as well as widespread adoption on the darknet,” says the post in Keysheet’s website.

According to the review, Monero differentiates from other popular crypto assets in the darknet such as Bitcoin in terms of privacy due to its stealth addresses and ring signatures. Stealth addresses are created each time a transaction is taking place, and can only be accessed by the one receiving the funds; while ring signatures ensure that transactions are mixed together so when, for example, a sender wants to check when the recipient retrieved their XMR, he/she wouldn’t be able to confirm this. 

Other reasons taken into account to crown Monero as the best cryptocurrency for private payments, are its ability to make it simple for the end-user. As a privacy-focused coin, it is only natural that this feature is by default, whereas other cryptocurrencies requires the user to set it up via methods specific to each coin.

“It also has a lively ecosystem, with a lot of different wallets and tools to make it easy to send, receive, and exchange Monero,” counts the report as another reason.

Notably, the report speaks of the support this digital asset has from exchanges, citing XMR.to and ShapeShift as tools that facilitate the exchange of Monero for other cryptocurrencies without having to submit your personal data. However, with the advent of the Know-Your-Customer policy to ShapeShift, it is yet to be seen how this support will keep as such.

Bitcoin in second place

Bitcoin (BTC) – world’s largest cryptocurrency by market cap – has a certain degree of privacy by itself. However, it requires a bit of extra work from the user to achieve a similar level to that of Monero. This is because all transactions, while not linked to a real identity, can be consulted by anyone, so with a good research, a user’s addresses could be identified.

So, despite being the most accepted cryptocurrency in dark markets, because of its pseudo-anonymity, it was ranked second.

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