How Monero Took Over Bitcoin’s Unique User Base

By September 5, 2016Bitcoin Business

The early days of Bitcoin gained the first great cryptocurrency a reputation as dirty money . The Silk Road remains one of the first salient examples of a thriving Bitcoin economy, and even now the currency still has yet to completely shake off that reputation. However, as Bitcoin tries to move mainstream, Monero, a very privacy-focused digital currency, has rocketed to the top of the cryptocurrency rankings by going after exactly what took its predecessor to glory. Bitcoin is better than fiat, but not by enough for regular people to care The hard fact of Bitcoin that even hardcore fans must admit is that it’s not incredible enough to make everyone want to jump on board right away. Yes, digital distributed ledger technology is world-changing, and Bitcoin’s decentralized and efficient workings are far superior to what the old financial system can offer, but right now that doesn’t affect the average person’s life. Banking services are highly entrenched and developed, while the Bitcoin economy is still relatively fledgling and niche, meaning that the contrast in the inherent virtues of each is not immediately apparent. In the First World, the average middle-class person can swipe a card and pay instantly at thousands of merchants, shift money from accounts, make online purchases, and send funds around the world. Sure, much of this would be cheaper and faster if done with Bitcoin (especially for international transfers between individuals), but not significantly enough where the average person would care to change their ways. The amount of time required to learn how to use Bitcoin just isn’t worth it to most people, especially if they aren’t properly educated as to all the ways in which they can save money and operate more efficiently. Dark and illegal markets are the only ones who both need and […]

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