Privacy cryptocurrencies occupy a special place among all cryptocurrencies and have generated a significant fan base among crypto enthusiasts. It all started with the launch of Monero, and since then, privacy coins have captured the imaginations of millions of people around the world who value privacy the most. This is not surprising, because when participants know all the parameters of a deal, the similarity with the traditional concept of money increases to the same extent.
2021 proved to be one of the biggest bull runs in the history of the crypto industry. Almost every cryptocurrency sets a record for all-time high prices in this bull run. Privacy coins are not that far behind in the race either.
Privacy is not something that can be stopped with a few barriers
Regardless of a few instances, such as Bittrex removing privacy coins from the list, it does not seem possible to stop the upward trend of privacy coins such as CUTcoin, Monero, ZCash and Dash. News about Whatsapp’s latest privacy updates made people realize the importance of privacy. Thus, privacy has become a topic that everyone talks about. The number of users of privacy-oriented messaging apps such as Telegram and Signal also increased.
Among cryptocurrencies, privacy coins have benefited from the privacy move that has sparked an explosion for privacy-oriented messaging apps. The privacy coins enable users to evade the scrutiny and oversight they have to face in the traditional financial ecosystem.
The price of CUTcoin has risen by over 500% over the past 52 weeks, much more than the growth in Bitcoin or Ethereum prices. It proves that coins like CUTcoin are resistant to government blocking due to a misconception that privacy cryptocurrencies are bad and are used only for illegal use.
Confronting the hardships that governments stand against them, privacy coins are making some changes to alleviate their concerns. Still, CUTcoin and other privacy coins did not give up privacy, which is the most important feature of cryptocurrencies. They are committed to allowing token holders to protect their privacy while transacting using their privacy coins.
So far, CUTcoin’s development plan in the first quarter of 2021 has focused on the further development of privacy tokens. Also, Monero is trying to release an open source hardware wallet known as Kastelo. Monero is also implementing a second-tier solution that will increase the speed and scalability of transactions.
PIVX, another privacy coin, implemented the shield protocol using zk-SNARKS in Q1 2021 and made PIVX perform fully protected transactions in the crypto space. The privacy benefit proves that its developers take the privacy of their users very seriously. That’s why they’re working hard to bring better privacy, anonymity, and changeability to their communities.
Other privacy cryptocurrencies such as Verge and ZCash had little to show so far in 2021 as development efforts continued. But they are still in the game.
Privacy is a primary human right and the UN declaration says this. Government officials around the world have so far had a hard time digesting this, especially when it comes to money. Thus, they also hardened their stance against privacy coins. But sooner or later everyone will come to the table and realize that privacy coins provide a greater benefit.
People deserve privacy, and privacy money provides them. It is undeniable that regulations for privacy coins are on the horizon, and they may take effect soon. But that won’t make anything worse for privacy coins like CUTcoin. Instead, privacy token players will welcome this move.