Privacy Coins Are They The Future of Cryptos
Hi Crypto Network,
I have received numerous messages with feedback from my followers and members within the Platinum cryptocurrency community that have provided me with outstanding input on how to make my blogs better!
If you’re an avid crypto investor or trader and keep up to date with the crypto market, you’ll no doubt have seen that over the last few months there has been a lot of news on the regulation of cryptocurrencies. Markets have reacted differently at various times depending on the news. One thing I am always expressing to clients is that regulation and structure from governing bodies is welcomed. I believe stricter controls over ICOs and the industry can only be a good thing, and will pave the way for even more institutional and private funds entering the industry.
What I want to address in this blog is exactly what the need is for Privacy-based coins and why they are important. I would also like to explore some key privacy coins you should consider holding in your own portfolio.
THE NEED FOR PRIVACY BASED COINS
As revolutionary as the cryptocurrency world is, Bitcoin being the largest and most well-known, Bitcoin along with a large proportion of the industry has a major flaw: Privacy.
Many Blockchains are public-based ledgers, all transactions by all addresses are completely exposed. This rightly causes some feelings of insecurity.
Some people may think “Why do we need privacy? I have nothing to hide?” But to create a clear example, if I were to challenge you to ask anyone to show their bank statement and all the transactions for the past 5–10 years. Do you think they would be hesitant? Would this be an issue socially? Just because you have nothing to hide doesn’t mean people or governments should be able to see all of an individual’s transactions. A typical argument is that some of us don’t want others to know how much we are worth. A public ledger would show all of this, and how much of a certain coin someone holds. Businesses may also have trade secrets or a list of clients and suppliers they want to remain hidden.
There are many on the market, currently the most popular ones are Monero, Pivx, Zcash, Dash, and Verge. These are just a few of the top Privacy coins on the market today.
Monero, at the time of writing this article is currently sitting at $150 per coin and is the 13th largest coin with a market cap of $2.4 Billion.
Monero is a rather unique cryptocurrency. It doesn’t try to do anything unusual, it just tries to be very good at one thing: Ensuring the private and secure transfer of value.
Monero uses several privacy technologies at the protocol-level and makes the use of these technologies mandatory. In the simplest sense, Monero hides the sender, amount, transaction broadcast, and receiver with ring signatures.
A Monero transaction has an ambiguous output origin, an unknown amount in a commitment, and an unknown receiver. For every transaction on the network, all the information stored on the blockchain is illegible and so it provides a great privacy-based coin.
Many long-term traders and investors who look to the smart money in Cryptocurrencies are focusing their attention on PIVX, the fork of Dash, that’s been climbing the coin ladder recently and has broken into the top 20 coins. But what are they offering that has the market responding so positively?
Firstly, Pivx (Private Instant Verified Transaction) is currently sitting at number 66 in market cap at $200 million, and each coin is worth over $3.50.
The main goal of PIVX is to bring real privacy back by introducing ZeroCoin for the first time in a PoS (Proof of Stake) coin as well as Automated TOR integration, making PIVX the most anonymous PoS coin available on the market.
With PIVX being a PoS coin, it means you can help secure the network by leaving your wallet online 24/7 with your balance inside, and in return you will earn a passive income by receiving random payouts of up to 2.25 PIVX.
Zcash is another top privacy coin currently sitting number 22 in market cap value with over $900 million. It is currently trading at $229 per coin, and has seen highs of $800 per coin, which screams great value at the moment for traders and investors.
Zcash is a cryptocurrency that was launched on October 28, 2016, by Zooko Wilcox, founder and executive director. This currency is characterized mainly by having a high degree of anonymity. Zcash’s efficiency in anonymity is because it employs the algorithm called “zero-knowledge proofs”, which makes this algorithm keep a record of all transactions made but without storing personal data or amounts of money.
It is important to keep in mind this feature does not provide utter anonymity while using Zcash. It is still possible for blockchain-analysts to correlate information through public transactions. Moreover, IP addresses of users are not obfuscated unless they use a routing service themselves. Personal identifiers linked to public data are also not hidden by this protocol.
Zcash arises from the project “Zero coin” that in its beginnings was a layer of cryptographic anonymity for Bitcoin, but in the end, it evolved into an independent cryptocurrency.
Overall it’s an extremely strong project, and one which all traders should keep their eye on!
There are several other extremely strong privacy coins, and I would strongly recommend you start to check these out and review them. Add some to your portfolios, with the industry technology getting stronger every month, developing your portfolio accordingly and trading coins with real value is a must.
If you are interested in learning about key buying levels for these coins and many more, book a session with one of our senior crypto traders today, and see exactly how we review and pick coins to both Hodl and trade.
WHERE PLATINUM CRYPTO ACADEMY COMES IN
Platinum Crypto Academy is here to support traders of all levels, so if you need some advice on your portfolio, or if you’re just looking to get started in cryptos, we are here to help. If you haven’t heard much about cryptocurrencies, here’s the brief version from an investing point of view. Over the last 18 months, the cryptocurrency market was the single highest rising market in the world.
It beats out Gold, Silver, Aim stocks, the FTSE, anything you can name. It out-performed small caps by 80 times! How and why this happened, and why even this enormous growth could be DWARFED over the next 2–5 years? Spend some time with a Platinum Crypto Trader and you will see just what is possible.
If you’ve booked your session above, we look forward to speaking to you soon!
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Live from the Platinum Crypto Trading Floor.