Top 10 Privacy Coins and How to Buy them

Privacy coins are cryptocurrencies that can hide or obfuscate blockchain transaction information to ensure greater privacy and anonymity.

Advanced encryption methods are what differentiates privacy coins from Bitcoin and other altcoins.

If you want to be completely anonymous in your cryptocurrency transactions without revealing a trace, then you should look into privacy coins.

Ordinary cryptocurrencies cannot be completely hidden because blockchain transactions are recorded on a public ledger that can be viewed by anyone.

Although this system has its own advantages, it cannot fully guarantee privacy and anonymity, and it is easy for the outside world to link the user’s identity and address.

There is not a huge difference between privacy coins and Bitcoin and other altcoins.

But privacy coins are able to hide wallet addresses, masking information that could be used to identify the wallet owner.

This is essential to ensure the anonymity and privacy of financial activities.

In this article, we’ll dive into the concept and workings of privacy coins, and describe how to use the Binance platform to add privacy coins to your portfolio.

Buy Privacy Coins on Binance

What is a privacy coin?

Privacy coins are a class of cryptocurrencies developed based on the principles of anonymity and untraceability.

How do privacy coins work?

Privacy coins, like other cryptocurrencies, also use blockchain technology as a distributed ledger.

But privacy coin transactions are different from the public transactions that are common in ordinary cryptocurrencies.

It is difficult (or impossible) for the outside world to link transactions together, and it is impossible to determine the source and destination of funds.

The difference between privacy coins and ordinary cryptocurrencies is that the cryptographic technology used in privacy coins can hide the user’s wallet balance and address, ensuring the anonymity and untraceability of transactions.

The cryptographic techniques used to protect privacy in the four privacy coins are listed below.

Stealth Address

Each transaction generates a new address to protect the recipient’s privacy. This ensures that third parties cannot link any payments to wallet addresses.

CoinJoin

Its principle is similar to that of a mixer . The transactions of multiple users are first put into one transaction, which is successfully mixed by a third party and then sent to the receiver. Each recipient will receive tokens on a new address to reduce traceability.

Zk-SNARK:

Zk-SNARK is an English acronym for “Succinct Non-Interactive Argument of Knowledge”. When using this technology, transactions can be verified without any details (sender, receiver, amount).

Ring Signature:

When you sign a transaction with your private key, others can associate your signature with your address, while using a ring signature avoids this.

Since there are multiple signatures in the same transaction, it is difficult for others to associate your signature with the address.

Open Binance Account

Are Privacy Coins Really Untraceable?

Trackability depends on the design and structure of each privacy coin, some of which are relatively easy to track.

Not all privacy coins have the privacy their developers claim.

There may be some flaws in a poorly designed protocol that allow the outside world to track transactions.

Even so, the mechanisms of privacy coins are quite efficient as far as current cryptography and encryption methods are concerned.

But with the advent of new analysis tools, modern encryption methods may also be broken by powerful computers in the future.

Buy Privacy Coins on Binance

Top 10 Popular Privacy Coins on Binance

Privacy coins are perfect for traders who want to truly protect their financial privacy.

We have listed the top 10 popular privacy coins below for your reference as you expand your cryptocurrency portfolio:

• Monero (XMR) at $217.50 with a market cap of $3,936.97 million
• Zcash (ZEC) at $179.20 with a market cap of $2,521.57 million
• Oasis Network (ROSE) at $0.27 with a market cap of $927.01 million
• Decred (DCR) at $62.50 with a market cap of $868.52 million
• Secret (SCRT) at $5.37 with a market cap of $876.89 million
• Horizen (ZEN) at $48.18 with a market cap of $589.19 million
• Verge (XVG) at $0.013 with a market cap of $218.47 million
• Dusk Network (DUSK) at $0.50 with a market cap of $201.48 million
• Phala Network (PHA) at $0.29 with a market cap of $79.2 million
• BEAM (BEAM) at $0.38 with a market cap of $42.54 million

Open Binance’s Account

How to buy privacy coins on Binance in two steps?

Want to buy privacy coins? Join Binance and start your trading journey quickly on this trading platform that ranks first in the world in terms of volume and user base.

On Binance, you can buy cryptocurrencies at low fees in just two simple steps.

1. Complete the fiat currency deposit. This can be done via Binance Wallet transfer or bank transfer. Be sure to check the available fiat channels to get your favorite currency. (Alternative: Convert fiat currency to BUSD or USDT to trade more token types.)
2. Purchase the desired privacy coins through the user wallet or directly with a credit/debit card.

Buy Privacy Coins on Binance

Conclusion

Bitcoin and many other cryptocurrencies operate on a decentralized network, which protects the privacy of users to a certain extent.

For example, users can create wallets without directly revealing their identities.

But since transactions are recorded in a public ledger, none of these cryptocurrencies can guarantee complete privacy.

If you have higher requirements for anonymity and privacy, consider privacy coins.

But before choosing and buying a privacy coin, be sure to do your own research (DYOR).

Ready to start your crypto adventure at Binance?

To get started, sign up for a Binance account or download the Binance cryptocurrency trading app.

Once your personal account is verified, you can use fiat currency to buy cryptocurrencies on Binance.

The three purchase methods are: bank transfer, bank card channel and digital wallet option.