What are privacy coins and how do they differ from Bitcoin?
Bitcoin is not as private as people might think, but multiple other assets that come with anonymity-boosting features do exist. Cryptocurrencies are typically pseudonymous, but not necessarily private. Bitcoin (BTC) and other assets run on blockchains, with each transaction posted publicly online. During a transaction between two or more parties, assets move to different wallets, each represented by a string of characters. With these addresses and transactions visible to all, however, a certain level of trackability exists, especially if a wallet transfers funds to an exchange requiring....
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Following the U.S. government prohibiting the use of the ethereum mixing service Tornado Cash, the crypto economy’s top privacy coins lost more than 8% in USD value the following evening after the ban announcement. The top privacy coins like monero and zcash managed to recover the losses two days later, but during the last 24 hours, the top privacy coins by market capitalization today are around $6.44 billion, down 3% from the day prior.
While the Top Privacy Coins Have Seen Some Recovery, Most Took a Market Beating Last Week When OFAC Sanctioned the Crypto Mixing Service....
Privacy coins remain a bone of contention when it comes to governments trying to regulate crypto transactions but that has not diminished their popularity. As more blockchains become easier to track, crypto investors have moved to privacy coins in a bid to better conceal their financial footprints. So as the popularity of these digital assets […]
South Korea is to ban crypto exchanges from handling digital assets it considers “dark coins”. Regulator Financial Services Commission (FSC) is specifically targeting privacy coins such as dash, monero and zcash. ● The ban is with effect from March 2021. In an update to crypto regulations under the Special Payments Act, the FSC accuses privacy coins of facilitating money laundering activities. ● It says that transactions involving privacy-oriented coins like monero (XMR) or zcash (ZEC) are hard to trace for law enforcement agencies, including the Commission itself.....
Maybe some people still believe it, but Bitcoin isn’t really anonymous. Indeed, isn’t anonymous at all: all the transactions in this currency are recorded in a public —and widely-available-online— ledger. Tracking the funds and the parties behind them isn’t that hard, and that’s why privacy coins were created. The privacy coins are cryptocurrencies with in-design […]
In 2020, The CEO of exchange platform Coinbase Brian Armstrong made two important predictions for the crypto industry. First, he predicted that privacy coins will gain more relevance in the coming years. Second, those regulations are cryptocurrencies’ greatest threat. So far, his predictions seem to be right on track. Privacy coins are tools use by […]