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Author Topic: Privacy Coins  (Read 58 times)
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June 23, 2019, 06:31:09 PM
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Bitcoin was created to offer decentralization and anonymity to asset holders to enable transaction between two individuals without the direct intervention of a third party. This transactions are direct and unregulated, but are visible and traceable as the blockchain is an open ledger. While there is no real identity behind addresses, it's possible to link transaction together and have this provides a level of security risk.
This is the problem that privacy coins tackle.

What are privacy coins?

Privacy coins offer private transactions which are not transparent. It blurs certain information, such as amount transferred, address of individuals invloved or amounts held  in the wallets. This provides coin holders with a level of privacy and security.
Privacy coins is not a new technology, Monero; one of the most popular privacy coin was created in 2014 as a fork of bytecoin.
Check out this thread: [ANN][BMR] Bitmonero - a new coin based on CryptoNote technology - LAUNCHED. It was previously known as Bitmonero. Other privacy coins include, DASH, ZCASH and the more recently launched BEAM.

On the downsides, privacy coins has been identified by some as a medium for corrupt practices and money laundering with transactions that are difficult or impossible to trace. Although this has been a popular criticism for all other cryptocurrencies including Bitcoin. Considering that fiat currency can also be (and is) used for illegal activities as well,

Another con is the problem of scalability. It takes a lot of data to obfuscate transactions and some privacy coin networks also mixes up the transactions being confirmed by miners to make it more difficult to trace at the cost of scalability.
There's also the problem of the security of the network, and it's imperviousness to attacks.

Which is your favorite privacy coin?
Would you, or do you use privacy coins over utility and security coins?

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June 23, 2019, 09:22:12 PM
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I know that you already know that there are other coins out there that also make your transaction private and can't be trace and that is one of the coins that have the same feature when you really want to make your transaction private. This is useful if you trying to hide something or you just want it to be private whatever reason you have that you want it to be that way. Anyway, I haven't use a privacy coins where I don't have reason to do it but if I have then i'll surely use in the near future but for now it's not the right time for me at this moment and will be very useful. The list below is what I think about the privacy coins advantages and disadvantages in my opinion. Corrections are accepted if I have mistakes stated or mentioned.

Advantages
1.) Transactions made is private.
2.) Transactions are hard to trace.
3.) Can't trace where the amount came from.
4.) Won't be able to know who send the amount.
5.) You can't check the wallet addresses involved or use in the transaction.
6.) Can't check the amounts held wallets.

Disadvantages
1.) If your wallet is hacked, stolen or compromise by a hacker in any chance and your money stored in that wallet can't be trace.
2.) You won't be able to know who is the responsible in stealing the money you store.
3.) It can be use for money laundering.
4.) It can be use to conceal or make the transaction private if both person is doing an illegal activity.
5.) It is also use to take advantage of it's advantages.

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June 23, 2019, 10:36:16 PM
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According to a new FATF recommendations the required information for each crypto transfer must include:
1 originator’s name (i.e., the sending customer);
2 originator’s account number where such an account is used to process the transaction (e.g., the VA wallet);
3 originator’s physical (geographical) address, or national identity number, or customer identification number (i.e., not a transaction number) that uniquely identifies the originator to the ordering institution, or date and place of birth;
4 beneficiary’s name
5 beneficiary account number where such an account is used to process the transaction (e.g., the VA wallet).

I think that all legal centralized crypto exchanges will follow this recommendations and will delist all coins that will not meet these requirements. As you understand, most of all it concerns anonymous coins, which make it impossible to track the sender and the beneficiary . I have doubts that anonymous coins will be able to emerge victorious from this war with FATF , unfortunately their prospects are very vague.

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June 23, 2019, 10:58:49 PM
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According to a new FATF recommendations the required information for each crypto transfer must include:
1 originator’s name (i.e., the sending customer);
2 originator’s account number where such an account is used to process the transaction (e.g., the VA wallet);
3 originator’s physical (geographical) address, or national identity number, or customer identification number (i.e., not a transaction number) that uniquely identifies the originator to the ordering institution, or date and place of birth;
4 beneficiary’s name
5 beneficiary account number where such an account is used to process the transaction (e.g., the VA wallet).

I think that all legal centralized crypto exchanges will follow this recommendations and will delist all coins that will not meet these requirements. As you understand, most of all it concerns anonymous coins, which make it impossible to track the sender and the beneficiary . I have doubts that anonymous coins will be able to emerge victorious from this war with FATF , unfortunately their prospects are very vague.

This mean that privacy coins will never go mainstream.  It will be use in some transaction but it will be more popular in Dark Web transaction and/or in illegal trades.  Though it is funny how government wanted to implement things that will trace crypto users while they can't trace all the trades of their made fiat currency.

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