Bitcoins now owns a prominent place in the market after its prices skyrocketed last year. Now, the cryptocurrency is not an unknown part of the technology to anyone in the industry. The cryptocurrencies are gaining more popularity and investors are investing a lot of money in Bitcoins. However, most of you won’t know that bitcoin isn’t that anonymous as you think it could reveal your identity. The most alluring fact about the cryptocurrencies is the anonymity; unfortunately, bitcoins isn’t 100 percent anonymous. The true identity of the owner can be revealed once he/she link their identity to the wallet address.
The other troubling issue is that the address link can be quickly established by hackers using cookies and web trackers. So, for the investors looking to hide their identity while investing in cryptocurrencies bitcoin could be a risky deal. But, don’t worry we have found three advance cryptocurrencies that are more anonymous than bitcoins.
If you are seriously looking for a cryptocurrency that leaves bitcoins behind in anonymity, then Monero is the one. The cryptocurrency makes sure that the privacy of the holder stays hidden from every aspect inside the network. Where in bitcoin, the amount of transfer is easily visible to the others, Monero doesn’t reveal the amount that has been transferred. To maintain the privacy of the users in Monero, it never shows that how much cryptocurrency has been transferred. You can take the example of Alphabay, which was a marketplace in the dark web and in July last year the website was shut down by the US Federal Government. Alphabay owner had his asset in the form of Monero coins, but the authorities were unable to find out that how much Monero coins were possessed by the owner.
PIVX is another cryptocurrency that makes it possible for the investors the keep their identity secured. This cryptocurrency is also used by people to attain maximum anonymity while trading. PVX has recently added the zerocoin protocol that enhances its privacy advantages. The protocol makes it impossible to get the identity of any investor with the help of unlinkability. This means you can’t link any identity to cryptocurrencies or the wallets that make the holder’s identity anonymous.
The third cryptocurrency in the last that will be best for making the transaction with maximum anonymity. However, Zcash hasn’t been implemented by the Zero-knowledge protocol yet for the privacy benefits. But, the cryptocurrency is all set to use the new protocol to go anonymous in the coming time. The protocol named zk-SNARK which adds an additional layer of security to Zcash will enable the investors to stay anonymous throughout the network. For now, Zcash uses the open blockchain network like Bitcoin that doesn’t secure the asset holder’s identity.
But soon, Zcash will be permanently implementing the new protocol that will make it one of the most anonymous cryptocurrency. However, there is a problem with this protocol as you need to have at least 4GB RAM to use the Zcash. This is the main reason that is standing in between the protocol and Zcash and restraining the cryptocurrency for getting anonymous. But, in-depth research has been going on, and then the company is sure that it will be successful in the coming time.