Privacy coins, featuring anonymity, prevent traders from potential asset losses. It has become the limelight for some vigilant traders with their transaction history. However, private coins are also considered a tool by some unlawful traders, causing distrust from regulatory organizations in the crypto market. Here we listed some pros of private coins.
- Privacy coins aimed at guaranteeing the user’s anonymity during the transaction
- Private coins are incredibly safe to prevent attacks from hackers on wallets with significant assets
- Monero, Dash, Zcash, Verge, and Bitcoin private are the prominent private coins in the current market
- Privacy coins protect the financial information
Japan was once considered a safe harbor for crypto industries, with its booming market and a supportive government. However, in 2018, it banned the coins featured with privacy conditions. South Korea followed the hype by banning private transactions on Korean crypto exchanges. The US, however, maintained a neutral position in this surge, allowing the privacy coins to exist while introducing new regulations on the market.
Some big crypto exchanges also delisted privacy coins. The eighth-largest cryptocurrency exchange, Bittrex, announced it would delist Monero and Zcash from its shelf in January 2021.
Experts claim that while there is some exchange delisting the crypto, the majority of the exchanges still offer privacy coins service. Due to the KYC and AML terms made by the exchange, it’s still unknown when the privacy coins will be applied on a broader scale by the crypto market.
Though unwelcoming storms from lawmakers are affecting the privacy coins, privacy coins remain many indisputable advantages, notably attributed to their anonymity and privacy-backed protocols. Chris Kline, chief operating officer at Bitcoin retirement plan provider — believes privacy coins can co-exist. She addressed that: “Privacy coins can co-exist in a regulatory context. This coexistence will take place alongside new rules and challenges.”
Nikos Kostopoulos addresses that “ privacy coins may struggle to find a place in the regulated crypto market. Still, it will find a way to survive under sophisticated law terms which consolidate market safety. Government officials will introduce policies to guarantee there will be lawful supervision over privacy coins, especially when exchanging with fiats.”
Abundant market data shows that the privacy coins are not considerably causing unlawful transactions. Privacy concern is a vital element in the crypto market, especially among the traders who consider keeping their financial transactions anonymous. So the privacy coins behold substantial market value and potential use cases. As long as there are market policies introduced to co-exist with privacy coins while eliminating underlying malpractices, then privacy coins will promisingly expand their market outreach.
SuperEx is the first decentralized crypto exchange with its complete DAO community governance. SuperEX crypto exchange features thousands of tokens in its trading zone, enabling users to proceed with different tradings ranging from spot to leverage and derivatives. No KYC terms are the spotlight of the SuperEx exchange, which places ultimate protection and tight defense on user assets.
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