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RE: ADSactly - Spotlight on Cryptocoins -- PIVX -- 7th feature "private" coins
Honestly I don't really understand the use of privacy coins. I understand that a large corporation would likely not want public record of their spending but for the average user how does it work? It seems as soon as you deposited privacy coins or spent them you'd be revealing your identity. Or am I misunderstanding?
privacy coins keep sender and receiver information hidden from anyone's view. It is very useful for people who do not want government or authorities to track how much crypto they have and using. The darknet which is much bigger than the typical internet we use has a lot of people wanting to keep their privacy when making transactions.
There are many methods to keep coins private. If you look at monero and read into the coin they use multi-signature to conceal sender and receiver. A lot of crytonite coins have this feature.
I doubt Government won't go after these kind of coins.
While some people will probably like the feature for money laundering, it also has a very legit use case: in a normal blockchain, everybody can look at your wallet - so everybody knows how much you own and what and where you spend your money on. This is not the case with a privacy coin.
What if we get paid our salaries in crypto? Do you want your coworker in the same position as you to see your salary (maybe you make a bit more than him). I dont want the whole world to be able to see how much money I have, we should have both privacy and non private coins for different use cases.
Me too