Coins for privacy – BTC wires

Of& nbspKapil Gauhar

When Satoshi Nakamoto created Bitcoin, he shed light on the potential of currency as "digital and electronic money". But in the early days of the launch of Bitcoin, an area of ​​instantaneous use of the real world – Purchase of illegal goods on the Internet.

In fact, it turns out that Bitcoin is not anonymous. While your name and position can not be linked to your Bitcoin wallet, every transaction that takes place on the Bitcoin network is linked to a public address. In case you purchased your Bitcoin from a service like Coinbase that is linked to your real name, then your transactions can be traced back to your identity.

This possibility has led to the creation of some private currencies that focus on secure and anonymous transactions. But a self-advertising currency like "private" does not mean that it is the same as the name itself. The best coins for privacy are based on real innovations in cryptography, such as ring signing and zero-knowledge tests for confidential transactions. The worst privacy coins claim to be "private", but they are functionally vaporware.

You can also read: How to buy Bitcoin with cash?

In any case, who needs privacy?

Facebook, governments or maybe your neighbor. It is relatively easy for anyone to browse and peek into your private life. Thus, the value of coins for privacy.

You must think that you have nothing to hide. Well, it could be like that. But the anonymity of your transactions is what you should take seriously. Would you like someone to monitor your transactions and purchases, check your salary or even know your complete equity? All right, if you want. In case you do not, this article is for you.

Even with Bitcoin's pseudo-anonymity, it is easy enough to track down the transactions and the amounts in the portfolio. In this definitive guide to privacy coins, we will cover all major projects that work in particular to protect your privacy by all means.

Coins for privacy

With the myriad of coins available on the open market, let's take a look at the different currencies that proclaim themselves the flagship of privacy and anonymity.

1. Monero (XMR)

Many people in the crypto-community see Monero as the ultimate currency for privacy. Forked originally from Bytecoin, the currency uses stealth addresses and Ring Confidential Transactions (RingCT) to keep not only your transactions but your anonymous portfolios.

The Monero development team is constantly listing new features such as the integration of Tails OS to be a step ahead of those looking to access your information. The project is entirely focused on privacy, although it sometimes implies that usability is put into backburner.

You can also read: Should you invest in Monero?

2. Bitcoin Private (BTCP)

Bitcoin Private is primarily a fork-merge of Bitcoin and Zclassic. The team developed the currency with the aim of having the same security and awareness as the Bitcoin brand while proposing the privacy feature of Zclassic. If you are a Bitcoin or Zclassic owner, you may have a Bitcoin Private 1: 1 airdrop.

Zclassic is just a fork of Zcash with the elimination of a founder's reward. Thus, Bitcoin Private, like a fork of Zclassic, has the same privacy features as Zcash.

You can also read: How to buy Bitcoin with cash?

3. Zcash (ZEC)

You must have heard about Zcash from the Radiolab podcast episode, "The Ceremony." This private currency uses concise topics with zero non-interactive knowledge (zk-SNARKs). Put simply, zk-SNARKs is a mathematical proof that shows that the transactional information sent is correct without having to disclose what such information is. It ensures that all transactional data is fully encrypted. Similar to Dash, privacy is just an option with Zcash.

The Zcash team was explicit about the extent of the privacy of the currency. Although they are rather private, they have been transparent to not encrypt multi-signature data or to shield IP addresses.

You can also read: Pros and Cons by ZCash

4. Dash (DASH)

Although not individually dedicated to anonymity like some of the other coins on this list, Dash brings with it the right amount of privacy. The coin has a function of PrivateSend that allows you to send your coins anonymously to the recipients. In the PrivateSend process, the main Dash nodes mix your coins several times with other coins that are sent over the network. This procedure makes your coins actually indistinguishable from other Dash coins at the time you send them.

Dash is a fork of Bitcoin, which means you can find the right amount of proven and true Bitcoin technology even in Dash.

You can also read: Beginner's Guide to DASH

5. Verge (XVG)

Pornhub's infamous cryptocurrency, Verge has a controversial story, and blockchain supporters are divided over its legitimacy. We avoid the controversy …

Verge uses an IP address anonymizer, Tor, for transactions to ensure that your connection to the blockchain is anonymous. Also, you have the option to send your transactions via I2P, another IP address anonymizer instead.

Browse the boats on his Wrath protocol. This is a unique protocol that gives you the ability to send your transactions via public Blockchain or private Blockchain. Transactions sent via the private blockchain use stealth addresses similar to those of Monero, in combination with the Tor strategy mentioned above.

You can also read: Against and pros of Bitcoin

Privacy is a breed of cats and dogs

It is imperative to remember Monero Lead Maintainer, Riccardo Spagni's point that privacy is not a static or fixed thing. Privacy is a moving target, and is a constant battle between hackers and cryptographers. Absolute privacy never exists.

Where we have placed Monero in position n. 1 of private privacy coins for most people, which may change in the near future. Developments such as Mimbelwimble for and Beam and Grin or Schnorr for Bitcoin in the future could make Monero obsolete. Or you can discover gaps in the protocol offered by Monero that compromise the privacy of Monero users.

Where users must recognize these concerns, we live in the present. Depending on the adoption of the underlying technology (Blockchain Technology) and ease of use, Monero is considered to be the best solution for people looking for the currency of privacy today.

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Kapil Gauhar

Kapil Gauhar is the founder of Blogger's Gyan. He is a passionate blogger, a great thinker and a creative writer. His passion for making friends with words and making people aware of the wonders of the digital world is what drives him to write as a career.