Monero outpaced LTC and BCH as a payment cryptocurrency according to the on-chain data and price growth data that we see in our latest Monero news.
Monero miners are earning more fees than Litecoin and Bitcoin Cash counterparts so the privacy ranks got higher among developers and the users for payment-focused cryptocurrencies. The privacy-centric cryptocurrency is now outpacing some leading altcoins. For example, Monero outpaced LTC and BCH as the industry turns a new eye to personal privacy. The total fees on Monero surpassed the one of Bitcoin Cash in April and Litecoin back in September. The transaction costs for the next popular privacy-based cryptocurrency Zcash is less than 5% of XMR. This only shows that XMR has a healthy network usage compared to Litecoin and Bitcoin Cash. Justin Ehrenhofer, the community lead for the Monero project said:
“There seems to be a perfect storm going on where liquidity is up, supporting more payments than were previously reasonable, which thus are driving more liquidity. It’s a positive feedback loop from more payments moving to Monero with its greater liquidity as far as I can tell.”
There was also a consistent rise in the average fees for transactions on Monero since 2019. This metric is about five to eight times the average transaction fee on Litecoin. The transaction privacy on Monero prevented comparing transactions count and volume on these protocols as well. The increase in the average fee on Monero shows that the actual volume of transactions on LTC is bigger. This is because while XMR’s total earning from fees is 1.3 times of one of Litecoin, the transaction fees, therefore, are five to eight times more.
The fees on Monero are higher than Litecoin but it costs about $0.007 to make an LTC transaction and $0.05 to make an XMR transaction. The users don’t have to worry about costs when making XMR payments relative to LTC. The increase in fees helps grow the mining ecosystem thus strengthening the network’s security and liquidity. Monero was popular for its use on the dark web so it was neglected due to regulatory concerns.
The recent push towards privacy from Litecoin and Bitcoin developers is only outlining the mainstream usage of Monero. Litecoin has already announced its privacy upgrade Mimlewimble in 2021 as Ehrenhofer added:
“There is also another dynamic where the cryptocurrency community more and more trusts and recommends Monero for private payments.”
Along with the progress on XMR, other privacy-based tokens like Zcash and Dash performed better in terms of privacy compared to Bitcoin Cash and Litecoin. Still, this privacy coin leads in year-to-date gains with a 175% increase compared to the one of Zcash 100% and 65% for DASH.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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