Rise of privacy coins
With increased integration, there has been increased outcry for privacy as a human right. Cryptocurrencies are known for being decentralized; however, a major drawback attached to it is the lack of privacy. This has led to the rise of privacy coins. Privacy coins offer complete anonymity. Transactions done through these coins are private and no one can access any information such as the sender’s or receiver’s address or even the transaction amount.
Here are some hot privacy coins that are leading the race:
Monero is the Bitcoin of privacy coins, being the first one. Any increase in the demand for privacy altcoins is dominated by Monero. Monero (XMR) broke the strong resistance level it had been facing at $100 in the recent bull run and went as high as $273. The coin is currently trading at a price level above $200 with a bullish market sentiment. The privacy features of the coin are so serious that the Internal Revenue Service (IRS) has offered a bounty of $625,000 to anyone who is able to crack Monero’s code. Among other developments, Tesla is also reviewing a proposal to add Monero as a payment method.
Dash (DASH) also known as digital cash is another major privacy coin that has been gaining the spotlight. Dash also has the feature of both standard transactions and private ones, known as PrivateSend. Privatesend feature is costlier than the standard one and the focus of the project is one speed of transactions which it guarantees with the increased transaction fee. Amidst growing uncertainty, privacy coins continue to make major developments. The Dash Core Group has entered into a strategic partnership with CrayPay to make Dash available to around 155,000 merchants in the US.
Unlike Monero, Zcash’s privacy feature is optional. Other than that, the cryptocurrency closely resembles Bitcoin. The zero-knowledge proof technology enables the cryptocurrency to support private transactions. The addresses on the block chain are divided between z-addresses – anonymous – and t-addresses – transparent. Zcash (ZEC) is popular on Asian exchanges like Huobi and OKEx. The cryptocurrency is ranked 52nd on CoinMarketCap’s leader board.
From a price of $0.2, NuCypher (NU) has climbed up to around $0.9 in the recent bull run – establishing its all-time high. At the time of writing, the cryptocurrency stands at $0.7 and is expected to go upwards. Majority of the future predictions for the cryptocurrency are optimistic. According to the forecasts of Wallet Investor, NuCypher can go up to $2.135.
ARPA Chain (ARPA) is at its all-time high at $0.06 and appears to be on an upward trajectory. According to CryptoGround, ARPA Chain is estimated to be valued at around $0.2 in five years’ time.
However, privacy coins have a negative connotation attached to them and often bear the brunt of the hate for cryptocurrencies. Being anonymous, they are considered to be the go-to mode of payment for illegal activities. This has led to increased scrutiny of privacy coins and recently, several major cryptocurrency exchanges have delisted privacy coins in order to be compliant with regulatory bodies. However, even with the setback, these privacy coins do possess the potential to grow and should be on cryptocurrency investors’ watch list.