Cryptocurrencies have long been favored for the anonymity they offer and the ease in which funds can be transferred.
Bitcoin (BTC); the oldest and most popular form of cryptocurrency was initially the currency of choice for deep web users and individuals operating on the fringes of society. Bitcoin enabled users to transfer funds nearly instantaneously whilst keeping the identity of senders and recipients hidden.
However, contrary to popular belief, Bitcoins are not entirely anonymous. As was seen by the FBI operation that took down the Silk Road marketplace, Bitcoins are instead pseudonymous. The actual identities of Bitcoin owners whilst hidden can in fact still be identified – something which led to the downfall of Ross Ulbricht aka Dread Pirate Roberts.
In a time where censorship, political correctness, and government oversight are becoming commonplace, it is more important than ever for us to keep our privacy protected at all costs.
Recognizing this niche, programmers and developers have begun introducing a new generation of cryptocurrencies that offer total privacy. From enhanced security features to military-grade encryption, the future of our privacy is at stake.
Let’s take a look at some of the best private cryptocurrencies on offer in 2021.
Launched in 2014 as a fork of Bytecoin, the Monero (XMR) is classed as a “private digital currency”.
Unlike Bitcoin, transactions made with Monero are significantly more difficult to trace due to their usage of ring signatures and stealth addresses.
This method allows users to enjoy a significantly greater degree of privacy and helps hide the origin and destination of fund transfers.
Because of all this, Monero has been steadily growing in popularity in recent years. As concerns of privacy continue to grow, we can expect Monero’s developers to implement increasingly stringent security protocols.
In 2017, it was allegedly found that UFC website was secretly mining Monero cryptocurrency, using the computers of users of the Fight Pass without their consent.
However, the popular brand of Mixed Martial Arts removed the malicious crypto code from their website a month later, so don’t worry: you can bet safely on MMA (click here) and buy their official products.
Built on the Bitcoin model, ZCash (ZEC) stores and records transactions made on a digital ledger. The similarities between these two cryptos end here, however.
While ZCash also makes use of blockchain technology, it utilizes an advanced cryptography tool known as Zero-Knowledge Proof to keep personal and transactional information private.
Thus, allowing for key information to be verified without compromising the identity of either the sender or recipient.
Formerly known as Darkcoin, Dash (DASH) is a digital currency that first originated in 2014. Another offshoot of Bitcoin, Dash was developed as a means of overcoming pre-existing issues found on the Bitcoin network.
With its vast network of users, Bitcoin transaction times have slowed down in recent years – thus making it unsuitable for large transactions. Additionally, pre-existing security and privacy issues have forced crypto enthusiasts to look elsewhere.
Dash makes use of a coinjoin mixing technique known as PrivateSend to anonymize transactions thus keeping the identities of senders and recipients a secret.
The speed in which transactions can be processed and the option to keep transactions anonymous have made Dash a popular choice for individuals looking to keep things private.
Unlike other cryptocurrencies on this list, Verge (XVG) makes use of pre-existing TOR (The Onion Router) and the Invisible Internet Project (I2P) technology to keep transactions private.
By routing communications over a distributed network of relays and tunnels, Verge makes it essentially impossible to decipher the identities of users. Additionally, privacy is provided by I2P encryption which occludes and disrupts any effort to uncover the identity of senders and recipients.
Recently, Verge was in the headlines when adult website Pornhub adopted it as the cryptocurrency of choice for its website. While dubious to some, this goes a long way to show the level of secrecy offered by Verge.
In today’s day and age, data privacy should be at the back of everyone’s mind. These cryptocurrencies whilst not foolproof offer a level of protection lacked by more traditional payment models.
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