Monero Exchange to Bitcoin: How the Newly Found Bug on Monero Transactions Might Encourage Monero Investors
Not quite long after Monero announced their Monero exchange to Bitcoin using an Atomic Swap feature, few bugs were reported in the system. US-based software developer: Justin Berman first discovered it. But this is not a surprise because the developers had warned users of the possibility of such occurrence – they’d recommended that users invest a small amount just in case of a bug. Well, it seems that the obvious has happened because bugs have been found to exist in the system (which the company is working to resolve anyway).
The bug was seen in Monero’s decoy selection algorithm. This bug disrupts the activities of the system by delaying transactions by 20 minutes. As in, users will have to wait for 20 mins before seeing their transactions. But it seems that it is not a big deal after all because one of the many reviews once called it a “good probability.” This is because even with the said bug, new transactions are still noted.
Monero, even till now, still allows users to hide their transactions using a decoy system. This system creates worthless coins called “mixins” using the original coin spent in the transaction. According to Monero management, this bug does not in any way reveal information connected to the amount or addresses of the transaction. The bug is the only domicile in the user’s official wallet code. But users can still evade this bug by waiting for an hour before spending any newly acquired Monero coin. This is expected to continue until fixed; a fix is expected to happen in a subsequent wallet software update. Again, the company has made it clear that a “hard fork” is not needed to fix the bug.
How Transactions Might Affect Monero Investors with the Presence of the Bug, and the Effort of the Company to Fix It
The same software development team that handles the Monero exchange to bitcoin protocol is also working tirelessly to fix this bug and get it to work again in no time. But then investors are still having a nice time regardless. Aside from just the Monero exchange to bitcoin breakthrough, investors at Monero still have a lot to gain while the developers take care of the bug at the main time. Today, Monero is included among the few cryptocurrencies that have survived many crashes and are still creating more ways to solve problems in the finance industry.
According to Brad Garlinghouse: Ripple’s CEO, 99% of cryptocurrencies will go zero in the near future. This is a result of their inability to solve real problems. But investors in Monero have got their future intact through the numerous anonymous, secured ledger transaction payments solutions that the Monero platform has brought. The solution this coin has brought into the industry has been well noted by the industry players, which is why it has consistently expanded into other business sectors, hence growing the value of the coin.
Monero investors remain the most secured group of investors in the world today. This can be attributed to the ease of mining Monero coins, just like in the case of BTC. That way, there will be less scarcity while the value grows with its widespread adaptation across every sector. The simplicity in mining this coin gave the investors an edge, unlike in Bitcoin, which requires a lot of electricity to accomplish the mining because of ASICs. Monero can be mined even with personal computers.
The recent Monero exchange to bitcoin announcement is the least of many advantages of this coin. Monero is not the only platform with a strong amount of confidentiality in its system. The fact that it was affected by some bug does not make it anything less than what it is: a highly secured cryptocurrency that mainly allows financial institutions to conduct ledger transactions confidentially without hitches. Although Zcash and Dash are beginning to act like viable competitors, Monero is still two steps ahead of them, considering the technological markup. In fact, for a better understanding of how Monero works, we advise you to take a time out to examine the technology behind this platform.
As for the bug, it won’t affect the Monero exchange to the bitcoin feature so much before it is fixed. According to Berman, what is required is a modification in the decoy section. It can affect the uniformity in the transaction should it be processed by a node without an update or the procedure the updated node will build rings.