Cryptocurrency Exchange Platforms Delist Multiple Privacy Coins
More privacy cryptos are being taken off major exchanges in new round of delistings.
Last week, the big news for cryptocurrency is that Binance was delisting Monero, a privacy cryptocurrency that allowed its buyers to remain anonymous. Binance was only the largest of several exchanges that were kicking Monero off its platform. In fact, privacy coins have been culled from multiple platforms since then, making investors wonder if privacy coins have any kind of future in the market.
Should the community be prepared to see the end of privacy coins? The fear is that these kinds of coins would bring down the ire of legislative bodies and cause exchange platforms to be regulated and restricted even more than they already are. So, Binance and other exchanges got out in front of the feared regulations and simply excised the offending coins from their platforms.
Public ledgers record cryptocurrency transactions, which allows government bodies and some private parties to trace where coins are going to after each transaction. The process is not always simple and easy, btu it is possible for any coins that are not privacy coins. Those coins get around the part of the process that records a ledger ID and offer complete privacy to the buyer.
What to Know about Privacy Coins
In the world of cryptocurrency, transactions are logged in a public ledger, meaning that one can trace a person’s identity with some effort. However, privacy-focused coins aim to change that.
Monero (XMR) coins mix together public and private keys using a ring signature method. Komodo (KMD) offers a different kind of anonymity by using special proof protocols. Zcash (ZEC) is another privacy coin that does not require any personal details to be revealed when proving that a buyer is who they say they are.
Many privacy coins work like website encryption that goes to another level. The information being sent is encrypted, but it isn’t stored on the exchange in any way that can be accessed.
The Verge (XVG) coin encrypt IP addresses for the user and transfer locations so that they cannot be seen. Dash (DASH) mixes together the elements of the transaction into small parts that cannot be unscrambled very easily.
All of the privacy coins offer their own take on anonymity and ID concealment, offering the user the chance to make their transactions in private.
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