Private Cryptocurrencies Enabling Fully Anonymous Transactions

Published 07 Jul 2021 by Radhika Aggarwal

Table of Content

  1. Top Anonymous & Private Cryptocurrencies
  2. Conclusion

The world of digital currency is one where anonymity is a rarity. Transactions are tracked using an ID and bank account number, which leads to little privacy for the user. Private cryptocurrencies give people freedom from the governments, corporations, or anyone who might decide to track their identity because it can be traced back using only their name in online search engines.

Private cryptocurrencies offer advantages over more public currencies, such as more privacy for your personal identity or less risk of hacking and fraud.

People who look for deep privacy in their cryptocurrency dealings will want to explore new and improved anonymity tech, as these solutions are lacking in the private-cryptocurrency landscape. For example, look into Monero (XMR), Zcash (ZEC), Dashcoin DSH), or Verge XVG).

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Top Anonymous & Private Cryptocurrencies

Monero (XMR)

monero xmr

Monero is a cryptocurrency launched in March of 2014. It is the first fully private currency with a market cap of three-point seven-eight billion dollars. Monero offers private transactions and has ring signatures that are impossible to trace and stealth addresses, which stop outside observers from linking transactions. This technique has led to an explosion.

Monero is a powerful private cryptocurrency, as all transactions are shielded and sent to the recipient without exposing sensitive information. Monero’s robust privacy protection safeguards your details from prying eyes - unlike competitors such as Bitcoin or Ethereum, where users’ identifying data is readily available. In addition, Monero shields its sender’s identity, obscuring that person’s balance.

monero shields

ZCASH (ZEC)

zcash sec

Zcash is a cryptocurrency that was launched in 2016. It uses zk-SNARKs, which secures transactions without revealing user information while at the same time providing increased privacy to the recipients of funds who can choose when they want their identities revealed.

Zcash is ranked 59th in the list of cryptocurrencies with a market cap of just over $1.4 billion, and it’s trading at $124.6 as of 30th June 2021, according to CoinMarketCap data. Zcash has an eventual supply limit of 21 million coins like Bitcoin, but unlike Bitcoin, mining rewards are halved every four years instead of being cut in half after 210 thousand blocks mined; this means that all 21 million will be totally mined by 2032! This excitement about scarcity drove prices up when Zbitcoin first launched last October—a combination of hype and low supply pushed its price above 5 BTC ($5K).

zbitcoin

DASH

dash

DASH is quickly becoming the new standard for digital currencies. The PrivateSend attribute allows you to remain compliant with your country’s regulatory standards while still maintaining anonymity if that’s what you prefer. This feature works by hiding the origins of one or more transactions from other users using MasterNodes which are decentralized networks consisting entirely of servers run by volunteers called “Masternode operators.”

Cryptocurrencies have risen in popularity due to the way they conceal identities and transactions. Bitcoin was, until recently, one of the most popular and valued cryptocurrencies. However, DASH has now overtaken it, which is worth $2.6 billion and ranks 61st as per market valuation as of 30th June 2021, with a price of just over $138, according to CoinMarketCap data for that date.

dash info

Verge (XVG)

verge xvg

Verge (XVG) was created in 2014 under the name DogecoinDark to improve upon Bitcoin’s original blockchain system with its own unique ideas and concepts. Verge includes two different securing transactions: Onion Router (TOR) and Invisible internet project (I2P). Furthermore, it uses proof-of-work mining principles instead of other currencies that are mined using specialized equipment such as ASICs or GPUs. The five algorithms used by this currency are Scrypt, X17, Lyra2re v2 Myr Groestl Blake 2s.

Verge is ranked 109 on Coin Market Cap with a total value of $497 million. The coin’s market cap as of 8th June was just under its all-time high - which it achieved in early April at about USD 321 million.

verge info

Conclusion

Bitcoin is just one of many cryptocurrencies, but it has the largest market share by far. For those who want to explore privacy-focused currencies with even deeper anonymity features than what bitcoin offers, these innovative alternatives are worth a look. Monero (XMR), ZCASH (ZEC), DASH, and Verge (XVG) are all top anonymous & private cryptocurrencies that offer some features not found in other coins like Bitcoin. If you’re interested in trading any of these alternative cryptocurrency options or exploring their potential for investments, sign up on cxihub today! We have an easy interface that makes trading seamless while staying secure so your money never leaves your control. Subscribe to our blog to remain updated on the crypto space!

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