Crypto What will be the fate of privacy coins in coming years ?

[Josemendez]

Most of us are not familiar with what privacy coins are.
Privacy coins are those coins built in order to help keep transaction of the user secret ,such that the user address and amount in the wallet is hidden from the transaction. It was built to argument the deficiency in bitcoin where transaction can reveal one's wallet balance and address . Example is Monero and Dash

Earlier last year ,2020 some countries started fighting against mining of privacy coins in their country and this made the coin to lose miners and investors too as exchange sites in these countries were given ultimatum to delist these privacy coins .

It is believed that fraudulent activities and Terrorist funding are carries out through these privacy coins. The thing here is that these type of coins could have been good for transactions because there is no privacy with the present coins in the market.
With ones address you can be able to view all the coins in the wallet using explorers.

What do you think about privacy coins ?, Will they be able to survive in the cryptocurrency market in coming years ?

 

[Mika]

I have never used Monero and Dash and in fact, until recently I did not know that Monero and Dash were privacy coins and their wallet address and transaction records were hidden. One of the reasons for creating bitcoin, the first crypto currency was to keep the transaction anonymous but since the transactions were recorded in blockchain they never were hidden.

 

[Sherman198]

I have never used Monero and Dash and in fact, until recently I did not know that Monero and Dash were privacy coins and their wallet address and transaction records were hidden. One of the reasons for creating bitcoin, the first crypto currency was to keep the transaction anonymous but since the transactions were recorded in blockchain they never were hidden.

I think Monero and Dash are good coins respectively....even though I'm told those to be used by those who wants their transactions untracked. Though, I believe this two coins still have a better because Bitcoin can't be used secretly anymore, with this, people may be shifting their attentions to these coins!

 

[Deleted member 28127]

I think Monero and Dash are good coins respectively....even though I'm told those to be used by those who wants their transactions untracked. Though, I believe this two coins still have a better because Bitcoin can't be used secretly anymore, with this, people may be shifting their attentions to these coins!

Most of people use exchange wallet and in this exchange wallet there is monero or dash, people are using exchange address because it will be easy for example to exchange their funds or exchange platform like Coinex then store them in Coinbase as an example, so the reason is to get their earning nothing related to untracked transactions as my personal point of view.

 

[Sherman198]

Most of people use exchange wallet and in this exchange wallet there is monero or dash, people are using exchange address because it will be easy for example to exchange their funds or exchange platform like Coinex then store them in Coinbase as an example, so the reason is to get their earning nothing related to untracked transactions as my personal point of view.

I don't get your points some times.....why do you think some crypto enthusiase use this two coins; Dash and Monero? Why do you think people use them, in place of Bitcoin? Some out of these people found using Dash and Monero for more secured, and transactions as per carrying out their operations on the Block chain, as for no records.

 

[Deleted member 28127]

I don't get your points some times.....why do you think some crypto enthusiase use this two coins; Dash and Monero? Why do you think people use them, in place of Bitcoin? Some out of these people found using Dash and Monero for more secured, and transactions as per carrying out their operations on the Block chain, as for no records.

Just because there are many sites that are paying with Dash and Monero for example a faucet or PTC site or microjob site so finally it is a manner of getting paid like bitcoin not more than that. Most of sites that are paying with cryptocurrency mention to not use an exchange address in order to get paid means an address for site of exchange currency however people are doing this is second part in this message.

 

[Josemendez]

with this, people may be shifting their attentions to these coins

Not really. It is only in few exchanges that you can find Monero and Dash , most exchange site has delisted them , do it will be difficult for people to buy them . The few ones that have them may soon delist them because there is concern over their use in money laundering , funding of terrorist group and many other illegal activities.

 

[Destinyfejiro]

Thanks so much for this information...a friend of mine was telling me to buy a coin and he was like it's a privacy coin....I'm glad I finally get to understand what it means ...well I haven't really made use of monero or dash but base on reviews I think they are both wonderful coins...in nearest future anything could happen

 

[Sherman198]

Not really. It is only in few exchanges that you can find Monero and Dash , most exchange site has delisted them , do it will be difficult for people to buy them . The few ones that have them may soon delist them because there is concern over their use in money laundering , funding of terrorist group and many other illegal activities.

Your opinion though! Aren't they using all cryptocurrencies for laundering? Infact, I still claim both Dash and Monero on allcoin faucet. And I can even exchange them to any other coin on faucetpay or in allcoin. If they are enlisting them, that doesn't mean you can't still use them. The creators of those coins means well for the crypto ecosystem. It's the criminals that are using them to perpetrate laundering. So we should respect the coin!

 

[Lens1000]

For people who wants to keep their transaction private and untraceable uses the privacy coin. There are many classified transactions that need to be kept secret as much as possible. These transactions are carried out using the privacy coin. Don't be surprised that the government uses these coins the most

 

[Yugocean]

No cryptocurrency is open, all ar privacy coins. Monero and Dash are also very similar to other cryptos.
Any privacy coin can be used to fund someone, but only when it is converted into usable fiat currency on an exchange platform, and the platform will know the history of this transaction..

 

[Josemendez]

well I haven't really made use of monero or dash but base on reviews I think they are both wonderful coins

They are . They could have been great coins for hiding transaction from people as it is not possible with bitcoin and the rest of the coins ,but the challenge is that it can be used for illegal purpose. This is why it may not succeed very much in the cryptocurrency world. I fear investing in it may be risky as when it is delisted further in exchanges , one will lose money

 

[sincerem]

Those privacy coins are more anonymous indeed. That's why government aren't in support of it at all, they're calling for its delisting cos of how it is targeted by fraudulent people. I believe most of the exchange sites like Binance, coinbase have delisted those privacy like Monero and co.

 

[Alexandoy]

This is the first time that I've heard of privacy coins which surprised me. When the user has his real identity in the wallet then that would put him at risk. Anyway, any crypto is not legal right now so I guess the future of the privacy coin will be directly related to the future of the crypto industry. What happens when countries start to attack the crypto industry?

 

[Sotherefore]

I know what a privacy coin is all about but I haven't taken my time to research more and to know a deep information about how it really work. I don't even know why privacy coins was really created because generally cryptocurrency is encrypted and no transaction can be carried out in the blockchain technology and left a record.

As a result of this , I don't really see the reason , the needs for a privacy coin because everything can be carried out without any trace by the police or security agency because of the encryption of the blockchain technology.

Seen it is created already, I believe the privacy coins will still be in existence except the government really bans the use of a privacy coin and this can only happen if the government understand that it's promote terrorism or any other form of illegal activities in the world.

I know so many scammers and fraudster might consider a privacy coin to be the best one for them to carry out their transaction, but that is not really our point of concentration , but we should look forward and know some of the ways we can prevent ourself from being scam by these sets of people.

 

[SANIA]

Most of us are not familiar with what privacy coins are.
Privacy coins are those coins built in order to help keep transaction of the user secret ,such that the user address and amount in the wallet is hidden from the transaction. It was built to argument the deficiency in bitcoin where transaction can reveal one's wallet balance and address . Example is Monero and Dash

Earlier last year ,2020 some countries started fighting against mining of privacy coins in their country and this made the coin to lose miners and investors too as exchange sites in these countries were given ultimatum to delist these privacy coins .

It is believed that fraudulent activities and Terrorist funding are carries out through these privacy coins. The thing here is that these type of coins could have been good for transactions because there is no privacy with the present coins in the market.
With ones address you can be able to view all the coins in the wallet using explorers.

What do you think about privacy coins ?, Will they be able to survive in the cryptocurrency market in coming years ?

To be honest I have not heard about these sort of privacy coins or their transaction before. It is my first time learning about these. I am familiar with the concept of bitcoins and cryptocurrency.
So far I have not trade much using these as I am afraid to loose money due to lack of experience or knowledge.
But I know many people are earning a living from cryptocurrency and they are doing well. So I think they can utilize this concept of privacy coins too to earn a living or to invest their money in this form of crypto too.
As far as I am concerned I will not use it until I have some definite proofs that it is profitable in business even for beginners.