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Privacy cryptos

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Privacy cryptos are heavily focused toward transaction security and anonymity, a lot more than those in the payment category are. In fact, the idea that Bitcoin and other cryptocurrencies in the payment category are fully anonymous and untraceable is a common misconception. Many blockchains only disguise users’ identities while leaving behind a public record of all transactions that have occurred on the blockchain. The data in the ledger often includes how many tokens a user has received or sent in historical transactions, as well as the balance of any cryptocurrency in the user’s wallet.

Privacy cryptos can be a bit controversial because authorities see them as an illicit tool that makes it possible for criminals to engage in illegal activities, such as money laundering. Nonetheless, some of them have gained popularity. Here are some examples:

 Monero (XMR): Monero is the most famous privacy crypto as of 2018.

 Zcash (ZEC): Zcash is similar to Monero but has a different protocol (set of rules). Check it out at https://z.cash/.

 CloakCoin (CLOAK): A lesser-known privacy crypto, CloakCoin has a number of added layers of security. See www.cloakcoin.com/en.

 Dash (DASH): Also mentioned in the payment category, Dash is a bit of a hybrid. In addition to Bitcoin’s core features, Dash also includes the option for instant and private transactions.

Cryptocurrency All-in-One For Dummies

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