The Case for Monero being used as cash

Introduction

I. Privacy is a fundamental Human Right

  • why is privacy important on public permissionless distributed ledgers (blockchains)?
  • how do public permissionless blockchains evade privacy by default/design? and
  • how does Monero attempt to fix this major flaw.

Why do we need privacy?

Why do we need privacy on Blockchains and how do public permissionless blockchains evade our privacy?

How does Monero fix the flaws inherent in Bitcoin and Ethereum?

II. Why do we need a Peer to Peer Electronic Cash system that actually works? Why Monero?

How Bitcoin (SO FAR) fails to be a peer to peer electronic cash system

How does Monero fix all of the above?

https://www.monerooutreach.org/merchants/how-to-accept-monero.html
  1. Purchase — After adding up the customers purchase in local fiat and applying sales tax if needed, you simply need to calculate the corresponding amount in XMR.
  2. Payment — The customer scans your QR code to pay you in XMR. The Monero transaction fee is paid by the sender and calculated as the time of transaction.
  3. Transaction Pool — Within a second, the transaction is announced to the Monero network and placed in the transaction pool, also called the mempool. You can check for the existence of your transaction in the mempool, an example mempool can be seen here: xmrchain.net/txpool.
  4. Confirmation — Within 4 minutes, the transaction will usually be in a block on the blockchain and you can have confidence that it is valid. The payment will now appear in your wallet as locked funds. Your transaction will be confirmed by 9 more blocks before being unlocked and virtually impossible to reverse.
Source: https://masteringmonero.com/book/Mastering%20Monero%20First%20Edition%20by%20SerHack%20and%20Monero%20Community.pdf

III. More About Monero

IV. The Challenges for Monero

V. Closing Remarks

VI. Resources/Bibliography

--

--

--

A Cøsmos pleb.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Thunder Token to be Listed on Gate.io Exchange

May 5, 2021 Update

Germany’s First Commercially Live Peer-to-Peer Marketplace for Small-Scale Solar Panel Owners

Introducing BinanceMax

In association with Outlier Ventures Smart Dubai unveils ‘Dubai Decentralised Data’

Dsdaq Exchange Lists UME Finance (UME)

MixMarvel X Celer Network: Jointly Create Highest DAU Blockchain Casual Games

What is social blockchain?

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Johnnie Cosmos

Johnnie Cosmos

A Cøsmos pleb.

More from Medium

Problems of Centralization of Social Power in Community. Part 3

Domerium Labs — Validator Constitution

Why the legal battle between Miramax and Tarantino matters for crypto

OmniFlix Network — Community Update 31 — New Year Special!