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For people with nothing to hide, what does Monero offer that Bitcoin cannot?

If I do not care if people know how much money I spent purchasing a certain item, what benefit (if any) would using Monero have over using Bitcoin?

7

The issue that comes with saying, "I have nothing to hide" in a privacy debate is a thorny one. For example, even though you may have nothing to hide in your private communications with friends and family, would you be comfortable publishing all of your conversations on a public ledger, or even just handing over your Facebook and e-mail passwords to a stranger?

With regards to personal finances specifically, even though you may not make any illegal purchases, you can still benefit from privacy for a number of reasons including protection from issues such as:

  • Receiving targeted advertising based on your spending habits.
  • Revealing your net worth or salary, possibly making you the target of thieves.
  • Revealing to which charities, political campaigns, or causes you donate that others may not agree with.

Additionally, adding a layer of privacy to your spending also helps in preventing fungibility issues with a cryptocurrency such as receiving "tainted coins" or having your address blocked by a third party for falsely "suspicious activity."

The items above are far from exhaustive, but hopefully it is now more clear why everyone stands to benefit from the privacy Monero offers.

2

Ring Sigs allow coin mixing.

tldr on ring sigs - Alice and Bob decide they want to buy a coffee. Carol requests payment. Alice and Bob both go to a computer and you see them type in something to their computer. Coins get mixed on chain and Carol gets her payment but she doesn't know who paid her.

Extend this thinking to someone who is trying to buy something banned in their country. With decentralized coin mixing, nodes can't censor transactions since they never know where they are going. They can't filter the transactions on any basis. Therefore Monero is a more anonymous Bitcoin.

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