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As a medium of exchange, the primary benefits of cryptocurrency include decentralization and the promise of anonymity. Users hope to escape the prying eyes of state actors, hackers, giant corporations and others who may seek to gain from building a dossier of their financial activities.
But are cryptocurrencies really private?
Contrary to the widely held belief of widespread anonymity with cryptocurrencies, the truth is that blockchain technology records and stores transactions permanently in an open, public ledger that anyone can access.
However, developers have come up with cryptocurrency projects that obscure user identity and transaction history. One of the most popular privacy-oriented cryptos in this space is Monero. In this article, we'll look at the Monero coin, which has become the gold standard for privacy in the crypto space.