Connect with us

Altcoins

ZCash VS Monero: Which Privacy Coin To Use?

Published

on

ZCash vs Monero
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin and numerous altcoins are praised to be secure and capable of providing safe, private transactions, this is not completely true. Most of these coins are only partially private, and the same goes for their transactions. This is due to the fact that most cryptos promote transparency, which can be achieved through blockchain technology, and eliminate issues like smuggling, corruption, and alike.

However, on the internet, there is always the need for true privacy and anonymity, and so privacy coins came to be. Privacy coins can hide all details regarding the users’ transactions completely, including their identity. Because of this, the skeptics often try to undermine them by claiming that such coins are only good for criminals who pay for drugs and other illegal goods and services on the dark web.

While it is true that anonymity allows this possibility, this is certainly not all that they are good for. In fact, they have quite a widespread use in the modern world, especially when it comes to businesses that wish to keep their secrets hidden.

Now, with all of this in mind, users looking into privacy coins may wonder which one to choose? Upon research, numerous altcoins might pop up, but choosing the right one is all that matters. Since Monero and ZCash are among the coins with most supporters, we have decided to compare them and try to determine which one is better.

ZCash vs Monero

Monero (XMR) is a privacy coin that was launched back in 2014, as a fork of Bytecoin. ZCash (ZEC), on the other hand, is a younger coin from October 2016. It was created by highly skilled and experienced cryptographers and scientists. Both coins quickly became popular due to high levels of anonymity and privacy that they provided, and ZCash vs Monero rivalry has existed ever since.

Monero’s process sees each transaction split and/or divided into smaller bits of information and then sent to a specific destination via numerous artificial nodes. While this sounds like a pretty secure method of sending payments anonymously, there are some rumors that claim that the transactions can still be traced.

Zcash, on the other hand, seems to be more privacy-oriented than any other coin. Its ledger doesn’t hold data about senders or receivers, and instead, it only has information about the time when the transaction was made. Basically, no transaction carries any public address information with it, which makes ZCash almost entirely anonymous and secure.

Despite the rumors, Monero still remains highly popular. A lot of people wishing for private transactions have adopted the coin, and its community continues to grow. ZCash’s use of zk-SNARKS protocol makes the transaction untraceable through regular means. However, many believe that digging deeper can allow IP address tracking, which can then be compared with the time of the transactions, and connected to a specific payment. While this seems to be an issue at first, the use of VPNs or anonymous browsers like Tor can easily handle this issue.

Obviously, both coins are created to be used as currencies. This makes them different from other cryptos that have larger goals in mind, where their coins are to serve as a means of payment for their respective networks. Both are quite fast too, although Monero was reported to be slightly faster.

Both are also pretty popular, although ZCash is more economical due to exceptionally low fees. Monero fees are not exactly huge, but they are definitely larger, which is one of the only aspects that makes it slightly easier to make a choice when comparing ZCash vs Monero.

Both also have quite professional and capable teams, although the Monero team likes to keep their secrets, while ZCash’s team is more open. As such, ZCash can often be favored by new investors that develop a larger trust in the coin and its developers.

In the end, the choice in the ZCash vs Monero rivalry falls upon the user. Both coins are more than good and capable of providing private transactions, although the use of additional privacy tools is never a bad thing.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Altcoins

Can Libra help the crypto industry to reach new heights?

Published

on

Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
READ LATER - DOWNLOAD THIS POST AS PDF

The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

Continue Reading

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Elite