XMR developers announced the release of a new update that would help to preserve and enhance the coin’s privacy feature. According to the Monero blog, the new node software will allow for improvement of transaction size and speed, while still preserving complete anonymity.
A lot of people don’t know the difference between cryptocurrencies, stablecoins, and privacy coins. On one hand, both stablecoins and privacy coins belong to cryptocurrency. However, these kinds of coins possess peculiarities cryptos like bitcoin don’t have.
As privacy coins such as Monero are widely used for illegal purposes, financial regulators and watchdogs seek ways to de-anonymize them. Now, the United States Internal Revenue Service (IRS), is going to pay for cracking Monero (XMR).
The Russian intelligence agency has developed a new artificial intelligence (AI)-based system to track and de-anonymize Bitcoin (BTC) and other cryptocurrency transactions. Does it mean that privacy coins will lose their popularity?
Monero cryptocurrency offers its users enhanced anonymity features. However, this feature is favourable not only to ordinary traders but also to criminals taking advantage of the coin for illegal purposes. This makes some cryptocurrency exchanges avoid dealing with the coin.
Regulations are meant to bring an element of market stability and reduce the risk from fraudulent operations on the market. However, in certain cases, regulations may damage the price and even pose certain cryptoassets under existential threat.
The fungibility of Bitcoin has been an issue of contention among many. The question is, “can a quantity of bitcoin be swapped for another of equal value?” The answer is yes because can lend you one bitcoin and when you pay me back, it doesn’t have to be the exact BTC that I gave you. This means that Bitcoin is fungible.
According to the significant technological change that has occurred in the past decade, we can now be sure that the integration of innovative tools including blockchain, distributed ledger technology (DLT), and general data protection regulation (GDPR) standards are somehow sufficient and able to ensure the security and privacy of personal data in future Internet systems.