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Anonymous Coins In Danger?

3 min reading

Investing in anonymous coins has become extremely problematic. More and more exchanges are getting rid of such coins despite their initially promising parameters.

Anonymous Coins

What are the anonymous coins? Nowadays, the main problem on the Internet is the lack of sufficient protection for sensitive data. In the case of cryptocurrencies, transaction data is the element that is mainly exposed to unwanted attacks. Because of the decentralized nature of assets (or money) such as cryptocurrencies, anonymity seemed obvious.

It is not that simple, however, because even though many blockchains mask the user's identity, they leave a trace in the form of all transactions taking place on a specific blockchain. There, in turn, you can find out how many tokens were involved in the user's transactions, and how many resources they have in their wallet.

Anonymous coins seem to be a response to this problem. Thanks to them, you can make transactions without making any information about the coins public. Despite arousing a lot of controversy, they are quite popular in the environment. Flagship examples of anonymous coins are Monero, Zcash and Dash.

 

Difficulties of anonymous coins

New requirements of the Financial Action Task Force (FATF) regarding detailed verification of transactions above $1000 clearly hit anonymous coins. The reputation and trust of users for coins don't matter in this case. XMR, ZEC and DASH have already been removed from the offer of such exchanges as Coinbase UK, Cex_io or UpBit.

This situation may result in the fact that confidence in cryptocurrencies will become even smaller. Up to now, fiat currencies were primarily regulated by various legislators around the world. Anonymous coins seemed to be safe (and more importantly legal) assetes, with no trace behind them. However, projects such as Monero or Dash began to operate on darknet more and more often. Cryptocurrency exchanges are no longer so willing to gather them.

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