December 1, 2020

Cryptheory

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Will 2020 become the year of privacy coins?

2 min read
Will 2020 become the year of privacy coins?

Most people consider each cryptotransaction to be anonymous, but it is not. For example, all Bitcoin transactions are recorded on the blockchain. However, there are coins that were based directly on privacy, and over the past few weeks it looks like this year will become a year of privacy coins.

 

Coins for the protection of personal data

 

Privacy cryptocurrencies have been created to hide all sender and recipient information. They do not provide any transaction amount information and leave no traces or records. Therefore, people often believe that criminals are widely used.

According to Ciphertrace, which has investigated the involvement of cryptocurrencies in illegal activities, privacy coins are responsible for only 4% of illegal activities. More popular usage is the basic need of most ordinary people to protect their privacy from central governments or authorities. For ordinary people, privacy coins have been created.

Monero is one of the most popular privacy cryptocurrencies. It is also one of the largest cryptocurrencies since it is currently ranked 14th according to KMC. Other popular cryptocurrencies include Dash, which has gained popularity in Venezuela and Zcash.

 

The trend of privacy coins in 2020

Despite the price falls in 2018, it seems that most of them have achieved extremely positive growth in recent weeks. Monero (XMR) has seen a 10% increase in the last week. Zcash showed 66% and Zcoin rose 60% at the same time.

Thanks to the citizens of Venezuela and the growing popularity of the Dash cryptocurrency, we managed to increase the price by 140% to approximately $ 125. In addition, DASH briefly entered the top 10 cryptocurrencies in the world. Cryptocommunity and analysts consider this development a return of privacy coins to the scene. Some see the latest cryptocurrency growth as a sign that more will come.

 

Summary

Although all privacy coins have decreased over the past few days, it has been interesting to see their rocket growth. In this respect, 2020 is expected to be positive for private coins.

 

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