Privacy Coins are in High Demand Again With Monero Leading the Pack

Privacy coins will always play a crucial role in the cryptocurrency world. Especially when governments increase Bitcoin scrutiny, these alternative assets will rise up. This is evident by looking at the Privacy Index Perpetual Futures on the FTX platform.

Privacy Coins do What Bitcoin Can’t

There are many good reasons as to why people are drawn to privacy coins. The main objective is to achieve something Bitcoin is unable to provide in its current form. It remains to be seen if it will ever offer any degree of privacy or anonymity in the future. After all, Satoshi Nakamoto designed this currency to be transparent first and foremost. 

There aren’t that many privacy coins on the market either. While a lot of projects claim to offer this functionality, the reality is often very different. When it comes to financial transactions, privacy and anonymity are two very different concepts. Most users actually want the latter, instead of the former. 

On the anonymity front, Monero takes the cake for several years now. Its underpinning technology is completely private and anonymous. The developers and community come up with ways to further strengthen these aspects over time as well. 

For privacy, many people tend to name Dash or ZCash in this regard. Understandable, on paper, but neither first that bill in reality either. ZCash has plenty of public transactions, and Dash would rather not be labeled as one of the privacy coins. Its team focuses on disrupting the payments space, rather than offer extra layers of privacy. 

The Privacy Index on FTX

Gauging the overall momentum of privacy coins in the space can often be challenging. There is a perpetual futures index tied to these currencies, for those who are interested in such things. It clearly shows a strong uptrend over the past few days, and may not be slowing down for a while to come. 

Most of the growth comes from Monero, as the XMR price keeps rising higher. In fact, XMR is up by 144.8% in the past year. ZCash, while not entirely private, and Dash, which doesn’t want to be labeled as such, are all noting strong growth too. Even DigiByte is climbing the ranks. it is a currency often overlooked, but one that has many interesting aspects. 

Looking to advertise? We will gladly help spread the word about your project, company, or service. CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions:

JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

Published by
JP Buntinx

Recent Posts

Internet Computer (ICP) price bounces as Canister smart contract count surpasses 2,000

There is much debate taking place regarding the future of Internet Computer (ICP). On a…

2 hours ago

August 1st 2021, SUNC TOKEN – To Be Listed On Uniswap

Using Blockchain Technology To Create Transparency For Online Casinos  Since the first pre-sale on June…

4 hours ago

XinFin Partners with Guarda Wallet and Simplex to Provide Easy Fiat Onramp for XDC

Tel Aviv, Israel, 30th July, 2021, Guarda Wallet, with its Simplex-powered fiat onramp functionality, has…

23 hours ago

These 5 2021 Tokens All Still Note A More Than Decent ROI

With several thousand cryptocurrencies on the market already, one can argue there is no immediate…

1 day ago

Olympics 2020: NFTs Second Drop is Out with 50 New NFT Pins Available

Bitcoin Press Release: Over 5000 NFT pins are available for sale to celebrate the Tokyo…

1 day ago

No More Ransom Is Invaluable But The Ransomware Arms Race Won’t Stop

Ransomware is one of the biggest security threats to institutions, companies, and consumers alike. With…

2 days ago