Crypto users not concerned about privacy — Coinmetrics

2020-9-2 12:46

Most cryptocurrency transactions do not make use of privacy tokens due to regulations

The adoption of privacy features and cryptocurrencies has been slow within the crypto space, according to a new report by Coinmetrics. The cryptocurrency analytics firm published a report yesterday, where it discussed the use of privacy features and assets within the crypto space. In its report titled State of the Network, the firm stated that an overwhelming majority of cryptocurrency transactions don’t include privacy tokens, as investors and traders choose to send and receive funds transparently instead of privately.

Coinmetrics revealed that the combined daily transactions of the leading privacy coins, Zcash (ZEC), Monero (XMR) and Grin (GRIN) amount to only 6% of the total Bitcoin (BTC) transaction. This is despite these coins offering more privacy than Bitcoin.

The indifference of users towards privacy is maybe one of the most significant shortcomings of the current anonymous transaction systems, the report added. Regardless of the massive technological advancements in cryptocurrency privacy, the adoption of privacy features and assets has been subpar.

Users’ not leveraging privacy features

The Coinmetrics report highlighted that cryptocurrency traders are not taking advantage of the privacy features that come with most of the cryptocurrencies. As an example, ZEC utilises the trustless zero-knowledge proof systems (zk-SNARKs), a feature that allows transactions to hide information about the sender and recipient and the amount they exchanged. However, the report revealed that less than 2% of ZEC transactions use the feature to shield the transaction details.

According to the analytics firm, as mainstream adoption of cryptocurrencies rise, there is a need for cryptos to go back to their original privacy-oriented ethos if they are to survive. “Failing to do so could result in the original idea of anonymous transactions systems fading away and being superseded by other conceptions of what crypto-currencies are useful for,” the report added

However, it is not easy to use privacy coins in today’s climate. Cryptocurrency exchanges are increasingly being regulated in various countries around the world, and the regulation doesn’t give room for privacy coins. Hence, some cryptocurrency exchanges have started delisting privacy coins from their platforms citing government regulations.

Coinmetrics believes that the increasing privacy of Bitcoin via features like CoinJoin could be the key to saving privacy in cryptocurrencies. CoinJoin, alongside the service providers such as Whirlpool, Wasabi Wallet and Samourai Wallet’s non-custodial Bitcoin mixer are seeing increased activity in recent months. If the use of CoinJoin and other Bitcoin mixer features would continue to rise, then privacy in the cryptocurrency space might still survive in the long run.

The post Crypto users not concerned about privacy — Coinmetrics appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0080727 (-100%)

privacy crypto users coinmetrics concerned regulations journal

privacy crypto → Результатов: 126


Фото:

Bitcoin After Death: The Perils of Sharing One’s Fortune

If you are a young fortune-hunter toiling away on a computer in a basement, the prospect of death probably isn’t among your top considerations. Equally, if the main draw to crypto is its relative privacy, you may not be particularly eager to share your private keys with your loved ones, as a hacker could sift […] The post Bitcoin After Death: The Perils of Sharing One’s Fortune appeared first on Bitcoin News.

2018-10-16 21:30


Фото:

How Monero Are Improving Human Rights With XMR

 Listen Here – https://soundcloud. com/cryptodaily/how-monero-are-improving-human-rights-with-xmr Monero is considered to be the privacy coin, the currency of choice for absolute privacy. Now, privacy doesn’t necessarily mean security and we should remember that 2018 has seen a tonne of ‘Monero mining’ hacks, calling into question some of the projects integrity.

2018-10-12 17:00


The Cryptocurrency Tradeoff: How Decentralization, Privacy, and Throughput are Crypto’s Major Pain Points

Ten years after the launch of Bitcoin in 2008, the world is yet to witness the widespread adoption of cryptocurrencies as an accepted form of payment – even in concentrated geographics. The Decentralization Irony Diving into the cryptocurrency market a bit deeper displays shortcomings beyond those mentioned above; which include usability issues, compliance roadblocks, and […] The post The Cryptocurrency Tradeoff: How Decentralization, Privacy, and Throughput are Crypto’s Major Pain Points appeared first on CryptoSlate.

2018-10-8 16:00


Фото:

Can Bitcoin Conversions Be Traced?

Every time a criminal or pirate convert digital currency to government issued ones it creates a ‘vulnerability’ according to an official with the US Immigration and Customs Enforcement. Let’s consider that from the start, Bitcoin and cryptocurrency in general was designed with privacy and anonymity in mind, therefore these latest findings may come of some concern to those who have used Bitcoin illicitly in the past.

2018-10-4 12:30


Фото:

How BAT Could Re Vamp Privacy Laws In The United States

Basic Attention Token, the native token to the Brave project and the token designed to fully incentivise the consumption of fair advertising. According to reports, the CEO of Brave, Brendan Eich has written to the US Senate Committee on Commerce, Science and Transportation in order to address some of the concerns he has regarding the current privacy laws in the United States.

2018-10-2 16:00


Фото:

Zcash vs Monero: Report Says ZEC ‘Much Stronger’ Than XMR

Zcash (ZEC) is a better privacy coin than Monero (XMR) and should be considered one of the most important projects in the crypto space, according to a new study. A report by the New York-based firm Digital Asset Research (DAR) argues Zcash’s use of encryption makes it a far more secure privacy coin than its […] The post Zcash vs Monero: Report Says ZEC ‘Much Stronger’ Than XMR appeared first on Crypto Briefing.

2018-9-20 18:32


Фото:

ShapeShift To Require Membership Amid Regulatory Concerns

ShapeShift is launching a new membership program that will become mandatory later this year, the company announced today on its website. The Switzerland-based cryptocurrency platform is ending its “exchange without accounts” policy that enables individuals to privately trade Bitcoins, Ethereum and other digital coins with anonymous counterparties located anywhere in the world.

2018-9-5 01:30