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A private version of Bitcoin??

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by COINS NEWS 95 Views

I'm all in for the privacy. I realized this when last year I wanted to send my nephew a bit of BTC as birthday gift, but didn't want to reveal the balance of my wallet. (I know I can transfer it to exchanges then to him, but this defies the purpose of crypto).

I appreciate the function of store of value rather than the medium of exchange (stablecoins do better in this) of Bitcoin.

At the moment, Monero is the most successful privacy coin. Other than privacy, it has two other features: a) 2 minutes block time (v.s. 10 mins of Bitcoin), b) tail emission: miners are reward 0.6 XMR for each mined block forever.

As far as I understand, the 2 mins block time of Monero is to facilitate the function as medium of exchange. The tail emission is to ensure the network exists in the long run in case miners only view it as a medium of exchange. (If miners view it as a store of value, they would speculate that the transactions fees in $ would be high enough to compensate the mining cost).

The downside of 2 mins block time is the blockchain size is huge. It takes quite long to sync the balance on Monero wallet unless you run a 24/7 node. The downside of tail emission, is the supply is infinite although it is still disinflationary in the sense that the inflation rate converges to 0% in long run.

What do you all think about a version of Bitcoin that is fully private like Monero? Let it retain the other features like 10 mins block time and the max cap of 21 mil tokens.

submitted by /u/maddhy
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