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Bitcoin has been shown to not possess true fungibility due to easily performed traceability and blockchain analysis. Bitcoins can become tainted if they were used for illicit activities, making them less exchangeable than a coin that was recently mined or not used illicitly.

Because Monero (and other CryptoNote based coins) are untraceable, they are fungible. Any coin is exchangeable for any other coin regardless of how it has been previously used.