In recent years, the popularity of cryptocurrencies has continued to grow. However, there have been concerns as to whether some of the cryptocurrencies available on the market afford their users the privacy they deserve. As such, lack of privacy is one of the reasons wary of participating in cryptocurrency mining.
They have issues with their transactions being exposed to the entire community involved in trading that particular cryptocurrency. So, which cryptocurrencies are best at protecting your privacy? Here is a suggestion of some of those that really stand out:
Most online reviews rank Monero as the top-most private cryptocurrency. Monero first emerged into the cryptocurrency market in April 2014. It exists in the form of a Bytecoin fork and is today one of the top cryptocurrencies. Due to the high level of privacy provided by Monero, it is hard to trace the amount transacted between parties.
Yet, its blockchain and mode of transactions aren’t that different from Bitcoin. By making use of address derivation and ring signatures, they are able to hide all the details involving a particular transaction. The only issue that cryptocurrency investors have with Monero is the high transaction fees.
Dash may not be as private as Monero, but it is more acceptable, thanks to belonging to the top-five category together with Bitcoin, Ethereum, and Litenoin. If you are already participating in the cryptocurrency market, you would appreciate the simplicity of the coin mixing function by Dash. You will find it in most of the popular cryptocurrency exchanges. Its privacy is diminished by the fact that it is possible to analyze transaction metadata.
This is the lightweight version of Monero. Aeon provides private transactions, even though they have the option where traders can make their dealings traceable. As a distinction between the two privacy options, the traceable transactions are faster and cost much less. It is a popular coin that’s available in some of the most-popular cryptocurrency exchanges. Compared to Monero, Aeon has very affordable transaction fees.
When it comes to privacy protection, Zcash compared favorably against Dash. When trading this cryptocurrency, you can toggle the settings to choose the transaction you want to be visible and the ones you don’t. Depending on what you want, sending fully transparent transactions is very much possible. You can do so by encrypting the amounts, addresses, as well as the entire transaction. The popularity of this cryptocurrency continues to grow, even though it is yet to reach the levels of Dash.
Online reviews have listed Verge as one of the coins with the best privacy. While the other cryptocurrencies make use of cryptography, Verge protects privacy using I2P and Tor. The privacy is so effective that it also protects private data as well as the users’ IP addresses. If you want to make your transactions visible, you can opt for that. Verge has a great team of developers and charges minimal transaction fees. It is thanks to these features that its popularity continues to soar.
If you want privacy when engaged in cryptocurrency mining, you know where to look. These coins may not be as popular as Bitcoin, but they protect your privacy in a better way.