XMR for Privacy Transactions It is harder to shoot your foot if you go in to Monero per Matt Odell

Matt Odell in an interview stated, when it comes to private transactions that require the utmost in privacy you are almost always better off in using cash.  This is the unfortunate reality. 

Justin Ehrenhofer tweeted:  “@matt_odell: “It’s harder to shoot yourself in the foot if you go into Monero” #Monero #XMR #Bitcoin #BTC.”

Sydney Ifergan, the crypto expert tweeted:  “We need to have more awareness of what it means to have privacy in Monetary transactions.  I liked the idea of not getting shot at foot with Monero XMR.”

Using cash is very easy, to use it privately. Hopefully, one day Bitcoin will be able to be used as easily and privately as cash is. Until then, you have to take a lot of precautions to be very careful.  You have to constantly, think about it.  You have to constantly educate yourself.

As far as KYC goes, if you have KYC, there is no going back in terms of, it is known that it is your bitcoin, but you can make it more difficult for future transactions to be tracked going forward.

The primary way is using CoinJoin techniques and running your own node. Using your own node, not just running it. And, on top of that especially in places like Venezuela where there is a very strong need for privacy from a government, which is very oppressive to their people, I think Monero can be very useful to people in that situation.

Monero (XMR) For Best Privacy

Where you save your money in Bitcoin, because Bitcoin has better wealth storage properties, but you used Monero to spend more privately and easily, in order to keep to yourself, it is harder to shoot your foot if you go in to Monero.

And, all those things combined can give you relative privacy – even if you KYC. You are better off not KYC-ing.

And, one thing I did not mention earlier which is very common in Venezuela I believe is that if you mining you don’t have to give up that KYC. If you have a source of cheap energy and you are able to mine that is one way to be able to mine Bitcoin in the first place without giving out that KYC information, giving up that you own it.

There are other things you have to worry about there. How you are connecting to the mining pool internet wise and your power consumption is important. If you are too much power it might become obvious to the Venezuelan government, but there were these different techniques. It is very convoluted. 

It is a complicated thing and you have to learn over time and you have to be very, very, very careful.  This is why cash is always better, when it comes to privacy, because cash it is very hard to mess up in terms of privacy with cash. It does not hold its value.