Crypto Why is There a Need for Privacy Coins?

Ahmedo24

Verified member
You should understand one simple fact about privacy coin. When the creator has made it private, your transactions will always remain private. Even when you pair with non private coin to trade or exchange, your privacy coin will always remain private. I don't know who this Selah, but I have read whitepaper of monero and it clearly says the transaction are not public
Yes monero is a private coin for a very long time and you can see that most transaction in the dark Web they prefer to use all these privacy coin that is why most government will not allow the use of private coin in their license cryptocurrencies exchange platforms and personally I can't invest in them
 

Sotherefore

VIP Contributor
My I do not see the need for privacy coin because I believe all this privacy coins are the type of cryptocurrency that can be used by scammers and hackers to do illegal business online. I didn't just see the need for it as long as it doesn't have anything special that other normal cryptocurrency cannot offer to holders
 

Jasmine

VIP Contributor
Pardon me for this comment but I don't understand the purpose of the privacy coin. In the first place, how could you buy something that is not in the public listing. Next thing is the anonymity of the private coin that everything is hidden not only the name but also the address. I really cannot comprehend what benefit I would get from using a private coin.
The privacy coins were created for the people who want to make their transactions completely private. Most of the coins are anonymous but not private. But privacy coins are completely private, you cannot see the transaction on public blockchain. Sadly, privacy coin are being abused for illegal transaction. These coins where not created for illegal transactions.
 

Ahmedo24

Verified member
I don't know more about some coins that are private but following this chat has shown that we have many of them which include monero. No matter the reason the launcher of this coin may have, I don't think there should be more to the anonymous nature of bitcoins especially these time.
The concepts to which the coin was created was because of the fact that generally cryptocurrencies are meant to be anonymous in terms of transactions but the continuous abuse of the anonymous nature of cryptocurrency which warrant the use of kyc make the privacy nature of those coins to be threatened especially by government of different countries where cryptocurrencies are legalized.
 

btaliat

VIP Contributor
I don't know more about some coins that are private but following this chat has shown that we have many of them which include monero. No matter the reason the launcher of this coin may have, I don't think there should be more to the anonymous nature of bitcoins especially these time.
 

Ahmedo24

Verified member
Pardon me for this comment but I don't understand the purpose of the privacy coin. In the first place, how could you buy something that is not in the public listing. Next thing is the anonymity of the private coin that everything is hidden not only the name but also the address. I really cannot comprehend what benefit I would get from using a private coin.
Some of the coins are listed on some popular exchange platform but everything about them are private no traces in their transaction which to me personally I don't support it because no definitely be more with illegal transactions than legal transactions in such network which no government will support.
 

Sotherefore

VIP Contributor
Personally I've been hearing of the privacy coin but I don't really know their function in the crypto system because all cryptocurrency is decentralized and in this case I don't even know what function a privacy coins play in the cryptocurrency system that other coins are not playing because I believe all cryptocurrency are private.
 

Alexandoy

VIP Contributor
Pardon me for this comment but I don't understand the purpose of the privacy coin. In the first place, how could you buy something that is not in the public listing. Next thing is the anonymity of the private coin that everything is hidden not only the name but also the address. I really cannot comprehend what benefit I would get from using a private coin.
 

Ahmedo24

Verified member
Even though I believe in free market, I am also against the things that harm the society and believe that the things that might be harmful for the society cannot be allowed to operate in the name of free market, freedom, or democracy. Why should anyone be allowed to make their crypto transaction completely private.
Honestly it doesn't make sense even the dark Web activities I am still wondering why the government of United States especially is watching them carry out activities in legally because most of the privacy coins ucr being used in the dark Web for illegal transactions it is inappropriate and it's aid most of the hacking activities you see online and Exchange platforms.
 

Jasmine

VIP Contributor
Even though I believe in free market, I am also against the things that harm the society and believe that the things that might be harmful for the society cannot be allowed to operate in the name of free market, freedom, or democracy. Why should anyone be allowed to make their crypto transaction completely private.
 

Jasmine

VIP Contributor
Privacy coins are the coins that let people to send and receive coins privately. Unlike Bitcoin and other crypto currencies whose transactions can be publically viewed on blockchain, privacy coin transactions do not appear on the public blockchain. Privacy coins use a technology that not only mask the sender and receiver address but also the transaction record.

The concept of making the sender, receiver and the transaction not just anonymous but also private was popularized by the privacy coins like Monero and Dash. Both of these privacy coins were created in 2014, Monero in April and Dash in January.

If the crypto currency transactions were already anonymous allowing the sender and receiver to hide their identity, why there was a need for coin to make every transaction private?
 

Jasmine

VIP Contributor
You should understand one simple fact about privacy coin. When the creator has made it private, your transactions will always remain private. Even when you pair with non private coin to trade or exchange, your privacy coin will always remain private. I don't know who this Selah, but I have read whitepaper of monero and it clearly says the transaction are not public
 
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Deleted member 51169

Guest
Before you make a comment, do some research. Monero is a Privacy coin, which means your transaction is hidden from public blockchain. On Dash, another privacy coin, you can choose to make your transaction private or public, but Monero does not have that option. Monero forces users to make every transactions private.
Monero? I asked a simple question dear, which I am also in the known too, please. All you need to do is to clarify it. Remember I have made a post about Monero earlier, so I know why I asked. If a coin should be paired in the market, is it still a private coin?

Know this and I quote 'Despite the sophisticated encryption and privacy features employed to protect user anonymity, full anonymity is unlikely to be guaranteed by any cryptocurrency as most blockchain transactions are recorded and accessible on the public ledger". Selah.
 

Jasmine

VIP Contributor
This is my first time of hearing this about this type of coin called private coin. However, I do not think Monero should be classified as a private coin. If it can be paired then, it is not private.

Crypto coins are already encrypted and anonymous. This was one of the fears of governments around the world because it can easily finance terrorism and vices. Should private coins really exist, it is a dent on other known crypto coins.
Before you make a comment, do some research. Monero is a Privacy coin, which means your transaction is hidden from public blockchain. On Dash, another privacy coin, you can choose to make your transaction private or public, but Monero does not have that option. Monero forces users to make every transactions private.
 

Ahmedo24

Verified member
Government will not allow this kind of cryptocurrencies to have ways in their country I remembered z cash which is also a privacy coin value auto crash from around $100 or so to almost $0.1 about 2 years ago so personally I believe people who abuse a privacy in it let's just have cryptocurrencies and let government regulate.
 
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Deleted member 51169

Guest
Privacy coins are the coins that let people to send and receive coins privately. Unlike Bitcoin and other crypto currencies whose transactions can be publically viewed on blockchain, privacy coin transactions do not appear on the public blockchain. Privacy coins use a technology that not only mask the sender and receiver address but also the transaction record.

The concept of making the sender, receiver and the transaction not just anonymous but also private was popularized by the privacy coins like Monero and Dash. Both of these privacy coins were created in 2014, Monero in April and Dash in January.

If the crypto currency transactions were already anonymous allowing the sender and receiver to hide their identity, why there was a need for coin to make every transaction private?
This is my first time of hearing this about this type of coin called private coin. However, I do not think Monero should be classified as a private coin. If it can be paired then, it is not private.

Crypto coins are already encrypted and anonymous. This was one of the fears of governments around the world because it can easily finance terrorism and vices. Should private coins really exist, it is a dent on other known crypto coins.
 

btaliat

VIP Contributor
In as much as I don't like sharing identities online because of some dangers associated with it. I don't like the fact that crypto is allowing private coins at this moment that it is facing stringent criticism because of its anonymous nature. It shouldn't have done that at this moment at least.
 

Mika

VIP Contributor
My real name is not Mika. I don’t share my real identity online. Why do I have to hide my identity, when I am working and earning online? Well, a lot of people will find themselves in my shoes. The virtual world can be inherently dangerous. That’s why people do not like to be tracked online.
 

kayode10

VIP Contributor
Bitcoin is good for those who like to send money in private. It makes it is it to send asset in privacy. I know a person who like to donate a lot of money to charity anonymously. He doesn't like it anytime I make a donation and people announce it. He said he is not doing it for show business.
 
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