Privacy coins have been a quite controversial topic for long. While many users favour them as a way to preserve their privacy, cryptocurrency exchanges and regulators are against them. But do they really pose a threat?
Launched in September 2020, Blender Wallet by Blender.io, a recognized privacy team, represents a new-gen approach to anonymous Bitcoin (BTC) wallets. It merges an unparalleled level of decentralization and an intuitive user interface.
Privacy coins have been the lasting concern of the governments and financial authorities. Their enhanced anonymity features allow to use the coins for illegal purposes such as tax evasion, money-laundering, terrorism financing, drug trading, cryptojacking, etc.
The anonymity of cryptocurrency transactions has been a pain in the neck of most financial regulators. Countries are strengthening their regulation to track those wishing to use digital currencies for illegal purposes. However, the community players are constantly seeking ways to preserve their privacy.
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?