Over the past few years, the cryptocurrency industry has witnessed a massive change in digital payment usage. Although cryptocurrencies are not yet legal in many countries, many alternatives have been created and used by crypto users. As a result, the market value of each currency is skyrocketing. Bitcoin, which was introduced in 2008, has gained a good market value. Besides, Litecoin, Ethereum, and Monero are also some common terms. Monero has been giving a challenge to Bitcoin since its creation in 2014.
Monero (XMR) is an open-source cryptocurrency, which has an opaque Blockchain, making transaction details anonymous. Moreover, Monero can be mined using CPUs, which means investors do not have to pay for any special hardware. Similarly, in Bitcoin, which offers equally high privacy, the user does not have to provide a name while making the transaction. Monero’s stock price increased from $10 in 2017 to $494 in 2018, giving investors a return of 4800%.
Monero vs. Bitcoin- Key Differences
Privacy has been the primary concern in cryptocurrencies. Bitcoin transactions do not have a link with users’ personal information but with their wallets. This lack of privacy will help Crypto experts gather the Bitcoin user’s complete identity after a bit of research work. However, it can be problematic in terms of data security.
Monero, on the other hand, has a stealth address feature. Stealth addresses are one-time addresses that are not linked with the previously used address, thereby providing better anonymity than Bitcoin.
Both Bitcoin and Monero have different algorithms for mining. Bitcoin uses the SHA-256 algorithm, and Monero uses Cryptonight (GPU) mining. The algorithm in Bitcoin is quite fast due to mining chips like ASICs (Application Specific Integrated Circuits). By investing in an ASIC computer, Bitcoin mining is possible.
For Monero mining, there is no need for ASIC computers. Instead, a simple CPU can be used to mine Monero, making the entire process handy.
Block Size Limit
Since Bitcoin has a maximum number of block sizes, the network can get busy, slowing down the transactions during peak time.
Monero works on the adaptive block-size limit. So if there are many transactions, the size of the blocks expands automatically. For Monero investors, this is the best benefit to have against Bitcoin.
Price Stats of Monero and Bitcoin
The price stats of Monero and Bitcoin keep fluctuating. The current price state of Monero is $408.27, with a market cap of around $7 billion. The All-Time High price is $542.33. Similarly, the current price state of Bitcoin is $53,127.79 with a market cap of $993.16B. You can check out https://www.cryptonewsz.com/ to know more about Monero (XMR).
Experts Opinion on Monero Price
For many crypto experts, giving Monero price prediction or giving a straight opinion on Monero’s future trends is quite tricky. For example, TradingBeast, one of the crypto websites, predicts that by the end of 2021, the price will be roughly around $400. This fluctuating expert prediction shows it is difficult to understand how the crypto market works.
Monero Price Prediction for Next 5 Years
According to CryptoGround, the Monero forecast entirely depends on how the investors look towards it. However, in the next five years, Monero (XMR) will cross the $500 mark if the market works smoothly.
Scope of Monero, Will It Beat Bitcoin?
Monero is one such crypto coin carrying a primary solid usage. Due to its data security feature and easy mining method, compared to Bitcoin, the future of Monero is bright. As a result, the market price will surge in the future. CoinSwitch predicts the price of Monero will reach around the $1400 mark by 2025. On the other hand, Bitcoin is transparent, making it vulnerable to crash soon.
Even though Bitcoin has flaws, it can still give tough competition to Monero. Bitcoin being the first and original crypto coin has a high market price. It could be interesting to see what the future holds for both crypto coins.