How to Use the Most Popular Privacy Coins

Thanks! Share it with your friends!

You disliked this video. Thanks for the feedback!

Added by allcryptostaff

Sign Up Here for the CT Club! https://patreon.com/cryptotips

Twitter: https://twitter.com/blockchainchick
Instagram: https://www.instagram.com/realcryptotips/
LBRY: https://lbry.tv/@Crypto-Tips:b
Join the CT Club Here: https://patreon.com/cryptotips

Video Suggestions:
Without This, Crypto Won’t Survive: https://youtu.be/Jg-zk_Nhpq0
My Recommendations for Centralized Exchanges: https://youtu.be/kCYj2tdYufE
How to Find a Great DEX: https://youtu.be/AMsp3knAfBs
Was Ledger DB Hacked? || Gold Confiscation Next? https://youtu.be/OpcYBaoK65E

Here are 2 common ways people often damage their privacy within the crypto space:Posting their public keys in a public manner, whether it’s in an effort to get donations, or to receive airdrops, if this address is connected to a profile online that identifies you as its owner, you’ve just told the world and whoever wants to know, that you own this wallet, this is how many coins are currently inside, this is how many coins have ever been inside this wallet. From there it can be easy for anyone to trace where you move those coins to, especially if you make it a habit to transfer out of that wallet and into something like what you would consider to be your secure storage like a hardware wallet or a paper wallet, that wallet address is also now publicly available and viewable information for anyone to look into.

The other thing is of course, KYC. Tell me if this scenario sounds familiar to you: There’s a promising new alt coin, it’s only listed on some random exchange you’ve never heard of, you deposit a little bit of BTC or ETH and you make the trade for that coin, you wait forever for the trade to go through because the volume sucks. You finally have that new coin and you want to store it on your own wallet. You go to make the withdrawal and you’re hit with a KYC wall. This is when your greed gets checked. Do you risk giving your passport and address and full name and other information to this random, kind of janky exchange for the sake of that one random alt coin you heard might pump? Is it worth it? No it’s not. Is there really a risk? Absolutely there is. If you don’t know that risk yet, please take a look at the suggestions down below in this video’s description.
I know that for most people centralized exchanges and their accompanying KYC are just a hard reality to face if you want to begin investing. Which is why I always suggest taking the 5 minutes to research the choices you have and choose wisely. Here are my recommendations (if I had to give them) for centralized exchanges.

Furthermore, here are my recommendations for privacy cryptocurrencies and a bit about how they work to keep your transaction information private as well as what you should expect to be doing to get those privacy benefits.

Monero- Only one that has it’s privacy settings as default.
- RING SIGNATURES0- hides who is sending the coins
- RING CONFIDENTIAL TRANSACTIONS- hides how much is being sent
- STEALTH ADDRESSES- hides the receiver
Zcash- opt in to the privacy settings
- Separates the public keys function one allows for depositing of coins, while the other allows for viewing what is inside the wallet
- ZkSNARKs is slow and costly, and requires you to run a full node to take advantage of that privacy feature.
- Only 5% of Zcash funds are held in these special privacy wallets, meaning that they stand out compared to the rest of the activity on the zcash blockchain, not exactly conducive for ultimate privacy.

Zcoin first implementation on the zerocoin protocol
- When you spend a coin, it is burned and replaced with a newly minted coin upon it’s arrival in that new address.
- With the use of zero-knowledge proofs, there’s no history showing exactly which coin was sent/burned.

Honorable mentions: PIVX, Dash

Pix and dash because you have to use either a specific coins with pivx, zpiv to gain the privacy aspects, or with dash, you need to pay for the master node service of mixing the coins to establish a private transaction and furthermore, you don’t know if that particular master node is logging any information about your output information and there’s no way to check if this is or isn’t happening.

One thing you should know: if you are using a centralized exchange to store your privacy coins, you’re defeating the entire purpose of holding them.
Crypto 101

Post your comment