Modern markets feature great varieties of products that can satisfy any need one might have. Such a situation fuels competition among companies and stimulates them to generate unique offerings for their clients. Some businesses begin promoting eco-conscious materials while others increase the quality of their customer service.
From this perspective, blockchain technology and cryptocurrencies provide endless opportunities for enterprises wishing to distinguish their brands from their competitors. For instance, with the help of crypto, businesses can guarantee complete anonymity to their customers. People may want to avoid disclosing their identities for a number of reasons, and a good vendor must satisfy every wish of their clients. NOWPayments can help businesses with deploying their own anonymous crypto payment gateways.
Key Points
- Blockchains use various methods to attain privacy
- Monero and Verge utilize stealth-addresses, while Beam relies on Mimblewimble
- Dash maintains the PrivateSend option which helps obfuscate the origins of coins
- Zcash, on the other hand, employs an innovative solution called zk-SNARKs which let users conceal their addresses on the blockchain
- NOWPayments will assist you in setting up a crypto gateway to ensure that you accept anonymous cryptocurrencies
The Most Anonymous Cryptocurrencies
Monero
Monero blockchain emerged in 2014 as a fork of Bytecoin and instantly caused a furor in the crypto world. The developers of the new network knew that the existing solutions such as Bitcoin were not as anonymous as the community wanted them to be. As a result, Monero positioned itself as the ultimate choice for any individual looking for a way to transfer their funds in a completely secure manner. In the case of Ethereum, another public blockchain just like Bitcoin, every user has their personal address. If someone knows this address, they can see its balance and trace every transaction the address participated in.
Monero system uses several privacy-oriented features which guarantee security and anonymity to the user. Stealth address is, perhaps, the most notable technology Monero utilizes. Essentially, it generates a one-time address which hides the actual address of the recipient, thus making it unknown to the sender. There are businesses that accept Monero because it uses Ring Signatures, a method which helps it obfuscate the address of the sender and the sum they transfer.
Read why accept payments in Monero in our article.
Beam
Beam is the most recent addition to the list of anonymous cryptocurrencies, which, nevertheless, manages to attract the attention of thousands of investors. It appeared in 2019 and used Mimblewimble privacy technology. This technology espouses a reformed approach to blockchain and lets users themselves store all information about their transactions locally. Thanks to Mimblewimble, no user can trace the addresses of Beam’s users because they are non-reusable.
Nevertheless, the sender and recipient can see all the details about their transaction but can delete all information about them whenever they want. Additionally, the Bean network implemented Dandelion technology which obscures all traffic on the blockchain by randomizing the transaction pathways. Beam also has a plethora of exciting features. For instance, it supports Atomic Swaps with several cryptocurrencies, including LTC and BTC. Moreover, Beam supports its DeFi platform called BeamX, which is confidential and boasts impressive functionality by featuring a dApp store and price oracles.
Dash
Dash is a blockchain that has garnered a reputation for being one of the most secure ones out there. Dash also is notable for its option to make a transaction anonymous, which it offers to its users. Yet, it is vital to understand that Dash, unlike Beam, is not private by default since it is a Bitcoin fork. Nevertheless, one can be certain of their complete anonymity when pressing the PrivateSend button. PrivateSend works by obfuscating the origins of Dash coins to ensure their fungibility.
Thus, by choosing to use the feature, users send a request to a masternode responsible for mixing the currency. The masternode divides the transaction into separate denominations such as 0.1 and 1 and then starts matching them with other transactions which use PrivateSend. Once it finds appropriate denominations, it begins the mixing process. The masternode repeats the process several rounds to achieve complete anonymity.
Verge
Verge blockchain treats the matter of users’ privacy as its number-one priority and maintains several mechanisms to ensure it. For instance, it relies on Tor IP obfuscation service, which facilitates anonymous communication. Verge implemented the service in its wallets which helps the network guarantee confidentiality and eliminate the risk of any third-party conducting surveillance on the users.
Another anonymity feature of the Verge blockchain is the Dual-Key Stealth Addressing which is similar to that of Monero. In other words, senders get a chance to generate an indefinite number of one-time addresses on behalf of recipients while engaging in no interactions whatsoever. It is safe to say that by activating both of these functions, users of the Verge network can attain the highest degree of anonymity. Apart from obfuscation, Verge blockchain also has low fees and high-speed transactions, which make it ideal for day-to-day use.
Zcash
Zcash has been in active existence since 2016 and has considerably grown in popularity in five years. Zcash provides its users with a chance to secure their anonymity when transferring funds with special Shielded Transactions. The name speaks for itself. Zcash uses an innovative solution called zk-SNARKs which makes such transactions a reality. Essentially, when two shielded addresses transact funds, they become invisible to the rest of the blockchain users. Moreover, the amount of the transaction, as well as the encrypted memo, also become subject to complete encryption and anonymity.
Horizen
Horizen is all about optional privacy. Horizen provides anonymity to those who need it. There are two available types of addresses for ZEN – T-Addresses for regular transactions and Z-Addresses for shielded private ones.
Accepting the Most Anonymous Cryptocurrencies
After choosing your favorite anonymous crypto, you may wonder about the best way to start accepting it. NOWPayments assists enterprises and individuals in receiving fast, efficient, and low-fee crypto payments through a gateway. Crypto invoices are, perhaps, the easiest way to try virtual currencies and see their advantages over traditional money. Crypto invoices do not hinder anonymity since all payments are sent directly by your customers to your personal address. By featuring one of the five most confidential currencies, you can safely promise your clients that no third party will gain access to the information on their address balance.
Owners of eCommerce stores have another option of integrating crypto payments, namely plugins. NOWPayments has developed crypto gateway plugins for several websites such as PrestaShop, and WordPress. If you host your store using these services, you can deploy your own anonymous crypto payment gateway with the help of NOWPayments. Millions of people around the world use cryptocurrencies, and they will be excited to buy products while maintaining full anonymity.
Organizations and individuals that deal with donations, usually these are charities and bloggers, also can benefit from transitioning towards crypto. NOWPayments created a way to accept crypto donations by using a link, button, and widget which will fit best in different interfaces. Charities that do not wish to disclose their patrons and bloggers who want to avoid showing their balance can use anonymous cryptocurrencies as means to receive donations and establish privacy.
Conclusion
Consumers today pay more attention to extra features which every company offers to sell more products or services. Anonymity is a feature that will not leave anyone disappointed since the majority of people want to keep their activities private. There are currently several blockchains that guarantee high standards of confidentiality to their users.
For instance, businesses that accept Monero or receive Verge payments enjoy the stealth-address method, which obfuscates true addresses of the sender and recipient. While businesses that accept Beam get a chance to test relatively new technology, Mimblewimble, which, nevertheless, has been helpful for the Beam network. No matter which cryptocurrency you choose, NOWPayments will help you with deploying infrastructure to accept cryptocurrencies.