{"id":1533,"date":"2019-03-15T19:05:53","date_gmt":"2019-03-15T13:35:53","guid":{"rendered":"https:\/\/blockchainappfactory.com\/blog\/?p=1533"},"modified":"2019-03-15T19:05:55","modified_gmt":"2019-03-15T13:35:55","slug":"privacy-coins-a-dilemma-in-crypto-winter","status":"publish","type":"post","link":"https:\/\/www.blockchainappfactory.com\/blog\/privacy-coins-a-dilemma-in-crypto-winter\/","title":{"rendered":"Privacy Coins: A Dilemma in Crypto-Winter!"},"content":{"rendered":"\n<p> <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">The ideology behind Bitcoin and the subsequent rise of cryptocurrencies arises from the need for decentralizing current banking and financial system. The intention was to shift the power, control and virtual monopoly by the centralized authorities such as governments, banking, and financial institutions to the masses. <strong><a href=\"https:\/\/www.blockchainappfactory.com\/blockchain-development-company\">Distributed Ledger Technology<\/a><\/strong> aimed at empowerment through financial inclusion of the society into the financial system in free, secure and transparent methods via the usage of complex cryptographic technology. Blockchain and its features of encryption ensure reasonably high degrees of security and more importantly privacy.<\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">The common perception and the narrative spun around Bitcoin and other cryptocurrencies <g class=\"gr_ gr_49 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar multiReplace\" id=\"49\" data-gr-id=\"49\">is<\/g> the fact that enhanced privacy immediately points to criminals using this platform. However, embracing privacy and anonymity doesn\u2019t lead to one becoming a criminal. It means that the user values data ownership and privacy more and that he\/she prefers not sharing the information with a third party. <\/p>\n\n\n\n<p class=\"has-text-color has-medium-font-size has-very-dark-gray-color\"><strong>Comparing Privacy &amp; Anonymous Cryptocurrencies<\/strong><\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">With a market cap exceeding $800 billion in its peak years, the market is made of a myriad of coins and tokens and their availability on the open market has become easier. Every torch bearer of privacy is judged upon three factors on the privacy coins : <br><br><strong>Privacy:<\/strong> The number of coins owned, bought or sold by the trader is not traced by a third party making the transactions entirely anonymous. <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\"><strong>Fungibility:<\/strong> Every coin in the ecosystem is fungible thereby enhancing the interchangeability between the users. The coins potential for blacklisting or debasement due to predicaments in transaction history reduces drastically.<\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\"><strong>Decentralization<\/strong>: All the blockchain nodes have identical power and control thereby reducing the chances of a node having more influence than others, i.e. masternodes. There is no central authority that controls the cryptocurrency and does not represent a single company or person.<\/p>\n\n\n\n<p class=\"has-text-color has-medium-font-size has-very-dark-gray-color\"><strong>The Case Against Privacy Coins<\/strong><\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">When you look from the regulators\u2019 point of view, there are legitimate reasons for them to be terrified about the privacy coins. Privacy Coins are a perfect accessory for criminal activity, especially those hidden from governments for untraceable transactions.<\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">The  Deputy Assistant Director of the Secret Service\u2019s Office of Investigation, Robert Novy, says \u201cOne of the greatest emerging threats to U.S. national security is [the] illicit use of virtual currencies or cryptocurrencies.\u201d <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\"><g class=\"gr_ gr_17 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar only-ins replaceWithoutSep\" id=\"17\" data-gr-id=\"17\">USA<\/g> is not the only country concerned about this. Countries like Japan, a proponent of virtual currencies, has banned any cryptocurrency which provides anonymity to the users. The regulators are worried and are starting to make strides to implement policies which will help in wider acceptance and development of the technology.<\/p>\n\n\n\n<p class=\"has-text-color has-medium-font-size has-very-dark-gray-color\"><strong>So what\u2019s the solution?<\/strong><\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\"> The users and the regulators have a strong argument for their sides on privacy coins, however, it is unclear the way forward for the privacy coins stuck between the users need for privacy and regulators fear of criminal activity using these coins. Though regulators have a strong argument for banning the privacy coins, however, banning all privacy coins would not solve the issues. <\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">In case of any innovative technologies, the winning formula lies somewhere in the middle which requires transparency of the public blockchain while maintaining the anonymity of today\u2019s private\/federate blockchains. <\/p>\n\n\n\n<p class=\"has-text-color has-medium-font-size has-very-dark-gray-color\"><strong>Wrapping Up<\/strong><\/p>\n\n\n\n<p class=\"has-text-color has-very-dark-gray-color\">Blockchain App Factory is a leading <strong><a href=\"https:\/\/www.blockchainappfactory.com\/cryptocurrency-development\">cryptocurrency development company<\/a><\/strong>, helping facilitate the best of both worlds. By using technologies such as <strong><a href=\"https:\/\/www.blockchainappfactory.com\/quorum-blockchain-development\">Quorum<\/a><\/strong>, Hyperledger, or our own customized blockchain, we help our clients get the best of both worlds through the use Permissioned Blockchains where the masternode helps governments track criminal activities, at the same time, helping users to have their privacy with transactional histories and other data being protected on the blockchain. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ideology behind Bitcoin and the subsequent rise of cryptocurrencies arises from the need for decentralizing current banking and financial system. The intention was to shift the power, control and virtual monopoly by the centralized authorities such as governments, banking, and financial institutions to the masses. Distributed Ledger Technology aimed at empowerment through financial inclusion&hellip;&nbsp;<a href=\"https:\/\/www.blockchainappfactory.com\/blog\/privacy-coins-a-dilemma-in-crypto-winter\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Privacy Coins: A Dilemma in Crypto-Winter!<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1536,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[49],"tags":[138,245,46,63],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Privacy Coins: A Dilemma in Crypto-Winter! - Blockchain App Factory<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.blockchainappfactory.com\/blog\/privacy-coins-a-dilemma-in-crypto-winter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Privacy Coins: A Dilemma in Crypto-Winter! - Blockchain App Factory\" \/>\n<meta property=\"og:description\" content=\"The ideology behind Bitcoin and the subsequent rise of cryptocurrencies arises from the need for decentralizing current banking and financial system. The intention was to shift the power, control and virtual monopoly by the centralized authorities such as governments, banking, and financial institutions to the masses. Distributed Ledger Technology aimed at empowerment through financial inclusion&hellip;&nbsp;Read More &raquo;Privacy Coins: A Dilemma in Crypto-Winter!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.blockchainappfactory.com\/blog\/privacy-coins-a-dilemma-in-crypto-winter\/\" \/>\n<meta property=\"og:site_name\" content=\"Blockchain App Factory\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/BlockchainAppFactory\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-15T13:35:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-15T13:35:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.blockchainappfactory.com\/blog\/wp-content\/uploads\/2019\/03\/poster_2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Blockchain_BAF\" \/>\n<meta name=\"twitter:site\" content=\"@Blockchain_BAF\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.blockchainappfactory.com\/blog\/privacy-coins-a-dilemma-in-crypto-winter\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.blockchainappfactory.com\/blog\/privacy-coins-a-dilemma-in-crypto-winter\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/www.blockchainappfactory.com\/blog\/#\/schema\/person\/16d702eabdf595adaaa65ff5a7cbbf58\"},\"headline\":\"Privacy Coins: A Dilemma in Crypto-Winter!\",\"datePublished\":\"2019-03-15T13:35:53+00:00\",\"dateModified\":\"2019-03-15T13:35:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.blockchainappfactory.com\/blog\/privacy-coins-a-dilemma-in-crypto-winter\/\"},\"wordCount\":609,\"publisher\":{\"@id\":\"https:\/\/www.blockchainappfactory.com\/blog\/#organization\"},\"keywords\":[\"blockchain\",\"Cryptocurrency\",\"cryptocurrency development\",\"ICO\"],\"articleSection\":[\"Cryptocurrency development\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.blockchainappfactory.com\/blog\/privacy-coins-a-dilemma-in-crypto-winter\/\",\"url\":\"https:\/\/www.blockchainappfactory.com\/blog\/privacy-coins-a-dilemma-in-crypto-winter\/\",\"name\":\"Privacy Coins: A Dilemma in Crypto-Winter! 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