Privacy coins crypto 2020
Privacy coins crypto is unique tokens or cryptocurrency where users get total anonymity when making blockchain transactions. he user’s identity and origin of their transactions are in private manners.
This privacy coin empowers senders and recipients to remain anonymous with various levels of privacy, such as wallet addresses and hidden transaction balances. With privacy coins, actual payments remain private, no one else or other authority knows.
Various countries in the world including China and South Korea have taken an approach to set or ban cryptography completely. The ban has caused many people to transact in the crypto market, choosing to be more careful and start using Privacy Coin.
The popularity of Coins Privacy grows exponentially from 2017. During early 2018, some of these coins began to show promising performance with widespread adoption
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What Is A Privacy Coin?
Privacy coin crypto is a coin that makes senders and recipients invisible (anonymous). So that no one can see a single detail of any transactions made. Those who can see the transaction are only the first and second parties.
There are some anonymous full coins and do not offer an option to show transaction details. However, there are some who allow partial anonymity. The biggest issue of the Privacy Coins is that it’s easy to use for illegal activities.
This, of course, triggered the concerns and suspicions of government officials. The anxiety is reasonable because the Privacy Coin dominates transactions on the Dark Web or the Dark Market Online.
When many government agencies attack the Dark Web, they know how Privacy Coins dominate the market. From here comes an unjust perspective on the Privacy Coins. As they only highlight what the negative side of the coin is, without considering its benefits at all.
It should be noted again that perfect anonymity poses an inherent risk, but so does complete transparency. If the individual bank account balances are public information. There will be more robberies taking place. One’s finances should not be information that can be known by the general public.
Coins Privacy has many benefits besides hiding our information and transaction data. It will protect users from crime targets, such as robbery and theft.
Moreover, there has been an increase in hacking cases lately that have worried users. As their targets clearly have substantial funds. User Coins Privacy can breathe a sigh of relief. As it can have the protection needed to hide the value of wealth from the public.
What is Transparency Coin?
The opposite of Coins Privacy is Transparency Coins. However, Transparency Coins allow others to know how much funds (coins) are in our Wallet. An example can be seen in Bitcoin.
Every Bitcoin account owner can view your balance and transactions since the cryptocurrency is indeed decentralized to the public.
If your neighbor or friend wants to see how much money you have in the wallet, do they have the right to know? Of course not! Other people have no right to know your finances, because such knowledge may be misused for crime
Example Top Board Privacy Coins
From the description above, there is obviously a big problem in every published transaction, including the balance in the user’s Wallet.
Privacy Coins allow them to apply anonymous mode on standard crypto coins. This poses a problem for governments everywhere. As it is very difficult to monitor the spending or use of Coins Privacy, as well as ensure taxes to be collected to the government.
For that reason, some countries may ban the Privacy Coins, or even ban crypto completely. But there are still many places that do not block activities in the crypto market or do not specify certain regulations.
They usually just circulate the transaction risk warning in the crypto market for each individual, so people will know if involvement in the crypto market is not recommended by the government.
There is a legal law that can help them if something bad happens.
Currently, there are various types and names of Privacy coins. But of the many currencies in the crypto market, only the following 3 Coins of Privacy are leading with considerable adoption: Monero (XMR), Dash (DASH), and ZClassic (ZCL).
Best 2020 privacy coins
More and more people want to protect their privacy online. Do not spread data especially when it is related to financial matters. Privacy coins are a way for users to protect the user’s identity.
Some users use coin privacy for tax avoidance because the authorities cannot see how much money you have saved or where you have saved it.
The following are some of the best 2020 privacy coins that can be an alternative choice for you doing online transactions.
Privacy coin Monero (XMR)
Monero (XMR) was first launched in April 2014, as a result of Fork from Bytecoin. The goal is to create an untracked currency.
XMR utilizes CryptoNote technology, Ring Signatures, Ring Confidential Transactions, and Stealth Addresses. This utilization provides multiple layers of protection to support anonymity, as each layer of protection creates more privacy for the sender and receiver.
CryptoNote is an open-source protocol that allows increased privacy. Most other cryptos use fixed signatures to verify transfers. CryptoNote specifically uses Ring Signature that covers the sender’s signature.
Meanwhile, Ring Confidential Transactions (RCT) covers the amount of funds transfer through unique technology. In September 2017, this feature is coupled with a hidden address so that the privacy level becomes higher.
Extensive privacy features in XMR occur alongside Monero adoption as a Dark Web utility token. This can provide the foundation for becoming one of the top cryptocurrency.
If XMR is able to improve its image in the public eye with some new features not to be used as a crime utility. Of course, the adoption of XMR will be more mainstream again. Currently, XMR is trading at $ 272, with a Market Valuation of $ 4.2 billion. This currency ranks 12th of 1,519 other crypto coins.
Privacy coin Dash (DASH)
Similar to XMR, DASH is the most widely used Dark Web currency. However, unlike XMR that all transactions are automatically protected with Private mode, DASH allows users to specify their own, when to use Private mode or not.
DASH has two main transaction features, namely Instant Send and Private (Dark Send). Users can have an optional system, which allows for anonymous delivery or not.
Because DASH facilitates more transparency and anonymity in a single platform, the likelihood of its adoption is greater than Monero.
Currently, DASH is trading at $ 589 with a market valuation of $ 4.6 billion. This cryptocurrency ranks 11th of the overall 1,519 other coins.
Privacy coin ZClassic (ZCL)
ZClassic, ZenCash, and Zcash are tech-based privacy coins similar to the name “ZK-SNARKS”. ZClassic (ZCL) itself is a Fork product from Zcash that intends to remove the 20% cost of Zcash technology. In addition, the three Z-Branded products and ZK-SNARKS technology are also intended to provide 100% anonymity such as Monero (XMR).
But the interesting thing here is the cooperation of the ZClassic (ZCL) and Bitcoin Classic (BTC), to do the Fork of Bitcoin Private coin (BTCP). The fork is scheduled for late February 2018, and every ZCL or BTC holder will get a 1: 1 ratio on their Wallet.
ZClassic is currently trading at $ 130, with a market valuation of around $ 442 million, and is ranked 46th of 1,519 coins in the crypto market.
Private Instant Verified Transaction (PIVX)
Private Instant Verified Transaction (PIVX) is another open-source privacy coin that can be alternative storage for cryptocurrency assets with anonymous data security protection.
PIVX has experienced high growth, but it has not yet reached the top 50 on the list of the most traded privacy coins. Pivx is a hard fork of Dash with the aim of developing better features for the platform.
Although not too popular compared to Monero and DASH, PIVX can be your choice.
Coin privacy Verge (XVG)
Verge became popular after receiving support from John Mcafee, Verge has skyrocketed into one of the best 2020 privacy coins as your choice. With well-known influencers, Verge is one of the promising symbols of future privacy coins.
This uniquely uses open-source software tools, allowing Verge followers to provide input into future technological decisions and developments.
This cryptocurrency uses the innovative Wraith Protocol technology, this allows users to switch between private and public transactions.
Particl (PART) is global e-commerce such as eBay, Etsy, or Amazon which is an open-source, decentralized privacy platform.
PART users can buy or sell anything. Particl includes DApp which equips itself with an encrypted P2P messaging platform. This means you can inject addresses, use automatic Tor hidden services, disable wallet transaction releases, and secret transactions.
PART use Proof-of-Stake (PoS) with a myriad of features, Particl will be one of the three main competitors for the future of privacy coins.
Bitcoin Private (BTCP)
Bitcoin Private (BTCP) is a combination of Bitcoin and Zclassic. This is an open-source decentralized platform that combines two cryptocurrencies. On the one hand, it uses zc-SNARKS Zcash cryptography which provides protection of financial privacy to its users. On the other hand, it uses decentralized features Bitcoin is a leading coin.
This crypto coin was launched in March 2018, with the aim of being the best by offering larger block sizes, faster speeds, and maintaining anonymity.
Zcoin is a digital token that uses the Zerocoin protocol. This is one of the best privacy coin choices that uses a combination of Tor and Zerocoin protocol. It can provide full transaction privacy and anonymity for users.
Zcoin offers a higher level of privacy with expenses without a transaction history or individual identity. This is because Zcoin uses zero-knowledge proof. Where transactions in the Zcoin network really cannot be traced.
While using Zerocoin Protocol the user prints a new coin which is printed, the coin is ‘burned’, and then a new coin is created without a history of previous transactions.
The use of personal coins, in the future, maybe a new trend for cryptocurrency users because of the anonymity. But the use of personal coins that are not tracked, of course, can be misused. For example for illegal purposes or activities in the black market.
If this is the case then the use of personal coins can be a threat because illegal businesses can grow like mushrooms in the rainy season.
Indeed, on the one hand, this provides strong privacy protection, where secure personal data makes users more comfortable in doing business.
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