Best Privacy Coins and best way to send crypto anonymously

Privacy Coins have surfaced since the crypto community looked for ways to send coins privately. This article will show you the list of best Privacy Coins.

image-best-privacy-coins-2
This article shows you the list of the best privacy coins.

Why do you need a Privacy Coin?

The public blockchain, with Bitcoin as an example, has a public ledger that records all the transactions made on its network. That means everyone can access the blockchain, track any transaction and details involved.

Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts. That technique makes XMR transactions confidential and untraceable. 

Besides, Monero has a strong brand-name and good marketing team to make it more and more popular. The community of this project is very strong, spreading all over the world. You can easily find an XMR holder in your living area and make a transaction with him.

However, because of its anonymity, Monero is frequently used on the dark market for dark purposes. This harms the project’s reputation and as a result, XMR is a target of the authorities all over the world.

Who should use Privacy Coins?

If you are concerned about your privacy, crypto assets and further, your real-life safety, you should learn about ways to protect your transactions.

As previously mentioned, it’s a super high risk when you just transact digital coins without wondering about its anonymity. Your funds are targeted by prying eyes, your financial status is revealed as well. 

Privacy coins delete all these risks. This kind of cryptocurrency turns on a ‘protection mode’ for your assets so that you no longer need to worry about any security threats. 

After understanding why you should use privacy coins, let’s move the list of the best privacy coins nowadays.

Top 5 Best Privacy Coins in 2020 and beyond

The cryptocurrency community has never been as concerned about the privacy issue as it is now. Thus, a number of privacy-oriented projects are in great demand. Come with both pros and cons, these are the best privacy coins in 2020 and beyond.

Best Privacy Coins #1: Monero (XMR)

Old but gold. Monero (XMR) is considered one of the best privacy coins on the market currently. 

image-best-privacy-coins-1
Monero (XMR) has long been the best privacy coin on the market.

Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts. That technique makes XMR transactions confidential and untraceable. 

Besides, Monero has a strong brand-name and good marketing team to make it more and more popular. The community of this project is very strong, spreading all over the world. You can easily find an XMR holder in your living area and make a transaction with him.

However, because of its anonymity, Monero is frequently used on the dark market for dark purposes. This harms the project’s reputation and as a result, XMR is a target of the authorities all over the world.

Best Privacy Coins #2: Dash (DASH)

Being a fork of Bitcoin, which has a transparent blockchain, Dash isn’t a fully privacy coin. Instead, it offers privacy protection for transactions as an option for users. 

As usual, you can check addresses and transactions on Dash blockchain. But you have an option to use the PrivateSend feature to obscure transaction details. This interesting feature marks Dash on the list of the best privacy coins.

Moreover, when you send a coin, your coin is mixed with other coins that are sent on the network. Hence, no one can trace your Dash payment or figure out how much was sent. Resultantly, your financial status is fully preserved.

Unfortunately, one of its cons is that Dash is used as a payment method on the dark market. Thus, similar to Monero, this project isn’t favored by many governments.

Best Privacy Coins #3: Zcash (ZEC)

As Bitcoin transparency challenges modern notions of privacy, many projects aim to be an alternative to Bitcoin in the privacy version.

And that’s exactly what Zcash is. This project describes itself as:

“Like Bitcoin, Zcash transaction data is posted to a public blockchain; but unlike Bitcoin, Zcash ensures your personal and transaction data remain completely confidential. Zero-knowledge proofs allow transactions to be verified without revealing the sender, receiver or transaction amount. Selective disclosure features within Zcash allow a user to share some transaction details, for purposes of compliance or audit.”

This semi-transparency mechanism makes Zcash one of the best privacy coins exiting on the market. However, users can not have full-control privacy when they transact ZEC on KYC exchanges. Because exchanges that require KYC evidence don’t support private transactions. Like it or not, you have to use Zcash transparently.

Best Privacy Coins #4: Verge (XVG)

Verge uses the Tor IP Anonymizer to make transactions while still maintaining the anonymity. The underlying technique of Verge provides users to transact digital coins both through public and private blockchains. This is why Verge is usually placed in the list of best privacy coins. 

Being a ‘well-recognized’ project, Verge aims to be s digital currency designed for everyday use. Verge makes it possible to engage in direct transactions quickly, efficiently and securely. 

Best Privacy Coins #5: Grin (GIN)

Launched in January 2019, the Grin project is built on the Mimblewimble protocol, one of the most innovative technologies in the privacy-verse. This brings Grin to stand in the ranks of the best privacy coins.

image-best-privacy-coins-4
Grin is an interesting privacy coin implemented on Mimblewimble protocol.

Grin describes itself as below:

“Grin has no amounts and no addresses. Transactions can be trivially aggregated. To hide the origin of a newly created transaction, it gets relayed among a subset of peers before it is widely broadcasted.”

Along with Beam (BEAM), which is also built on Mimblewimble protocol, Grin has become an emerging and potential project that helps to obscure the sender’s transactions. 

Is the Privacy Coin the best way to send crypto confidentially?

Despite all of the advantages, privacy coins are not the best way to send crypto confidentially. Let’s take a look at an example below.

Saying you have 1 BTC and want to send it to Mike without anyone knowing. Then you have to use BTC to buy XMR (or DASH, XVG or other privacy coins) at the current market price, which is volatile every single minute. After that, you send XMR to Mike confidentially. Finally, Mike has to trade XMR to BTC at a different market price, meaning that Mike can’t own the exact 1 BTC.

This process also takes a lot of time and procedure for both you and Mike. Moreover, sometimes no one is willing to trade BTC/XMR with you and you have no way except trade it on a crypto exchange. 

With all this in mind, you should better be looking for other ways to send and receive coins privately.

Incognito Wallet – The ultimate way to send and buy crypto anonymously

Instead of using Bitcoin (or other crypto assets) to buy privacy coins, there is a method that turns your favorite coins into the privacy version.

The method here is Incognito Wallet, a privacy wallet that keeps your transactions untraceable.

image-best-privacy-coins-6
The Incognito Wallet is the perfect way to send crypto confidentially.

Incognito is designed as a sidechain for all the blockchains, which connects to Bitcoin, Ethereum or Binance Chain via a trustless portal. Thanks to this technique, you can turn any cryptocurrency of your choice into its privacy version. Let’s continue the aforementioned example:

Saying you have 1 BTC and want to send it to Mike without anyone knowing. You can use the Incognito Wallet to switch Bitcoin into private Bitcoin (pBTC) at the rate of 1:1. After that, all you need to do is to send pBTC to Mike’s wallet address. Finally, Mike receives 1 pBTC and turns it back to 1 BTC originally.

Especially, you can process all of those actions without any cost. The Incognito Wallet is totally free and available on both Android and iOS.

Closing thought on “Best privacy coins”

Privacy coins are one of the most controversial topics in the crypto-sphere. Many argue best privacy coins are the most useful tool for money laundering, others praise its role for privacy rights.

But one thing we can agree is that privacy coins need to improve constantly, as there are many potential competitors such as The Incognito Wallet. The more it keeps developing, the more market share it gains.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *