Redefining Money for the Digital Age: The New Monetary Properties of Cryptocurrency

libereco.xyz

Redefining Money for the Digital Age: The New Monetary Properties of Cryptocurrency

libereco.xyz

rottenwheel@lemmy.cafeM to

Monero@lemmy.cafeEnglish · 4 months ago

Take a deep dive into the question of what makes good money in the digital age, and whether cryptocurrencies meet those properties.

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Monero is secure.

Monero can’t be hacked to steal your funds, due to the power of distributed consensus. This means that you are responsible for your own money, and don’t have to trust any entity to keep it safe for you.

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The power of the blockchain usually increases security at the cost of privacy, but with Monero’s sophisticated privacy-centric technology, you get all of the security benefits of the blockchain without any of the privacy trade-offs.

Monero is untraceable.

By taking advantage of ring signatures, Monero makes it ambiguous which funds have been spent, and thus extremely unlikely that a transaction could be linked to any particular user.

Monero is fungible.

Because of its on-by-default privacy technologies, Monero is fungible, which means that one Monero will always be equal to another. This ensures that there will be no discrimination over the origin or history of your coins, lessening the worry of potential blacklisting by exchanges or vendors.

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