Cybercriminals Favor “Privacy Coins” Over Bitcoin

Cybercriminals Favor “Privacy Coins” Over Bitcoin

Even with the recent attention that Bitcoin has been getting from all sectors, tech experts have noted that the underground, mostly cyber criminals, have been moving towards using “privacy coins” such as Monero and Zcash.

Monero, which masks the recipient’s address and transaction amount using encryption, had quadrupled in value and is now around $412. It is now one of the biggest cryptocurrencies in the market. Its main rival, Zcash, similarly uses encryption to hide the true address of senders.

Monero core developer Ricardo Spagni said that they only wish to create a digital currency that gives privacy protections. He added that most users in their community use it for legitimate purposes, and that they don’t advocate using Monero for criminal activity.

Source: PYMNTS

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