Bitcoin is an internet currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. The purpose behind Bitcoin is that its transactions are made with no middle men – meaning, no banks! Bitcoin can be used around the world and sent to anyone.
How is MONERO used?
“Privacy guarantees are designed to benefit legitimate users who do not want their financial details made public. There is a concern, as always, that decentralized anonymous payments will facilitate the laundering of ill-gotten funds by criminal users….however [Privacy coins] barely affects the status quo for criminal users, who already have strong incentives to hide their activity, while it provides notable benefits to legitimate users.”
Anonymity oriented coins are becoming a pervasive and often contentious topic due to their unique capabilities. As a result, many figures in the media and government have cast a distrustful eye on such protocols fearing a new medium for illicit and illegal activity. Meanwhile, freedom lovers applaud these new developments as an unprecedented evolution of not only technology but stateless financial freedom.
A solid argument I came across in favor of privacy was from the Zerocash white paper which stated: