Today we take a look at the five cryptocurrencies that Liberalcoins supports and explain why we chose them. As a privacy exchange, we offer three privacy focussed coins in order to provide you with a way of making anonymous trades. We’re looking to add more privacy coins in the future, so let us know which ones you’d like us to support!
The most well-known cryptocurrency and highest by marketcap, Bitcoin is the most traded coin and currently accounts for about 30% of all trades. Bitcoin is pseudonymous, meaning that the public ledger shows only public addresses and not personal data, like names. However, due to KYC protocols, governments can identify users by accessing data records held by exchanges. To protect user privacy, as you would with your own bank account, we offer Bitcoin trading that doesn’t require KYC verification. This allows you to exchange Bitcoin without sacrificing your privacy.
Litecoin is a fork of Bitcoin designed to work alongside it while offering faster confirmations times. This is important because customers in shops don’t want to have to wait for multiple confirmations before they are given their coffee. It also integrates easily into applications that already support Bitcoin. We like it because they are focused on real-world adoption and want to encourage the use of cryptocurrencies in everyday situations.
Possibly the highest-rated privacy coin, Monero is a Cryptonode fork that has been developed with additional privacy features. The way Monero makes it hard for observers to identify transactions is by obfuscating the data. It uses multiple fake transactions and fake addresses to hide the actual transaction. This means that users do not run a risk of purchasing tainted coins. Also, coins are fungible, meaning the transaction history is not made available.
Short for Digital Cash, Dash aims to be used to make everyday payments. What we like about it, is its PrivateSend function. This enables users to remove the history associated with their coins. Without a mixing service such as this, coins can be traced back through their entire history. What Dash allows users to do is mix up their coins by combining denominations of them with other user’s coins. The reason this is important is if someone buys an item from a shop, they would then be able to see what the shop owner chooses to spend the money they received on. This doesn’t happen with cash or debit cards and we feel this enables users to have a reasonable level of privacy when they make payments.
Our latest addition, Zcash has the potential of being the number one privacy coin. It doesn’t obfuscate transactions but completely eliminates the need for nodes to see the transaction data in the first place. It manages to do this, while using a public ledger and keeping the payment network accurate. It uses cryptographic proofs for transactions to confirm to nodes that the transaction is legitimate and accurate while keeping the actual data hidden. Users just need to make sure they are using z – addresses when making private transactions.
Our Next Steps
At Liberalcoins, we provide secure peer-to-peer trading of coins with a focus on user privacy. We have based our decisions on a mix between the most popular coins in use and the ones which offer the strongest elements of privacy. Our users like us because we have some of the lowest fees on the market while supporting the coins they want. Feel free to let us know if you would rather we focus on the most traded coins with the highest liquidity or the coins that offer the strongest privacy settings. We will be providing support for more coins soon!
Liberalcoins is a peer-to-peer exchange focused on user privacy. The service allows individuals to transact locally with cash via face-to-face meetings, or internationally through a selection of wire and electronic payment methods. The exchange first went live in May 2017 and provides users with a secure and private way to trade Bitcoin, Dash, Monero, Litecoin and Zcash.
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