Lack of Anonymity for Crypto Holders

Endy Callahan

Experts admit that the security and safety of people’s funds are some of the major issues that IT technologists and developers are trying to improve. Their efforts never go unnoticed and whenever something new appears in the crypto market, mass media outlets let the public know about the most recent innovations.

What specialists invent and provide can be used as useful and efficient tools and instruments that can protect crypto holders from possible attacks. As we know, hacker groups, scams, and fraud are rather frequent nowadays and it is of utmost importance for all crypto users to take greater care of their funds as well as personal information.

Unfortunately, there are still too many participants who do not take this matter seriously enough and professionals find it necessary to warn society about possible unpleasant situations that sometimes occur in the crypto industry.

Coin Metrics is one of the information sources that have recently presented a report and analytics. The service concludes that crypto holders do not bother to take better care of their transaction anonymity.

According to the latest data provided by Coin Metrics, the total volume of crypto transactions with anonymity functions Zcash, Grin, and Monero make up only six percent of the total BTC transaction volume.

Even when customers perform transactions employing anonymous cryptocurrencies, they hardly ever use the full potential of the tools and instruments available for them. For instance, Zcash cryptocurrency allows users to fully protect information about the amount of funds the person transfers. However, only two percent of transactions via ZEC are fully protected and anonymous.

Problems Arise When People Remain Careless

Crypto specialists state that the majority of crypto users stay indifferent to their own privacy and security. Many people do not find it necessary to take any additional measures to protect their anonymity. It’s wise of crypto holders to use special functions, and yet there are too few people who admit it.

Even though there are great achievements in the crypto security sector, the very implementation and adoption of all these novelties is relatively slow. Researchers believe that the number of crypto users keeps growing hence it’s important for all participants to remember that this payment method was created for anonymous transactions. Otherwise, anonymous transactions will remain the thing of the past.

On the other hand, in many instances, people will be able to use anonymity functions developed for popular cryptocurrencies such as CoinJoin for BTC. Recently, Wasabi Wallet announced that the team is going to replace the confidentiality technology. Instead of CoinJoin the service will offer its own innovation called WabiSabi.

Professionals hope that in the future the crypto community will keep all participants informed about the latest features that they can use to prevent scams. Funds as well as personal information must remain unavailable for third parties and those who wish to steal top private data or crypto assets.