As Bitcoin and crypto help everyday individuals to regain control over their money, and make trusting third parties unnecessary, it’s not surprising that privacy advocates have flocked to the space. While bitcoin’s ledger is openly viewable, privacy coins and privacy enhancing protocols are popular ways for value holders to ensure their sensitive financial info stays secure. Though a bit of a tricky subject thanks to the nature of privacy itself, this post aims to examine just how popular leading “privacy coins” such as Monero and Zcash, and obfuscation protocols like coin mixers, really are.
Privacy Coins and Obfuscation Services
There are a few ways users of crypto can aim for maximum privacy in transactions, and the most popular include cryptos built specifically for privacy, often called privacy coins, and mixing or coinjoin services which obfuscate transaction data, making it difficult for chain analysis to accurately determine the senders and receivers of the crypto. There are also private marketplaces and trading platforms like local.Bitcoin.com that make peer-to-peer transactions possible.
Popular privacy coins often have elements baked right into their codebases that enable obfuscation. Mixing, shuffling, and coin joining services and products like Wasabi Wallet, Samurai Wallet, Cash Shuffle, and the newly developed Cash Fusion help users even of more standard cryptos like BTC and BCH, gain an extra level of security in the form of privacy.
For obvious reasons, garnering stats on these coins and protocols can be tricky, but there are yet metrics that are useful in analyzing just how popular the various coins and services actually are in the market today.