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Pirate Chain | Privacy Coins Crypto | How To Buy Privacy Coins
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Pirate Chain | Privacy Coins Crypto | How To Buy Privacy Coins
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Links mentioned in the video:
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Welcome to our Pirate Chain video!
What Are Privacy Coins?
Privacy coins are a class of cryptocurrency built on two main principles: protecting privacy and ensuring strong data security.
How Do Privacy Coins Work?
Similar to other cryptocurrencies, privacy coins also use blockchain technology as a distributed ledger. While crypto transactions are usually public, privacy coins are designed in a way that makes it challenging to connect transactions.
What sets private coins apart from regular crypto is that they use cryptography to hide a user's wallet balance and address to maintain a level of privacy. Using privacy coins cannot guarantee total privacy, and you should keep in mind any local regulations and laws when handling such assets.
Below we’ve outlined three cryptographic techniques that some privacy coins use:
Stealth addresses: Every transaction generates a new address to protect the privacy of the recipient.
Zk-SNARKs: Zk-SNARKs, an acronym for zero-knowledge succinct non-interactive argument of knowledge, allows you to prove that a transaction is valid without sharing its details (sender, receiver, amount).
Ring Signatures: When you sign a transaction with a private key, others can link your signature to your address. Ring signatures stop that from happening.
Since there are various signatures in the same transaction, it becomes harder for others to connect your signature to your address.
Are Privacy Coins Really Untraceable?
This will depend on the design and structure of each privacy coin, as some are more traceable than others. Not all privacy coins are as private as they claim. Poorly designed protocols could contain flaws that can make their transactions traceable.
Conclusion
Take away the privacy-preserving technology, and privacy coins appear pretty similar to coins like bitcoin. They run on blockchains – decentralized ledgers – and are maintained by a network of anonymous validators. But it is the advanced privacy techniques that distinguish privacy coins from the rest of the pack. The largest privacy coins by market capitalization are Zcash and Monero.
Dash originally started life as a privacy-focused coin named “Darkcoin,” but rebranded in 2015 and opted to focus on digital payments instead. Though the project boasts its own branded coin joining feature, CEO Ryan Taylor asserts Dash should not be construed as a privacy coin.
Privacy coins are one of a number of new, emerging asset classes being added to the blockchain ecosystem. As with any investment or purchase, you should always DYOR (Do Your Own Research) and take into account local laws and regulations.
____________________________________________________________
The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
I hope you found value in our Pirate Chain video. Make sure to leave a like on the video if you gained value from it!
#PirateChain #PrivacyCoins #Cryptocurrency #ETH #Bitcoin #CryptoGuide #crypto #BTC #DigitalCurrency #token #blockchain #review #exchange #trading #investment #BNB #BinanceCoin
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⏰ Time Stamp ⏰
00:00 Intro
00:38 What are Privacy coin
02:04 Outro
_____________________________________________________________
Links mentioned in the video:
_____________________________________________________________
Welcome to our Pirate Chain video!
What Are Privacy Coins?
Privacy coins are a class of cryptocurrency built on two main principles: protecting privacy and ensuring strong data security.
How Do Privacy Coins Work?
Similar to other cryptocurrencies, privacy coins also use blockchain technology as a distributed ledger. While crypto transactions are usually public, privacy coins are designed in a way that makes it challenging to connect transactions.
What sets private coins apart from regular crypto is that they use cryptography to hide a user's wallet balance and address to maintain a level of privacy. Using privacy coins cannot guarantee total privacy, and you should keep in mind any local regulations and laws when handling such assets.
Below we’ve outlined three cryptographic techniques that some privacy coins use:
Stealth addresses: Every transaction generates a new address to protect the privacy of the recipient.
Zk-SNARKs: Zk-SNARKs, an acronym for zero-knowledge succinct non-interactive argument of knowledge, allows you to prove that a transaction is valid without sharing its details (sender, receiver, amount).
Ring Signatures: When you sign a transaction with a private key, others can link your signature to your address. Ring signatures stop that from happening.
Since there are various signatures in the same transaction, it becomes harder for others to connect your signature to your address.
Are Privacy Coins Really Untraceable?
This will depend on the design and structure of each privacy coin, as some are more traceable than others. Not all privacy coins are as private as they claim. Poorly designed protocols could contain flaws that can make their transactions traceable.
Conclusion
Take away the privacy-preserving technology, and privacy coins appear pretty similar to coins like bitcoin. They run on blockchains – decentralized ledgers – and are maintained by a network of anonymous validators. But it is the advanced privacy techniques that distinguish privacy coins from the rest of the pack. The largest privacy coins by market capitalization are Zcash and Monero.
Dash originally started life as a privacy-focused coin named “Darkcoin,” but rebranded in 2015 and opted to focus on digital payments instead. Though the project boasts its own branded coin joining feature, CEO Ryan Taylor asserts Dash should not be construed as a privacy coin.
Privacy coins are one of a number of new, emerging asset classes being added to the blockchain ecosystem. As with any investment or purchase, you should always DYOR (Do Your Own Research) and take into account local laws and regulations.
____________________________________________________________
The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
I hope you found value in our Pirate Chain video. Make sure to leave a like on the video if you gained value from it!
#PirateChain #PrivacyCoins #Cryptocurrency #ETH #Bitcoin #CryptoGuide #crypto #BTC #DigitalCurrency #token #blockchain #review #exchange #trading #investment #BNB #BinanceCoin
________________________________________________________________________
⏰ Time Stamp ⏰
00:00 Intro
00:38 What are Privacy coin
02:04 Outro
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