Monero is a secure, private, and untraceable cryptocurrency that is open-source and accessible to all. When I explain it to people I compare it to Bitcoin but with completely invisible transactions.
These are Monero’s advantages over Bitcoin
- Transactions are private. You can share your public key with people without the fear of anyone looking at your funds and transactions in a blockscanner somewhere.
- On IP-level Monero uses Kovri. A technique to prevent others from sniffing your network/internet data. This way it’s even more impossible to understand who made a transaction at what time.
- Monero offers a dynamic blocksize. That means no hard debates (or wars) over who has the best scalability solution for the network. If more people use Monero and bigger blocks are needed code is law. Miners will increase the blocksize following a very clear calculation which can not be doubted by anyone.
- Monero is fast. With a new block every 3 minutes your transaction should be confirmed faster than with the 10 minute blocktime Bitcoin uses.
- Monero is more ASIC-proof. This means that the average user can still mine some XMR using a GPU or even CPU. If there would ever be a “hard fork” planned by some group to take over Monero even the users (so not only the miners) can prevent this from happening. They could join pools on their preferred official chain to keep the difficulty high.