Privacy not all-important for crypto users

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Updated September 21, 2022 | Published September 2, 2020

2 mins read

According to Coin Metrics, a crypto analytics firm, the combined daily transaction of some of the most private coins, such as Zcash, Monero and Grin, were barely 6% of the total transactions of bitcoin.

Even though bitcoin is a much more transparent currency, crypto users prefer to stick with time-tested currencies rather than following more private and anonymous solutions.

Using slightly more “accountable” currencies can also help igaming companies conduct AML and KYC checks that are helpful in proving to regulators that blockchain casinos such as Cloudbet and Bitcasino are capable of meeting industry standards.

Yet, Coin Metrics was a little crestfallen that users showed a bit of apathy when it comes to privacy. Even though private currencies exist, the company’s report said, users have been slow to adopt them.

Meanwhile, private coins haven’t had the easiest time either. Some Australian exchanges, for example, have been rather belligerent towards anonymous crypto tokens, delisting them en masse. This is affecting currencies such as Monero, which is accepted at casinos like FortuneJack and 1xBit.

Solutions such as Monero and Grin both come with unique features that guarantee their privacy, but bitcoin may need a few tweaks to get there first. However, regulatory clarity and possibly a unifying framework are necessary. The IMF recently released a video explaining how cryptocurrencies can be the future of money.

While the trek towards the mainstream has been slow, cryptocurrencies are finally getting the attention they deserve, whether that’s private or public coins.

Tudor

Works as a developer and helps keeps the digital cogs turning. Leave them alone, they're busy.

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