Sirwin
Sirwin

A possible threat to Monero and other secure crypto currencies

By Mabla | nick07 | 21 Jun 2020


Decentralized crypto currencies with thick layers of securicty are the most preferred coins when it comes to investing and transacting with. With them your transaction details will be safe because the transactions are untraceable.

There are a lot of these coins, the likes of Monero, Zcash, and Komodo etc. these privacy crypto currencies are mainly used by the dark web users. Let’s see their good and the bad side.

ab7c212bda6b23e7c833e5e251d9395c75fe4f74651605fe632d95c504e6dd60.jpeg

The good and bad side of them

The good side. We always enjoy the great services offered by these great coins, our transactions are safe from the bad guys who are always after our hard earned monies they won’t be able to trace our transactions because the protocols used are so secure and stealth addresses are used together with ring signatures.

With the currency bank system whenever you try to make a transaction which involve large amounts, the authorities will be on your back, so crypto currencies with option of being untraced are the best coins.

The bad side. This bad side is a just a rotten good side, it’s a good side which tends to be abused by the bad guys. The dark web guy who do illegal acts such as money laundering, buying illegal weapon and funding the war terrorists and that is a big threat to the world.

If illegal activities using coins like Monero or Zcash then those criminals won’t be put to justice because there is no way to prove the transactions they will just go free.

Possible threats to privacy coins

Those coins are prone to attacks by the authorities and are likely to be banned and they will drastically fall and might not recover this. There was a time when Japanese authorities said something about banning secure and untraceable coins, those coins fell.

If they are to be banned today Monero will likely fall and it will be its end as it uses Cryptonote protocol which has total privacy and maintain anonymity of senders, but Zcash might survive this because it has an option of showing the details or sender so it can transparent if the sender wants.

Conclusion

So if investing in secure crypto currencies it will be wise to invest in secure coins which have an options of revealing the transaction details so that if it happens that the authorities ban them you will not suffer insignificant losses. So Zcash is the best secure coin and safe to invest in.

How do you rate this article?

6


Mabla
Mabla

I most the definite


nick07
nick07

The Path-Finder

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.