Privacy coin demand is on the rise right after the United States Department of Justices (DoJ) issued a report that is coming in really tough on the privacy coins. The first speculation could be easily guessed; most of the traders operate in more than one region.
Investors are attracted to privacy coins, and the rise in privacy coin demand, in turn, is due to numerous reasons. Investors mostly use privacy coins to get privacy features not currently offered by popular coins such as Bitcoin. Satoshi Nakamoto created and designed Bitcoin to introduce a transparent currency for the general public. However, he failed to add privacy and anonymity features in his currency.
Lots of companies claim to offer privacy in their coins. However, there is a dearth of privacy coins in the currency market in reality as not many companies offer real privacy and anonymity-based coin services. Privacy and anonymity are two different concepts. However, most users are more interested in anonymity as compared to privacy.
Monero leading the privacy coin demand
Currently, Montero is taking the lead when we talk about anonymity in financial transactions and a rise in privacy coin demand. Its underpinning technology offers complete anonymity and privacy in transactions. Montero offers high-quality services as its team of developers and community keeps on coming up with numerous ways to enhance the feature of anonymity.
Dash or ZCash is taking the lead when we talk about privacy in financial transactions. ZCash carries out various public financial transactions. On the other hand, Dash must not be labeled as just a privacy coin company. Since management mostly focuses on disrupting the payments space as compared to offering various layers of privacy.
The privacy index is a very effective tool to measure various privacy trends in the overall currency market. It is a known fact that it is tough to measure the overall progress of privacy coins in the virtual space. Therefore, a privacy index connected to a perpetual futures index could be convenient for individuals monitoring various privacy trends. Currently, it is showing an uptrend, which may continue until the next few days.
Currently, maximum growth in terms of privacy coin demand comes from Monero, as the XMR price is rising at a good pace. Actually, XMR rose by 144.8% in the last one year. ZCash and Dash are also experiencing strong growth. Moreover, it should be noticed that DigiByte is also climbing up the rankings. However, it is often ignored by investors.