Anonymity was one of the key reasons behind the growth of the cryptocurrency sector in its early days. However, this aspect of the cryptocurrency industry is slowly fading. Staying fully anonymous has increasingly become more difficult, with many needing to use mixers to stay off the grid. Let’s look at a few privacy-focused cryptocurrencies that you can consider if you want to be anonymous.
3 Cryptocurrencies For You If You Want To Be Anonymous
Unlike Bitcoin (BTC) and most other cryptocurrencies, privacy coins hide the sender, receiver, and amount details from the public. This factor makes privacy coins attractive to a large number of people.
The first cryptocurrency you can consider if you want anonymity is Monero (XMR). XMR was launched in 2014, and the project is open-source, which means that anyone can inspect or contribute to its code. When you send someone XMR, the project creates a “stealth wallet” for that transaction and hides your wallet address. Additionally, the project uses ring signatures and ring confidential transactions to hide receiver details and the transacting amount.
The second cryptocurrency to be anonymous is Zcash (ZEC). ZEC, like XMR, hides sender, receiver, and transacting amount details. The project utilizes zk-SNARKs, which is one of the earliest real-world uses of zero-knowledge proofs. ZEC had some trouble earlier this year after its core developmental team quit en masse. However, the cryptocurrency has since made a recovery.
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The third cryptocurrency you can consider is Dash (DASH). While DASH is not primarily a privacy coin, it has a PrivateSend option which can provide some level of anonymity. Funds are broken into smaller amounts, mixed with others, and then sent and recombined. DASH is more popular for everyday use for its fast speeds and low transaction fees.