Hello in this lesson we are going to cover how Mineiro defers to the almighty Bitcoin First of all, the this year XML is the ticker for Manero and Bitcoin has BTC if you're mad at hate that cetera etc, etc x m r is the monero ticker don't get mixed up with XRP sometimes I do x RP is the ripple ticker. So I think you know that it is a crypto currency if you didn't you do now and you really should do and this is within the section of other popular cryptocurrency so yeah, it's another popular cryptocurrency and how does it differ to Bitcoin privacy enabled by default and might be thinking what does that mean? What one mean by privacy is enabled By default while it has on traceable transactions and, and, and limiting, baked right into the protocol, you might think Bitcoin is anonymous, it's decentralized, it's distributed.

And there is a lot of anonymity within Bitcoin. But remember, Bitcoin has this public ledger. And in the public ledger, there are these addresses. They don't say, Oh, it's for hire saying I send money to Bob Harris or Bob irises and money to john smith. No, no, not at all email addresses. No, it's really long address.

That doesn't really mean anything. But again, it does show the path of money, which I think overall is a good thing. I actually prefer that it shows the path for money because it provides In an audit trail, but if you want to be completely anonymous, Bitcoin does not allow you to do that. And because there's actually people and organizations that are doing blockchain analysis, and what they're doing is analyzing the addresses and how the money's flowing, they're able to with high degree of accuracy. basically find out who that individual is or that organization is so is enormous. Or it's pseudo anonymous.

And there are actual organizations right now, that can figure out who a lot of those people actually are. So imagine in the future and more computing power. Eventually when we get into quantum computing, you'll go from this decentralized distributed anonymous network to or not being anonymous at all, just like MD five is in a secure hashing system or you can just type in MD five Hash into Google and get the actual result, you'll probably be calm like that where you can just type in the address into Google or any other search engine. And it will just provide you with the actual username or the actual name, it will provide you with address email address. So that's obviously quite a downside to Bitcoin, though. Yeah, this is it has privacy by default on price for transactions and unlimited, but this isn't without its problems as well, because it can it can be fudged.

So as a result, because it can be forged it can be made to look like certain coins have gone to a certain individual even though they haven't because there isn't a proper audit trail. This is easier because queens can be blacklisted. Can't can't be blacklisted with Bitcoin coin to be blacklisted. So they exchanges know not to tell you accept them. Obviously, if you compare this to a conventional currency, money like notes generally don't get blacklisted. So it can have its disadvantages as well especially when there's a finite you know, amount of supply.

So, depending on how you look at it, that is advantages and disadvantages. So, this is more like conventional currency, some terms of the processing our transaction because this is A big debate around certain cryptocurrencies. It has faster block time. For transactions it's 10 minutes for Bitcoin and can you guess how much it is from an error? It is 20. Now I'm joking that will be slower.

It is two minutes for number four for Manero. So it has five times as fast block time transactions, which is obviously good, faster, the better. And another great thing about monera is it can actually be mind. Mind using standard CPUs and GPUs is basically got an algorithm that's a thick resistant and a thick of special cards are generally used within Bitcoin, that are specifically designed for mining more effective than GPUs, which are in turn more effective than CPUs. And as a result, if you try and mine Bitcoin nowadays in 2017, and especially in the future, on regular computer hardware, even high, Super duper high end computer hardware inside of specific, a sick rigs, then you're just not gonna get anywhere. It's not gonna be profitable for me take ages to verify transactions, so it's just not very good.

So this allows individuals to really get into the mining aspect. Another great aspect in this One of the things that excites me, it's very scary now, it's very scalable. And you it does this scalability using dying nomic lock sizes. So, this will help This in turn will reduce, we could be no debate regarding forking, but this is a major issue within other currencies, especially within the Bitcoin currency because it is getting to a point where it's not scalable, the block have a certain side use being magnetized to Magneto and can be higher as well using different technologies such as segregated witness. But at the end of the day, that creates argument And within the community, and as a result, they debate they end up creating a hard fork, which ultimately leads to a division, or B division, a division within the community. And that's not good because a divided community ultimately will fail, more likely compared to a unified community.

So I think there are certain aspects of Mineiro Sure, fantastic. And that Bitcoin and cryptocurrency users and advocate to look into and potentially combine all these to create the ultimate cryptocurrency feared cryptocurrency and I don't want it to be called fear it should be called for hon cryptocurrency the fraud on and the actual ticker should just be a smiley face cryptocurrency that should be the question currency of the future should create an Ico for this. The upgrade is separate lesson covering Ico so feel free to check that. Last thing I want to do is cover the market cap and pricing. So, what is the market cap? The terrible asterisk star, the market cap for Bitcoin is 100 and $5 billion white a lot and the price per Bitcoin.

The presence video is $6,350 so how does monero stand up? It is 1.0 I mean 1.4 trillion I'm joking $1.4 billion and each coin is $90. So it is called Quite a bit less, but again in the long run, we do not know where it's going to be Bitcoin aetherium, narrow dash ripple Litecoin or some other cryptocurrency that we haven't even heard of, and that doesn't even exist yet. Maybe all communities of all different cryptocurrencies will get together, create a consortium and create the ultimate cryptocurrency and like I said it should be called the fron crypto currency so I think we should advocate the forehand cryptocurrency But seriously, this has been a lesson on the narrow how it differs to Bitcoin. Hope you enjoyed this video. If you have any questions, feel free to reach out.

Go have the video again if there are anything that you're sure about and as usual, thanks for watching and I look forward See you in my next lesson.