Bitcoin cryptocurrency isn’t really as anonymous as many people think.The reality is that Bitcoin is actually a pseudonymous cryptocurrency and does NOT belong to the group of complete anonymous cryptocurrencies. Although many people think of it as a truly anonymous one. Yes, as long as you don’t link your identity to your wallet address, it is pretty much impossible to determine who is the user of the wallet. The problem is that this link can be easily established through the use of cookies and web trackers. For those who loves anonymity, we have mentioned the “Top Five Anonymous Cryptocurrencies” in this article which are Monero, ZCash, DASH, PIVX and Bitcoin Private
Bitcoin offers a whole host of benefits when compared to traditional fiat currencies, unfortunately enhanced privacy is not one of them. Currently, a handful of cash represents a more private payment option than using Bitcoin’s very public ledger. For the privacy conscious, following is the “List Of Top Five Anonymous Cryptocurrencies”
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Monero was launched in April 2014 as a fork of ByteCoin and uses its CryptoNote codebase. Monero currently provides some of the highest levels of anonymity and privacy available. The basic framework of Monero’s blockchain and transaction structure are the same as those used by Bitcoin, however, it utilizes ring signatures and address derivation.
Monero uses ring signatures and ring confidential transactions to obfuscate all the details relating to transactions. These include the amounts, origins, and destinations of all transactions. When coins are spent, the transaction is signed and time-stamped with a ring signature, this signature is verified against a group of public keys without revealing the actual private key used. The default obfuscation of all the transaction details means transactions on the Monero blockchain cannot be linked to a particular user or real-world identity.
Monero cryptocurrency is listed and can be purchased from the following list of cryptocurrency exchanges:-
Monero can be purchased from the following Indian Cryptocurrency Exchanges in exchange of INR:-
Another cryptocurrency which is making its way towards anonymity is Zcash.
Even though it hasn’t been implemented yet, zk-SNARK is a zero-knowledge proofs protocol which is meant to make Zcash completely secure. However, at the given moment, Zcash does still use an open blockchain which is very similar to Bitcoin.
The biggest problem with zk-SNARK protocol is that any user who wants complete privacy with Zcash will have to have at the bare minimum 4GB of RAM. This is a huge barrier which is currently stopping Zcash from adopting this protocol. Luckily, there is a lot of research being done to make implementation of zk-SNARK a reality. When the inevitable happens and this protocol becomes a part of Zcash, it will also become one of the most secure cryptocurrencies on the market. Until that moment, keep an eye on Zcash and be ready for it to become one of the kings of anonymity.
Zcash (ZEC) cryptocurrency is listed and can be purchased from the following cryptocurrency exchanges:-
Zcash cryptocurrency can be purchased from the following list of cryptocurrency exchanges in India in exchange of INR:-
While best known for being a cryptocurrency geared for everyday use, Digital Cash or DASH is also a viable option for those interested in private transactions. In addition to providing transparent payment options, Dash allows anonymity with its PrivateSend feature that utilizes the concept of CoinJoin.
Dash offers a decentralized mixing service within its platform called PrivateSend that allows transactions to be formed by multiple parties and paid out to multiple parties and the merging of funds together means that they cannot be uncoupled afterwards. Here, funds are mixed together and investigators cannot be sure of the sender, amount, or destination. Successfully mixing payments using the PrivateSend feature requires at least three participants.
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DASH Cryptocurrency is listed on and can be purchased from the following cryptocurrency exchanges:
DASH Coin cn be purchased from the following list of cryptocurrency exchanges in India in exchange of INR:-
Recently, PIVX has implemented the Zerocoin protocol, which has successfully given it an edge in the privacy field over other cryptocurrencies. PIVX is the first currency to use a proof of stake system. In short, and without much technical jargon, Zerocoin protocol allows for custom enhancements which improve blockchain level transactions through unlinkability, meaning that it’s impossible to link it to an entity.
This is done by a mixing service which uses the zero-knowledge proofs to cut the link between the sender of PIVX and its receiver, thus effectively giving you full anonymity and intractability. This means that every coin sent through the system has no transaction history attached to it, which makes it 100% fungible.
PIVX Cryptocurrency is listed on and can be purchased from the following list of cryptocurrency exchanges:-
PIVX coin can be purchased from the following cryptocurrency exchanges in India in exchange of INR:-
Bitcoin Private is a ZClassic fork that uses the zk-SNARK technology, and it’s said to be the privacy coin that provides the highest level of security of any blockchain network. Bitcoin Private is a mix of technologies used in Bitcoin and ZClassic. This also means that Bitcoin Private boasts the same privacy features as Zcash, meaning that transactions are completely anonymous.
The key feature of Bitcoin Private is its Proof-of-Work algorithm dubbed EquiHash. This ensures a high degree of decentralization and democratization of the blockchain, as well as a decreased risk of attack. Other noteworthy features include transparent and shielded transactions, a voluntary miner contribution program, and a so-called treasury fund governance.
Bitcoin Private (BTCP) is listed on and and can be purchased from the following list of cryptocurrency exchanges:-
At the time of publishing this article, no cryptocurrency exchanges in India had listed Bitcoin Private. Hence, as of now, you cannot Buy Bitcoin Private in exchange of INR. Although, you can buy Bitcoin Private in exchange of BTC from the above mentioned cryptocurrency exchanges.
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Rohit Kukreja
Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.
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