Privacy coins remain an important part of the cryptocurrency ecosystem as they are effective tools against privacy infringements. Privacy coins allow you to transact your crypto without being traced. That`s why privacy coins continue to be an important sector in the cryptocurrency markets. If you want to protect your basic right to privacy, you can use the TOP 5 privacy coins.
Most of your cryptocurrency transactions are traceable on the blockchain. So cryptocurrencies like Ethereum and Bitcoin only provide pseudo-anonymity.
Privacy coins are important tools against all kinds of privacy infringements. Transactions are not visible for everyone on the blockchain.
Some privacy coins are private by default. Other privacy coins offer some nice optional identity-preserving features.
No. 5 Verge (XVG)
Verge (XVG) was originally called DogecoinDark. XVG uses an anonymous network layer as well as a Tor anonymity tool to hide IP addresses and user locations.
Not only the locations of senders and receivers are always private by default. XVG also offers stealth addressing.
For these reasons, XVG is an accepted payment option on adult websites like pornhub. Well, definitely an ideal use case for privacy coins.
No. 4 Dash
Dash is one of the oldest altcoins on the market and very well-established. It started as a fork of the Bitcoin protocol under the name Xcoin in 2014.
Dash is more than just a privacy coin and Dash does not market itself as one. Nevertheless, Dash has a nice optional privacy feature that allows you to hide transaction details.
“instant, global, and easy to use.”
Dash transactions cost less than one cent and are nearly instant.
No. 3 Zcoin (XZC)
Zcoin (XZC) is a privacy-focused coin that has integrated Tor into its network to hide users’ IP addresses.
In my opinion, this short introduction video from Zcoin explains the benefits of Zcoin very well.
Zcoin hides various privacy sensitive information by destroying the transaction history.
No. 2 Zcash (ZEC)
Zcash (ZEC) is another very popular and widely used privacy coin. The privacy feature is optional. You can choose if you want to perform a transparent or private transaction. In private transactions, address details are hidden.
Honorable Mentions
Before I reveal my personal number one privacy coin, here are two honorable mentions.
Horizen (ZEN)
Horizen (ZEN) definitely deserves an honorable mention. Horizen describes itself as
“a technology platform with optional privacy features that aims to enable an application-rich and inclusive ecosystem to provide people with freedom and everyday usability.”
Horizon`s privacy features are also optional, offering both, transparent T-Addresses and private Z-Addresses.
Komodo (KMD)
Another honorable mention is Komodo (KMD). Komodo was a source-code fork of Zcash (ZEC).
It allows third party projects to use its protocol in order to make privacy possible for any blockchain network. Komodo is a stakable privacy coin.
No. 1 Monero (XMR)
Monero (XMR) is widely considered the most important of all privacy coins. XMR provides users with complete anonymity through untraceable transactions. The Monero account balances and transactions are hidden, so it can be fully anonymized like physical cash. Monero is private by default.
With around $1 billion, Monero is the privacy coin with the largest market cap. XMR is currently located on market cap rank #16.
If you like to know more about Monero (XMR), I recommend reading the post "Top Things You Should Know About Monero (XMR)" written by @MuyAsk.
Binance is the most active market trading privacy coins like Monero, Zcash, or Zcoin.
Final Words
I hope I could provide you with some interesting and useful information about my favorite privacy coins.
Remember that protecting your basic rights to privacy with privacy coins doesn`t make you automatically a criminal. Privacy coins will always remain an important part of the cryptocurrency space.
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