It is now beginning to emerge that the coin you hold says a lot about you and your lifestyle. The upsurge of privacy coins usage has seen many expose their underbellies and investors looking for privacy now know where to stake up their funds. Monero (XMR), ZCash (ZEC) and Verge (XVG) are some of the leading coins in the category but offer different privacy and value propositions.
Financial and transactional privacy demand is on the rise as focus shifts from fiat to crypto. As much as privacy coins have been associated with the dark web and crypto crime, not all are that bad. In fact, they are even better than the normal cryptocurrencies. However, before jumping into any here are some facts you need to grasp first.
Monero (XMR) in the Privacy Coin Market
Monero (XMR) seeks to provide an online financial security that crypto criminals cannot crack to access investor financial details. However, the platform does not offer 100% privacy. This has been proven by the numerous cases of crypto jacking and ransomware attacks in the recent past.
Monero is decentralized and this makes it the hacker hub and this puts off many would be investors. However, the ardent Monero users find the decentralization and privacy level good enough not as an investment ecosystem but a trading one that is fast and cheap.
As more and more coins become regulated, Monero has become the ackers paradise. Monero transactions are non-traceable, non-trackable and non-linkable. The XMR coin price on the other hand is getting out of reach for the ordinary investor and this has limited mass adoption. The current price stands at $120.10 after gains of 4.73% in the last 24 hours. New adopters are heading to low priced privacy coins and shunning XMR.
ZCash (ZEC) Suited for Instructional Investors
The recent ZCash and OpenBazaar partnership could not have come a better time. It has shown that privacy coins are becoming more popular than three years ago. ZCash (ZEC) has remained much focused on shielding the user financial information from unauthorized access. The coin has been improving its privacy features and the recent v2.0.0 is a good step in the right directions.
“ZCash is the first open, permissioness cryptocurrency that can fully protect the privacy of transactions using zero knowledge cryptography.”
ZCash is highly fungible since you cannot trace transaction history and the system information is stored centrally and the system does not involve third party hosts. This is one of the many reasons the coin is never associated with the dark web. The ecosystem is highly secured and hackers have no weak access points.
The ZEC price matches that of XMR and is currently priced at $120.99 with gains of 1.64% against the USD in the last 24 hours making it ideal for high profile investors. Achieving increased adoption for the coin is paged on the coin use cases and crypto enthusiast changing their mindsets on the real functions of privacy coins.
Verge (XVG) Ideal for Mass Adoption
Verge (XVG) privacy has in several occasions been exposed to attacks with the 51% attack earlier in the year being the worst in the coin’s history. With such attacks, investor confidence has always been elusive for the ecosystem and this has led to doubts whether the coin actually offers tangible privacy to the user.
Verge has been on roller-coaster growth as a result of investor migration to other privacy coins. The negativity of the coin has seen its popularity plummet to the current position 39 by market cap. However, it is a good adopter entry point coin that has the potential of mass adoption. At press time the XVG coin was trading at $0.013274 with gains of 0.05% and this beats its other competitors when it comes to total spent in the market.
As the privacy coin market competition continues to heat up, sophisticated coins are coming up and the al these are taking up Monero, ZCash and Verge market share. With advanced technologies and emerging consumer demands, these market leaders might turn out obsolete if they do not up their privacy and security game to the new demands.