Not really though. Privacy coins was cre
Not really. Privacy coins were created to argument the inability if bitcoin to hide transaction because it is processed through the blockchain , sadly it is now used by fraudsters to carry out their activities.
This is like pure gold for does into fraudulent activities, from what you just explained right now, it means these coins, their transactions cannot be tracked or traced. Of cause it would be used by these set of people as they are looking for ways to hide from being tracked. Its as if this set of coins where created just for them.
although I am a crypto trader , I have been hearing of the difi token but i do not fully understand how it work, can you please give a simpler explanation of what a difi token is all about and How people can trade it to make money ??
The government is the authority in the country. If they think something is bad then they will ban it. Just like what China did in banning the use of crypto. They may have seen that crypto is being used for illegal transactions like money laundering and drug dealings.
Yeah , but the main aim was to make transaction secret as people can easily see other people's asset worth using the blockchain explorers
DEFI and Privacy coins are built anonymous more than other volatile coins. That's why you see criminal activities circling around them. UNI coin is a perfect example of Defi coin, while Monero (XMR) is a perfect example of Privacy coin. They're the black hat Cryptocurrency you're hearing today.
Ok but what are the function of privacy coin, what is their main function and what have they contributed into the cryptosystem ? What make a coin to be private, because I do not understand how a privacy coin work.
Privacy coin is more of decentralized than other decentralized coins on the market. You can hardly have a traced on any transaction made around the privacy coins. As the name implies it simply means secrete.
But every other cryptocurrency is decentralized and you cannot have a stress of any transaction that is being done in the blockchain ledger, I'm still thinking how this one is different than the normal cryptocurrency.
Its still the same but when it comes to more decentralized then you'll come to know that privacy coins are more used for fraudulent purposes than the usual decentralized coins.
It was reported on the news few weeks ago that a Russian hacker hack one of the most important shopping site in the United States, they requested a million dollars worth of bitcoins to be paid before they can restore back the data, they didn't ask with privacy coin.
Privacy coins are also Cryptocurrency, just that they fall into the category of the privacy coins, just as we have altcoins, Shitcoins, BTC, and Defi coins etc.
Ok I understand, maybe the privacy coin may not be a nice cryptocurrency for long-term investment, most people are concentrating in the normal currency that can give a high return on investment.
They are still nice option for long time investment. Coins like monero, and dash etc, have been around for long time and they've brought financial dividends to its investors during those years of investment.
