Altcoin News

The IRS is offering $625,000 to trace Monero while volumes sky rocket

  • Bitcoin is anonymous, Monero is private
  • IRS is offering $625,000 to whoever can trace Monero transactions
  • Volumes have spiked over $26B in the past day according to CMC

Bitcoin is anonymous, not private

Bitcoin, the coin that made this entire asset class come to light, is often mistaken to be “private”. The fact of the matter is, this could not be further from the truth. Every single transaction is recorded on the blockchain and accessible to view by anyone with an internet connection. What Bitcoin offers is anonymity. While the two may be considered interchangeable by some, they are not.

Privacy: Monero

Monero on the other hand, known as “the” privacy coin, offers not only anonymity but also privacy. This means that transaction amounts, the sender and receiver’s identities are kept private.

The IRS’ $625,000 Offer

This privacy feature is exactly what worries the authorities as it can be used for illicit and malicious purposes. Up until now, breaking Monero has not been provably achieved, its privacy feature has held as uncrackable till now. The IRS is therefore taking applications from participants who believe they are able to trace transactions on Monero and are willing to pay $625,000 for it.

Volume Spike

Monero, while an OG amongst coins, is not particularly known to be amongst the top volume producers. However, today according to CoinMarketCap, over $26 Billion have been transacted in XMR over the last 24 hours. Which sets it right after BTC, USDT and ETH.

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