Monero: A Viable Alternative to Bitcoin's High Fees?

monero
The rise of bitcoin's popularity has been mirrored by a dramatic rise in the network's transaction fees.
bitcoin transaction fees
At times it's been so bad that people have been paying upwards of 40% of their purchase towards fees, with fees skyrocketing from around $2 (£1.41) in October 2017 to $37 (£26) in December 2017.


This has even prompted bitcoin.org to change its own homepage, removing what was once a selling point of the world's first cryptocurrency - "low processing fees".
bitcoin's change in homepage text
As a result, people are beginning to question bitcoin's viability as a currency.


So, what are the alternatives? Some are heralding Litecoin or Bitcoin Cash as lighter alternatives more suited to day-to-day trading. However privacy experts are heralding an outside favourite - Monero.


If you're somebody who expects their privacy to extend to their online transactions then you might be interested in using Monero for your next online purchase. All transactions are encrypted, meaning that others aren't able to examine who you're sending money to, or how much. Monero also uses something called a 'dynamic block size' which means that it's not susceptible to the high fees of bitcoin.
monero tx fees
This is a good guide for getting started with Monero.

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