There are many cryptocurrencies like Ethereum and Bitcoin that leave your transaction details flapping in the breeze. That is, anyone can look up your wallet address and can easily track your transactions and payment history. Nowadays, people want to protect their privacy online, especially when it is related to financial things. And, privacy coins are one such form of cryptocurrency that protects the user’s identity. Moreover, all privacy coins are a great source for tax avoidance because authorities cannot see how much money you’re storing or where you’re storing it. Privacy coins like Monero are already transacting millions of dollars online – and this trend is expected to continue. Privacy coins are going to be a big thing in the future.
It is a cryptocurrency that hides data about its users, basically, the identity of the user along with the amount of cryptocurrency traded and held in wallets.
Monero is the most popular in the privacy coins list. It gives owners the power to have complete control over their data and their anonymity. This completely untraceable privacy coin has a really strong brand and a better marketing team compared to other privacy coins. It deploys unique technology with an ability to make it transparent if you want optionally. It’s relatively stable and strong – even when the crypto market occasionally takes a hit. It is dynamically scalable and offers a wider reach for day to day transactions.
Though not so popular, Zcash is a strong contender for one of the best privacy coins 2020. A relatively untested and new to the industry, it uses a unique system called zk-snark. If ethics and the murky reputation of privacy coins are what you are looking for, then Zcash is a good option. Thanks to its strong brand awareness, Zcash has now started working with companies like JPMorgan Chase, one of the biggest banks in the world. This privacy coin is difficult to trace and strong in terms of privacy cryptography. Furthermore, the crypto company donates one percent of its ‘Founder’s Reward Tax’ to non-profit charities.
Dash was founded back in 2014; it is one of best privacy coins as well as quite different from the previously mentioned cryptocurrencies. It is based on the Bitcoin protocol and has the main features in the privacy protection system called - Private Send which is the extended version of CoinJoin. PrivateSend transactions allow three users to pre-mix their coins into a single transaction, then distributes coins to new addresses; however in a random order. The transactions go through a series of PrivateSend operations, ensures the anonymity of the transactions.
Private Instant Verified Transaction (PIVX) is another open source privacy coin that has achieved immense popularity in crypto market space. With a lot of growth potential, it is yet to hit the top 50 ‘most traded’ privacy coins list. Pivx is a hardfork of Dash that aims to develop some better features for its platform. It has a strong following and community; this crypto coin is not popular yet in comparison to other top privacy coins like Monero or DASH.
After being backed by John Mcafee, Verge has skyrocketed and tipped for big things but has also crashed dramatically. The credit for its fame goes to influencers in cryptocurrency – like Mcafee – who promoted Verge as a promising privacy coin future. As it comes with open-source software, so followers of Verge can input into future decisions and developments of the technology. This ‘well recognize’ cryptocurrency uses an innovative Wraith Protocol technology – that allows users to switch between private and public transactions.
Particl (PART) is an open-source, decentralized privacy platform built that allows its users to buy or sell anything. It is global person-to-person e-commerce just like eBay, Etsy, or Amazon. The only exception is that all transaction data, payments, and conversations carried over a self-governed, distributed network instead of a central server. Better than its counterparts, Particl is a DApp equipped with a P2P encrypted messaging platform, stealth address, dual token system, ring signatures, automatic use of Tor hidden services, disabled wallet transaction broadcast, and confidential transactions. It also uses a Proof-of-Stake (PoS) coin which generates passive income for anyone holding it in order to secure the network. With such myriad of features, Particl is certainly going to be among the top three contenders for privacy coin future.
Launched in March 2018, Bitcoin Private (BTCP) is a merge fork of Bitcoin and Zclassic. This private crypto is a decentralized, open-source, fast and community-oriented platform which combines the best of two worlds. One one hand, it uses Zcash’s zk-SNARKS cryptography to provide financial privacy to its users, and on the other hand, it uses Bitcoin’s decentralized feature to eliminate the need for the middleman in transactions. It further uses cryptography to provide validations for all transactions and record them to the public blockchain ledger. This all-new crypto coin aims to be the best by offering larger block size, fast speed, and high security while retaining the anonymity.
Launched in 2016, Zcoin was the first digital token to use the Zerocoin protocol. It is one of the top privacy coins that uses a combination of Tor and the Zerocoin protocol to provide full transaction privacy and anonymity for its users. While retaining usability and the auditability of its coin supply, Zcoin aims to establish itself as a provider of anonymous transactions, fungibility and decentralization of mining. Zcoin offers a higher level of privacy as it enables spending without any transaction history or link to the individual’s identity. Zcoin uses zero-knowledge proofs, so the transactions within the Zcoin network are completely untraceable. Furthermore, XZC uses the Zerocoin Protocol to allow users to mint a new coin. In its minting system, coins are 'burnt,' and then new coins are created with no previous transaction history. So, tokens are not seized, and coin owners are not bound to tokens that were previously involved in illegal activity.
DeepOnion is an addition to the list of new privacy coins that is integrated into the TOR network. TOR network encrypts and routes the traffic all over the world by using TOR servers. To put it simply, it ensures the anonymity and privacy of its users by hiding their IP addresses which means all of the transactions that occurred in DeepOnion will remain private and secure. DeepOnion is a hybrid algorithm-based cryptocurrency. Its main feature DeepSend enable users to send and receive untraceable payments. The feature uses the unique multi-signature facility to ensure the complete privacy of both origin and destination.
Built on Bitcoin Core, it’s a low fee cryptocurrency that offers quick turnaround time– transactions take about 30 seconds. Navcoin is completely decentralized and anonymous of all privacy coins. It has a strong marketing team to promote their brand and the development team that has loads of updates planned for the next couple of years. If you want to set up online payments for your business, you can do so using the merchant system of Navcoin via Coinpayments.
Cryptocurrencies are volatile investments, and privacy coins are a great way to protect your identity online. So, if you are planning to invest in any of the above picks for the top privacy coins in 2020, then first do your own research and then take the best decision for yourself.
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