One day after the first block of transactions following the guidelines of the U.S. Foreign Asset Control Agency (OFAC) is mined on the bitcoin network, the cryptocurrency Monero fires and is discussed as a solution to Bitcoin’s fungibility problems.
As we showed in the text “Bitcoin is under attack, the first“ clean ”block is mined – Understand”, the MARA mining pool began censoring bitcoin transactions that did not meet OFAC’s AML (anti-money laundering) criteria.
The story reverberated in the older circles of the crypto market, leading developers and influencers to speak out against the pool. Some suggested more privacy measures in the protocol and wallet, while others believe that the lack of financial incentives to censor transactions will be enough to solve the problem.
Monero, hedge against the lack of privacy?
However, some community members have turned to monero cryptocurrency. This is the case of bitcoiner JuanGalt:
“Just for the record. I am concerned about the privacy and fungibility of #Bitcoin in the long run. I hope that changes. And so I’m interested in honest hedges. #monero is the only one I’m aware of so far. ” tweeted Juan.
Known for its privacy, anonymity and fungibility, the cryptographic symbol XMR rose 0.41% in the last hour, 20.61% in the last 24 hours and 25% in 7 days. That high brought Monero closer to its high history made on 9/9/2018 when it hit $ 542.
Even bitcoin developer and maximalist Peter Todd claimed to have monero precisely for its quality as a private currency. Other former investors like Roger Ver and Dollar Vigilante have already confirmed that they have anonymous cryptocurrency in their portfolio.
“I kind of wished Monero came before Bitcoin, because I think monero is better,” said Roger Ver.
For Dollar Vigilante, Monero is the “second coming of bitcoin”.
Unlike bitcoin, whose transactions are completely public, monero transactions are protected by strong encryption. For this and other reasons, hackers, activists and people who depend on privacy are switching to currencies with resources not found in Bitcoin.