Crypto Academy Season 2 week 8 - Homework Post for Professor @levycore // Privacy Coins
Hi professor @levycore, I am @ononiwujoel your student in Crypto Academy and this is my homework submission post for Privacy Coins.
Introduction
All these were great ideas initially but as the trend continued, there were complaints of lack of privacy of individuals accounts due to high transparency system.
Not everyone wants people to know what they have and transactions they make which is actually normal with human nature because naturally many people are discreet with informations regarding finance.
Personally I don't think I like the idea of everyone being able to trace my account and see it's worth and all the transactions I make everyday without my permission.
And also coupled with the fact that privacy is also a human right.
This development led the creation and inclusion of Privacy Coins to the crypto market not too long after the invention and surge of Bitcoin as substitutes or Altcoins to help fill in the vacuum of lack of Privacy.
So in plain words, Privacy Coins are special digital coins that provides full anonymity to traders and investors when making blockchain transactions. Unlike other cryptocurrencies where you can trace the origin of transactions in Privacy Coins the origin of transactions, wallets, balance of transactions and even identity of trader is private (hidden from public) and as such the privacy of users is guaranteed and secure.
- Choose a Privacy Coin and perform a fundamental analysis of the coin in detail.
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Monero (XMR)
Monero is a privacy focused cryptocurrency mainly used by crypto users sensitive about asset privacy. It is one of the few cryptocurrencies that are truly untraceable during transactions and sometimes it is referred to as Mobile Swiss Bank.
This cryptocurrency was dispatched in April 2014 as an open-source security arranged digital money and was able to attract a massive fan base of both investors and traders due to the high level security and privacy potentials it offers to users.
Monero is arguably the most popular Privacy Coins in the crypto market today.
It ranks #1 among Privacy Coins and #26 among cryptocurrencies with price tag of $290.74 and market cap of $5billion which appears to still be growing weekly.
And Monero is can also be traded in almost every popular crypto exchange including Binance, Huobi Global, Bitfinex, Kraken, Poloniex and several others.
Monero also have a reputation of being popular in DarkNet Markets like Wallstreet Trading and TradeRoute because of its high level of Privacy or should I say secrecy.
This is not supposed to be a compliment to XMR though but I just mentioned it to create a broader analysis of Monero(XMR).
[source of image] coin gecko app(https://www.coingecko.com/en/coins/monero)
coin gecko app
source of image
Describe the steps in creating a wallet for the Privacy Coin of your choice. (Screenshots required)
I will be installing the mobile version of Monero wallet called MyMonero in this tutorial and also showing the step by step process for creating a new monero wallet with it.
- using Chrome, open monera website at Monera Website and click on the download button
- Select the type of wallet you want to download. In this assignment I'm using Mobile and Light Wallets
- I'm using My Monera. So click on download (Android) option
- Now you will be redirected to the app on Google playstore where you just click on install
- Open the app after installation and click on create new wallet
- You can now choose a name for your wallet and background color you prefer and then click on next
- Now you will be a given a group of words called mnemonic that serves as your only recovery password. This mnemonic should be saved both as softcopy and hardcopy so it won't be easy to loose.
You can also choose the language you prefer on this page. After saving your mnemonic, click next
- Now you will be asked to provide your mnemonic which you have saved. After filling it, click confirm
- Next action is to create your password and confirm the password. This should also be saved.
After creating your password, click Next
- And now your wallet is created and ready
- You can start trading already
Explain the reason you chose the Privacy Coin. (State the advantages and disadvantages)
Reasons I choose Monero
Monero is the best privacy coin in the crypto market as far as I am concerned. It ranks #1 among Privacy Coins and has the largest market cap among Privacy Coins as well. It is also the most popular Privacy Coin so far
Monero happens to be the first privacy coin I've actually used and understood. I only started working with privacy coins after this lecture. So once again thanks professor @levycore for the enlightenment
I also choose Monero because it meets all the specifications required for anyone at random interested in Privacy Coins including popular Crypto exchange listment, popularity among Privacy Coin users and easy to trade and acquire.
Advantages
It is privacy-oriented so it has a high level of privacy
It is available in major crypto exchanges like binance, Huobi Global, Poloniex and others
Transactions can be made in a way that user's identity and transaction balance is anonymous or hidden.
It is popular in the crypto market and has a very large fanbase and users making its anonymous transaction system much more effective and untraceable
It has one of the best security measures in the crypto market which makes it almost impossible to hacked since hackers don't even have any information on accounts.
Disadvantages
It's popularity in the DarkNet Markets can easily lead to restrictions from government to curb money laundering and other related concerns
It's high level of secrecy is at loggerheads with many crypto users that believes that crypto should be transparent just like Bitcoin and at such many don't want to invest in it.
Conclusion
Privacy Coins is a welcome development for the crypto world because it provides an alternative for crypto users that want a system that offers them privacy of accounts and transactions.
Moreover many are still used to the centralized system used for fiat currencies and the level of secrecy they provide and so wants that same level of secrecy or more for their crypto accounts. And I really don't see this as a bad idea, afterall everyone differs in preference.
So let's encourage privacy coins same way we encourage transparency in Crypto and in this way we will have a better crypto world capable of accommodating every user.
Thanks for reading and do have a great day ahead
Cc: Professor @levycore
By @ononiwujoel
Hi @ononiwujoel, Thank you for taking my class in the 8th week.
This is the detailed assessment that you get from the results of writing the homework that you have created:
Review dan Feedback:
Your fundamental analysis is good, but it could be improved by digging up more information.
You explained well the reason you chose the privacy coin.
The explanation of wallet creation is complete.
The conclusion you make is not about the privacy coin you are discussing.
Thank you!
Thanks professor, I will do better next time
Hello professor i found out that this post has not been voted and it close to expire please do well to justify it thanks