Bitcoin is often touted as a fungible and private asset

Question

Bitcoin is often touted as a fungible and private asset

and digital cash alternative, when in fact it is technically non-fungible. Each bitcoin in circulation has a distinct history attached to it ensuring that 1 BTC is not equal to 1 BTC. While coin histories can be somewhat obfuscated with tools like CoinJoin, the fungibility of Bitcoin remains distinctly lacking. This lack of fungibility imposes an immense burden on those using Bitcoin as a method of exchange (MoE), introduces a permissioned and centralized layer to the network, and destroys the confidence of everyone accepting funds in Bitcoin.

Many Bitcoiners purport that fungibility can be gained through more users mixing, or by peer-pressuring and boycotting exchanges and services that flag or trace Bitcoin transactions. In theory this is possible (suppose in another universe, everyone mixes), but why leave it up to chance?

The Monero community sees fungibility as a basic safety feature. Good tools should include safety features by default, strong enough to withstand both governmental and social attacks. This is far preferable to relying on the good will of governments and regulators, or the peer-pressure of us as users to ensure fungibility of digital cash. Do you really want your coins to be fungible only if everyone in Bitcoin correctly follows a 36h-long privacy guide?

Monero relies on privacy by default, for all users and all transactions, to ensure that 1 XMR is equal to 1 XMR, no matter what. Monero is fungible today, not just in a pipe dream.
https://sethforprivacy.com/posts/fungibility-graveyard/#samourai

#cryptocurrency #english #xmr

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15.08.2022

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aThousand 1000 · Accepted Answer

aThousand 1000

It's so true. Bitcoins were the first NFTs ever

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15.08.2022

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Bitcoin is often touted as a fungible and private asset

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