What are privacy coins?

[Suba]

Privacy coin is a type of crypto that is specifically designed so that it can maintain the privacy and anonymity of its users when making transactions. In general, privacy coins have private ledgers or more complex algorithms that can hide crypto addresses and volume/amount of crypto transactions.

Each privacy coin uses a different technology, even though the essence is the same, namely anonymity and untraceability.
Examples of well-known privacy coins are Monero, Dash, Zcash, PIVX etc.

 

[Stardom22]

I have heard of something like Montero before. However I didn't know that its one of the private coins. I am glad to know the importance of the privacy coins anyway.

 

[misha]

never heard about this type of coins before

 

[Magnus2022]

Montero is considered the most privacy coin now. Other coins that have high level of anonymity includes Beam, Zcash, Dash etc. Many crypto are using these coins for their confidential transaction and is very difficult to be traced.

 

[Edulady]

everyday i learn new and interesting things here. I never knew there was such a thing as privacy coins. But this sounds fantastic. That means they are the best coins to have since we have a lot of hackers lurking in the cyber world.

 

[Suba]

never heard about this type of coins before

Are you not a crypto lover, so you have just heard of privacy coins, such as Monero which was launched in 2014. Dash and ZCash were also released in the same year.

 

[Yohanna]

The privacy coins are used to shield cryptocurrency transactions and keep it as a top secret.

 

[Stardom22]

So I suppose the privacy coins is such a very important and crucial thing in the Crypto currency world as far as the Crypto currency transactions are concerned for sure.

 

[Smalto]

Privacy coin is a type of crypto that is specifically designed so that it can maintain the privacy and anonymity of its users when making transactions. In general, privacy coins have private ledgers or more complex algorithms that can hide crypto addresses and volume/amount of crypto transactions.

Each privacy coin uses a different technology, even though the essence is the same, namely anonymity and untraceability.
Examples of well-known privacy coins are Monero, Dash, Zcash, PIVX etc.

Honestly, I never knew or heard about anything known as privacy coin, but now I'm fully aware of it and how it works, and I think it is a very nice concept in terms of their use cases.

 

[Suba]

Honestly, I never knew or heard about anything known as privacy coin, but now I'm fully aware of it and how it works, and I think it is a very nice concept in terms of their use cases.

Privacy coin will be able to help privacy coin holders to become anonymous and decentralized, especially if you are a businessman who has large amounts of crypto, of course you must always be able to hide how much of your balance is on the blockchain, so that it is free from the targets of hackers and other crimes .

 

[Stardom22]

Privacy coins is a very important aspect in the sense that it protects the Crypto users from being traced about the transactions and other activities that may doing upon their wallets.

 

[Yohanna]

Privacy coins is a very important aspect in the sense that it protects the Crypto users from being traced about the transactions and other activities that may doing upon their wallets.

It enhances privacy in transaction so that it will not be leaked to the third party.

 

[Suba]

It enhances privacy in transaction so that it will not be leaked to the third party.

We cannot increase privacy when transacting crypto unless we use a mixer wallet, and privacy coins that can hide the amount, the crypto address we are transacting. Privacy coins are also widely used on the dark web.

 

[Golden9]

Privacy coins are also the target of government because they go exactly against all that they want. It would be great to diversify even if you hold some of them.

I do wonder if a compromise would ever be reached on these coins.