Cryptocurrency is rapidly increasing, no doubt. However, this increase comes with some challenges, which varies from one coin to another. The finance platform is decentralized, with no regulatory bodies to control its transaction rates. Although blockchain technology is put in place to measure this, how best can we trust these machines? Contrarily, devices seem like the only feasible item to trust in this technology age with massive betrayal among humans.
The main discussion addresses the possible exposure of cryptocurrencies like Monero to hackers, and if bitcoin is an exemption.
Fortunately, many new coins are the ones facing security challenges since they are not traceable. Hence, we cannot fully trust new coin blockchain technology because it can be compromised.
Monero is the Leading Non-Traceable cryptocurrency.
Many new coins out there are non-traceable. Unfortunately, Monero has attracted the interest of hackers.
Initially, cybercriminals steal from individuals’ crypto wallets, but theft has taken an advanced measure now. The plan is to steal from Monero directly to remain hidden from the law or government enforcement. If you are willing to get your return on investment, consider investing in bitcoin, and stop chasing the small deals.
Many investors are attracted to new coins because of the vibe and random social media comments that come with them. It would be best to understand that the public’s opinion easily influences currencies like this; tiny talks.
If trackers continue to invade Monero, bitcoin may become the preferable digital coin for commercial banking. This sector and other big establishments would prefer a transparent transaction, where one can easily trace the users behind every transaction.
Apart from the lack of traceability, another risk factor affecting cryptocurrency legitimacy is high volatility. Newbies are discouraged by cryptocurrency price fluctuation. Nevertheless, digital coins can earn an individual some big cash provided one is consistent, patient, and willing to learn.
Other Non-Traceable Cryptocurrencies
Apart from Monero, here is a list of cryptocurrencies that can run anonymous users.
Zcash is highly privatized, with zero tolerance for the intruding party. It uses the Zero Knowledge Proof – the cryptographic tool that enables users to shield transactions. Hackers can take advantage of this since their transactions remain hidden until they’ve decided to unveil them.
It does not only hide users’ information; it can also prevent the transaction amount from revealing. It is so private that participants may not know the other party they are buying or selling to. Cybercriminals have used this means to dupe many crypto traders.
Verge uses secret blockchain technology to hide users information. This technology includes the Invincible Internet Project (I2P) and The Onion Router (TOR). A corresponding number of relays disrupts users communication records, making them untraceable. More so, users can even hide their IP address through the employed data encryption means.
The popular industry that has adopted Verge is adult content sites, also known as porn hubs. Since it does not reveal transaction details, viewers are encouraged to pay with Verge currency. This method is most applicable for shy viewers or those who do not want to show their choice of pornography.
The beam is a default cryptocurrency that automatically privatizes one’s information. As a result, no user information is present in the blockchain, providing no opportunity for anyone to access it. However, the beam is highly supportive for both online and offline transactions. Also, its scalability process is easy and flexible.
Dash has a PrivateSend feature that allows its users to privatize every transaction. These features work best for users whose country regulation does not support cryptocurrency transactions. Users can remain anonymous as long as possible while hiding the origin of their funds. However, the master nodes Dash employs usually involve a high transaction fee. Here is another reason why you need not entangle yourself with cryptocurrency as such.
Bitcoin provides a reasonable amount of security a crypto trader could desire. Also, many identification processes are out in place now, which does not allow unauthorized party access to one’s information.
The significant advantage of non-traceable cryptocurrency is its complete decentralization system. Governments would have no access to the currency nor be able to influence it. However, hackers are taken over this advantage. The only seemingly solution is for investors to stick to trusted currencies like bitcoin. Bitcoin being a top cryptocurrency that has been around for a long time provides an extensive guarantee for sustainability. Therefore, this article recommends investors and traders be deliberate about their exchange platform. You can consider a reputable centralized exchange like Bitvavo.