TOP 4 Anonymous Cryptocurrencies

By
Tokeneo
-
2 min reading

You probably heard about Bitcoin being anonymous more than once. Try to forget about it, because it's one of the greatest myths about it! Although this information may have overwhelmed you for some reason, it's worth knowing that there are many other cryptocurrencies that will allow you to do anonymous transactions. Here they are!

privacy cryptocurrencies

Monero (XMR)

There's a reason our list starts with Monero. This Altcoin is the first to be popular among privacy-oriented cryptocurrencies. On the CoinMarketCap it ranks 16th place. Monero was created in 2014 as a result of the division in the Bytecoin network. It should be added here that it was originally called Bitmonero. Interestingly, huge demand for this crypto was recorded two years later. At that time, both market capitalization and XMR turnover volumes rose to new levels. Of course, this cannot be compared to the ATH of early 2018, as it only looks like a slight rise from a few years. Nevertheless, in 2016, interest in this cryptocurrency began to grow significantly.

Although Monero's anonymity is a huge advantage (when making a transaction, data about the sender, recipient and amount are protected by special cryptographic solutions) in the context of legal regulations it can be quite a big disadvantage.

Dash ( DASH)

Dash also belongs to the group of the most popular cryptocurrencies, focused on privacy. It is ranked 22th in terms of market capitalisation. It was launched the same year as Monero. In fact, Dash is based on the Bitcoin protocol, with small differences that allow users greater privacy and scalability. Interestingly, the name of this cryptocurrency has been changed three times. At first it was called Xcoin (XCO), then Darkcoin, and finally it remained with Dash.

This Altcoin focuses primarily on fast, yet anonymous transactions. Like many other cryptocurrencies, Dash reached a record price level in December 2017 (during the so-called crypto bubble). The main reason for its popularity is to solve two problems that Bitcoin is struggling with: lack of anonymity (this can be discussed, as it is not a drawback for everyone) and free transactions (here, however, it should be taken into account that there are alternatives to BTC transactions, such as Lightning Network, which allow for quick transfer of funds outside the main chain).

Interesting fact: Crypted Dash is becoming a convenient way of making payments. For example, at the end of last year it was accepted even in one of the branches of Venezuelan Burger King along with 5 other most popular coins. 

Zcash (ZEC)

This cryptocurrency is on the 25th position in the CoinMarketCap ranking. It appeared on the market 4 years ago (exactly in 2016). Zcash was created as one of many coins based on the Bitcoin protocol. Just as it remains a peer-to-peer coin, however, its priority is primarily transaction privacy.

Zcash was initially called Zerocoin. It was based on a special cryptographic protocol (ZK-SNARK), which protects information about the sender, recipient and amount of the transaction between the two parties.

Verge (XVG)

This Alctoin is on 64th position according to market capitalization. So it is not as popular as the above mentioned competitors. But why do we mention it? Well, with this cryptocurrency, a completely different approach to transaction privacy has been taken. Verge uses Tor software to hide users' IP addresses and transaction location.

This cryptocurrency entered the market in 2014 under the name DogecoinDark. Verge has a clear ledger, allowing everyone to view all transactions except that it protects the users' identity.