Categories: CryptoNews

Bitcoin, Litecoin Devs May Integrate Monero’s Confidential Transactions

Most cryptocurrency users acknowledge that both Bitcoin and Litecoin lack serious privacy features. Neither of these popular currencies mask user identities completely, whereas altcoins such as Monero do exactly that. It turns out we may see some of Monero’s technology show up in both Bitcoin and Litecoin soon. Confidential Transactions are an option well worth exploring by the developers of both currencies. It’s an interesting situation, to say the very least.

Confidential Transactions Bring More Privacy to Bitcoin and Litecoin

Over the past few years, we have seen multiple Bitcoin developers port functions found in altcoins to the world’s leading cryptocurrency. In some cases, the Bitcoin developers even refer to altcoins as “testbeds” for features to be ported to BTC at a later date. It now seems some developers have their sights set on

Monero technology, as both Bitcoin and Litecoin may integrate Confidential Transactions in the very near future. 

Monero, a respected altcoin, has been using Ring Confidential Transactions for quite some time now. It is just one of the cornerstones of this successful cryptocurrency, although there is a lot more to making cryptocurrencies private and anonymous than just copying a specific function. It remains to be seen how this particular feature will be introduced in Bitcoin and Litecoin. Moreover, the Monero team is already looking for a better solution than RingCT, which has been referred to as “

RuffCT” by the community.

Charlie Lee, the creator of Litecoin, appears to be a big fan of Confidential Transactions. It seems this new feature will be integrated with Litecoin through a future soft fork, although no specific timeline has been announced at this time. Moreover, it is good to see the developers of both currencies opt to go with a soft fork rather than a hard fork, as there are always certain risks associated with the latter. That’s not because hard forks are bad, but they do require the majority of the network to first upgrade its software.

Related Post

So far, the reputation of Confidential Transactions has been mixed. On one hand, they provide additional privacy and make it more difficult to trace transactions. On the other, they will make these currencies more appealing to criminals of all kinds. Monero is gaining traction on the darknet, and some marketplaces have even moved away from Bitcoin in favor of this privacy-oriented cryptocurrency. Whether or not a privacy-oriented Bitcoin would make a big impact remains to be determined.

At the same time, Confidential Transactions may make it easier for money to flow across borders without being scrutinized. They may even result in far less market volatility, although that remains to be seen. They would certainly make taxation of cryptocurrencies almost impossible, which is not something most governments would like to see happen. Then again, there is nothing officials can do to control or prevent the use of cryptocurrencies, even though many people still seem to think otherwise.

All of this shows that a lot of people are keeping a very close eye on Monero and its technology. While this altcoin was dismissed as a fad less than a year ago, it is certainly here to stay and make an impact. With more cryptocurrencies focusing on privacy, we will see the dawn of a whole new era of digital money. However, it seems Monero will always be one step ahead of other currencies looking to imitate its technology.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

6 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

7 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

8 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

8 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

11 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

12 hours ago