S4B Crypto Contest - Season 8
Assalamoalaikum how are you fellow steemians I hope everyone is fine I'm good too by the grace of Allah.Today I will participate in a contest arranged by @waqarahmadshah. This will be my first post where I discuss crypto but I'll try my best to provide a well explained entry and ensure that everything is explain correctly.
What do you know about privacy coins? |
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Privacy coins are a special kind of cryptocurrenccy that focus on keeping transactions private and anonymous. Cryptocurrency like Bitcoin where transactions are visible to everyone privacy coins use advanced technology to hide transaction details making it hard to track where the money is going. Examples include Monero Zcash and Dash. They are popular because they prioritize user privacy.
Monero, Zcash and Dash are all cryptocurrency that prioritize user privacy differently. XMR use techniques like ring signatures and stealth addresses to make transaction untraceable. Zcash offers both transparent and shielded transactions using zero knowledge proofs to hide details. Dash not focus on privacy but has an optional feature called Privatesend. This feature mix transactions to enhance privacy.
How do privacy coins differ from regular cryptocurrencies like Bitcoin? |
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Bitcoin and similar cryptocurreny let everyone see transactions on a public ledger which means they are not very private. But privacy coins are different they are design to keep transactions confidential and hide who is sending money to whom. So if you want your financial activities to stay private privacy coins are the best way. Privacy coin keep your transaction history and financial info private so there less risk of someone hacking or tracking your data. You can make transaction freely without worry about anyone stopping you or checking on what you doing. This also make it harder for criminal to steal your financial info and use it for scams.
What are the advantages of using privacy coins? |
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Privacy coin give you more control over your financial privcy and security. They let you keep your transaction private hide your identity, protect your personal and financial info and also sure it that every coin is worth the same and you can use them anywhere in the world.
What are the concerns or criticisms surrounding privacy coins? |
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People worry about privacy coin because they face strick rules from regulator which can lead to exchange removing them. They also linked to illegal activities have limitations in their technology and can be hard to use while following the law. Some see them as shady and there will be a risk they could be used for bad things because they hide transactions. Plus it tough for authorities to track where the money going.
I would like to invite @hamzayousafzai @azeem22 @alli001 @abb-e-hayyat come and participate in this contest.
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