In the following years there has been a burst of alternative cryptocurrencies. That gave people opportunity to find private and anonymous cryptocurrency much easier than before. Nevertheless, when considering privacy of the cryptocurrency you should always consider its legitimacy as well, since if it is a scamcoin you can lose all of your assets invested.

Zcash is relatively new cryptocurrency that has been launched in January, 2016. It is untraceable since it is based on the encryption called zk-SNARK which is originally developed by the startup team. Zcash is decentralized and open-sourced and it has been created with the purpose of being completely private and anonymous. It certainly has the legitimacy that can allow you to invest and trade freely, without any concerns. It has been already widely accepted. That is important and it can allow you to trade on multiple markets and exchanges.

Monero is a great choice as well. It has derived from the early altcoin called Bytecoin and there are some differences considering block time and the speed of the emission. It is also quite anonymous and it is based on the CryptoNote method, originally invented by the founding team. This method provides you with the anonymity by shuffling stealth adresses with ring signatures. Ring signatures are different sets of keys that offer complete privacy since it is similar to group signatures, but without ever knowing other members of the group. Monero is available on the Poloniex exchange and it is very easy to trade with. Also, availability and the level of adoption by the users rise constantly.

There is a broad variety of anonymous cryptocurrency on the market today and some of them are quite safe, such as a cryptocurrency known as Dash. There have been some concerns about the project volatility but as the time passes it remains stable. In the future the trend of anonymous transactions will continue to rise, for sure. Bitcoin itself became widely adopted because of its anonymity and the libertarian concept of the network that has attracted many of the active users today.

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Posted by Min Park

Blockchain Marketing Consultant

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