Why We Need Privacy Coins

Bitcoin and the overall cryptocurrency community have long been associated with anarcho-capitalism and free markets, and therefore it would be natural to assume there would also be a strong demand for privacy from the community.

In the past couple years there has been a proliferation of alternative cryptocurrencies to bitcoin, which are designed to better serve specific use cases. Privacy has become one of the hottest niches within the crypto universe over the past couple years.

It has become common knowledge that bitcoin is in fact not an entirely anonymous or private currency. Although your identity is not attached to your transactions, your public address probably is (in one way or another).

This public address is used to send and receive bitcoin transactions. It can also be used to track and link all of your transactions, which are available to be viewed on bitcoin’s public ledger.

Since most purchases of goods and services and even many exchanges require a form of identification, it’s just a matter of getting a couple pieces of information before someone is able to link your transactions from a retailer to cryptocurrency wallets, exchanges, and wherever else you may have sent your bitcoin.

Today there are a number of alt-coins addressing the demand for privacy. These coins use a variety of innovative tech— from cryptography techniques to proxy networks — to make transactions anonymous and untracable. One of such coins is Bitcoin Core  in which the devs are looking to Introduce privacy by implementing confidential transactions by default.

Editor-in-Chief @Coindaily_co and Bitcoin enthusiast