4 Popular Privacy Cryptocurrency Altcoins
Many people believe that cryptocurrency like Bitcoin is anonymous. They believe this because when sending Bitcoins, you are not required to provide any personal information. This gives users some increased privacy but remaining completely anonymous is almost impossible.
“Bitcoin is pseudonymous. Sending and receiving bitcoins is like writing under a pseudonym. If an author’s pseudonym is ever linked to their identity, everything they ever wrote under that pseudonym will now be linked to them. In Bitcoin, your pseudonym is the address to which you receive Bitcoin. Every transaction involving that address is stored forever in the blockchain. If your address is ever linked to your identity, every transaction will be linked to you. “
Bitcoin is not totally anonymous! There are other cryptocurrencies that offer more privacy. Here is a list of 4 cryptocurrencies that offer extreme privacy!
#1 Monero (XMR)
Monero is a secure, private cryptocurrency which claims to be untraceable. Monero uses ring signatures and ring confidential transactions (RingCT) to obfuscate the amounts, origins, and destinations of all transactions.
Using RingCT, the network hides the sender, amount and receiver in the transaction. While it is difficult to say that anything is completely anonymous, Monero is on the cutting edge of cryptocurrency privacy.
Monero employs a specific protocol which generates multiple unique one-time addresses that can only be linked by the payment receiver and cannot be revealed through blockchain analysis.
#2 Z-Cash (ZEC)
Another token called Z-Cash also shields transactions, hiding the sender, recipient, and value on the blockchain. Z-Cash uses something called zk-SNARKSs (zero-knowledge Succinct Non-Interactive Arguments of Knowledge). This is a way to prove some computational fact about data without revealing the data. More simply put, this is the privacy technology behind Z-Cash.
#3 Verge (XVG)
Verge is a secure and anonymous cryptocurrency, built with a focus on privacy. Verge was created in 2014 under the name DogeCoinDark. In 2016, it was rebranded to Verge Currency.
Verge Currency is designed for everyday use. It improves upon the original Bitcoin blockchain and aims to fulfill its initial purpose of providing individuals and businesses with a fast, efficient and decentralized way of making direct transactions while maintaining personal privacy.
Verge uses multiple privacy centric networks such as Tor and I2P. That means the IP addresses of the users are obfuscated and the transactions are completely untraceable. Verge Currency wallets have Tor and I2P networks already integrated, so that there is no additional setup required. Just download the wallet and start transacting with your IP-address obfuscated.
You can purchase Verge on Binance.
#4 DASH (DASH)
Dash is not always thought of as a privacy coin but it does offer some good security features. Dash wants to be known as digital cash, becoming the go to cryptocurrency for daily transactions. Dash allows you to remain anonymous while you make transactions, similar to cash.
Dash anonymization technology claims it makes it impossible to trace transactions. This is important because the blockchain is accessible to anyone with an internet connection – a significant drawback for those don’t wish their transaction history and balances to be publicly available. Dash does this through a mixing protocol utilizing something called Masternodes, avoiding the need for a trusted third party that could compromise the integrity of the system.
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