Get to know privacy coins and their benefits in the crypto market

To overcome the common problems in the crypto market that are related to the lack of user privacy, many people are now turning to privacy coins, such as Monero, Dash, and ZClassic.

Various countries in the world including China and South Korea have taken approaches to regulate 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 Privacy Coins is growing exponentially from 2017. During early 2018, some of these coins began to show promising performance with widespread adoption.

What Are Privacy Coins?

A Privacy Coin is a coin that makes the sender and recipient invisible (anonymous), so that no one can see a single detail of the transaction. Those who can see the transaction are only the first and second parties.

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There are several full anonymous coins and don't offer any options to show transaction details. However, there are some who allow partial anonymity. The biggest problem with Privacy Coins is that it's easy to use for illegal activities. This of course triggered concerns and suspicions from government officials. That anxiety is reasonable, because Privacy Coins dominate transactions in the Dark Web or the Online Dark Market.

When many government agents attack Dark Web, they know how Privacy Coins dominate the market. From here an unfair perspective emerged regarding Privacy Coins, because they only highlighted the negative side of the coin, without considering the benefits at all.

It should be noted again that perfect anonymity has inherent risks, but so is complete transparency. If the individual bank account balance is public information, there will be more robbery attempts that occur. A person's finances should not be information that can be known by the general public.

Privacy Coins have many benefits besides hiding our information and transaction data. This coin protects users from others who want to target them as targets of crime, such as robbery and theft.

Recently, the incidence of hacking in the crypto market has increased sharply, because their targets clearly have large funds. Privacy Coin Users can breathe a sigh of relief, because they can have the protection needed to hide the value of wealth from the public.

What is Transparency Coin?

The opposite of the Privacy Coin is Transparency Coins. However, Transparency Coins allow other people to find out how many funds (coins) in our Wallet. An example can be seen in Bitcoin. Every Bitcoin account owner can see your balance and transactions, because crypto currencies are indeed decentralized to the public.

If your neighbors or friends want to see how much money you have in your wallet, do they have the right to know? Of course not! Other people have no right to know your finances, because that knowledge can be misused for crime

Examples of Top Board Privacy Coins

From the description above, there is clearly a big problem in every transaction that is published, including the balance in the Wallet user. Privacy Coins allow them to apply anonymous modes on standard crypto coins. This poses a problem for the government in all places, because it is very difficult to monitor expenditures or use Privacy Coins, and ensure taxes to be collected by the government.

For this reason, some countries may ban Privacy Coins, or even ban crypto completely. But there are still many places that do not block activity in the crypto market, or do not set certain regulations. They usually only ...

CryptoNote is an open source protocol that allows increased privacy. Most other crypto use the Signature anyway to verify the transfer. CryptoNote specifically uses Ring Signature that covers the sender's signature.

Meanwhile, Ring Confidential Transactions (RCT) cover the amount of transfer funds through a unique technology. In September 2017, this feature was added with a hidden address so that the level of privacy was higher.

Extensive privacy features on the XMR coincided with the adoption of Monero as a Dark Web utility token. This can provide the foundation for being one of the top crypto currencies. If XMR is able to improve its image in the public eye with several new features so as not to be used as a crime utility, of course XMR adoption will be more mainstream. Currently, the XMR is trading at $ 272, with a market valuation of $ 4.2 billion. This currency ranks 12th out of 1,519 other crypto coins.

Dash (DASH) ...

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