Monero Deep Dive: The Cryptocurrency To Use If You Want True Anonymity, Far More Anonymous Than Bitcoin
In the early days of cryptocurrency Bitcoin was considered the best payment method for those who wished to stay anonymous. At the time this was true, since Bitcoin required no personal identification information while fiat payment methods like banks and PayPal required a full suite of personal identification information. However, all Bitcoin transactions in history are stored on a [publicly accessible block explorer](https://www.blockchain.com/explorer?currency=BTC&stat=blocks), and with the rise of [blockchain forensics](http://www.cypherpunklabs.com/blockchain-forensics-firm-chainalysis-offering-suspicious-transaction-alerts-for-15-cryptocurrencies-compromising-anonymity-and-freedom/) it is now possible to figure out who owns a Bitcoin address and what they have been doing with their Bitcoin. Although it is possible to increase Bitcoin’s anonymity by using Tor, VPNs, and CoinJoin, as will be discussed in future Cypherpunk Labs articles, Bitcoin can only be considered pseudo-anonymous rather than fully anonymous.
Nicolas van Saberhagen recognized that Bitcoin lacked full anonymity, in addition to the fact that it is a slow and difficult process to change Bitcoin’s code. Saberhagen proposed to create a new cryptocurrency that was far more anonymous, in addition to correcting some other apparent deficiencies in Bitcoin, and wrote up these ideas in the [CryptoNote White Paper](https://cryptonote.org/whitepaper.pdf).
The first cryptocurrency to utilize the ideas in the CryptoNote White Paper was [Bytecoin (BCN)](https://bytecoin.org/), which is a lesser known but still functional stealth cryptocurrency. Bitcointalk user thankful\_for\_today modified the code from Bytecoin [and created BitMonero](https:...