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Key points
- Monero miners earn more commissions than their Litecoin and Bitcoin Cash counterparts.
- Privacy ranks high among developers and users for payment-centric cryptocurrencies.
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Privacy-focused cryptocurrency, Monero, is now overtaking major altcoins as the industry turns a new eye on personal privacy.
Monero enters mainstream crypto payments
Total fees on Monero surpassed those on Bitcoin Cash in April and Litecoin towards the end of September this year. Furthermore, the transaction costs for the upcoming popular privacy-based cryptocurrency Zcash are less than 5% of XMR.
This is an indicator of XMR’s correct network usage compared to BCH and LTC. Justin Ehrenhofer, a community lead for the Monero project, told Crypto Briefing:
“There seems to be a perfect storm underway where liquidity is on the rise, supporting more payments than was previously reasonable, which then are driving more liquidity. It’s a positive feedback cycle from multiple payments moving to Monero with its increased liquidity as far as I know. “
There has also been a steady increase in average fees for Monero transactions since July this year. This metric is roughly five to eight times the average transaction fee on Litecoin.
Transaction privacy on Monero prevents comparison of transaction count and volume on these protocols.
The increase in the average fee on Monero, however, suggests that the actual transaction volume on Litecoin is higher. This is because, while XMR’s total commission income is 1.33 times LTC, the average transaction fee is five to eight times higher.
However, the fees on Monero are higher than Litecoin. It costs around $ 0.007 to make an LTC transaction and $ 0.05 to make an XMR transaction. Users don’t have to worry about exorbitant costs when making XMR payments related to LTC. T.The increase in earnings through fees helps grow the mining ecosystem, strengthening the security and liquidity of the network.
Privacy is at the top of the list
Monero, famous for its use on the dark web, has been overlooked primarily due to regulatory concerns.
However, the recent push for privacy by Bitcoin and Litecoin developers are accentuating the traditional use of Monero. Litecoin, for example, has already announced its privacy update Mimblewimble in 2021. Ehrenhofer added:
“There is also another dynamic in which the cryptocurrency community increasingly trusts and recommends Monero for private payments.”
Along with the on-chain advancements on Monero, other privacy-based tokens like Zcash and Dash fared better in terms of price than Litecoin and Bitcoin Cash.
However, Monero has been leading the price gains since the start of the year with a 175% increase compared to 100% on Zcash and 65% on DASH. The same metric only gives Litecoin and Bitcoin Cash a 35% increase.
Based on this data, the market finally appears to value privacy-based coins more than traceable counterparts.
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