Crypto Wallets General Tutorials

Six Best Privacy Cryptocurrencies in 2023

Secret Network Anonymous Development 1
Rate our article

Trading in Cryptocurrencies has become a massive market recently. With so many currencies to invest in, the question arises, which ones are safe and which are not? This article discusses the top 6 most private cryptocurrencies you should consider using in 2023. Let’s dive in.

What Do We Mean by Most Private Cryptocurrencies?

When referring to the most private cryptocurrencies, we refer to currencies prioritising your privacy. A private cryptocurrency allows buyers and sellers to participate in anonymous transactions. Using a decentralized financial system allows for more privacy for participants than your usual banking system would. 

While most cryptocurrencies like Bitcoin, Ethereum, and others try to keep transactions private, they’re trackable online. Most cryptocurrencies store transactions on a public ledger where everybody can view your transactions. However, a few cryptocurrencies have gone to great lengths to make their transaction systems much more private. These are the cryptocurrencies that we will be discussing below.

Before we look at which currencies we consider the most private currencies currently, it’s helpful to note that cryptocurrency markets are highly volatile and can change rapidly. Therefore, it’s always recommended to research and seek professional advice before investing in any cryptocurrency. Let’s take a look at the top 6 private cryptocurrencies in 2023.

1. Monero

Monero The Darknets Pride
Monero The Darknets Pride

Monero is the most well-known privacy coin. They have the largest market cap for good reason as the token has gone through very few issues since it’s creation. This makes it the number 1 Darknet token choice. Monero is open-sourced, meaning its users can read their source code whenever they wish. This level of transparency keeps all users in the loop with what Monero claims to do and whether or not they do it.

Darknet Markets and other websites often use Monero as their only cryptocurrency due to it’s privacy features. Monero also offers great benefits such as a 1700 transaction per second (TPS) and the token is used on many famous websites and platforms such as:

  • StakeBox
  • InvixBox
  • Coincards
  • BitPanda
  • NordVPN

Placing 23rd on cryptocurrencies with the highest market caps, it’s available on almost every exchange, including:

  • Binance
  • Bitfinex
  • HBTC
  • Huobi Global
  • Kraken
  • OKEx

To prioritize user privacy, Monero makes use of a stealth address system. This system offers a different address assigned to a receiver through the transaction process. This is a sort of built-in crypto mixing service as all transactions goes through six proxy addresses before reaching the real address. This process is automatically done for all transactions, meaning it would be difficult to trace even if a ledger were followed.  

2. Dash

Dash Digital Cash

Although Dash is 1/5th the size of Monero, it’s noticeably one of the larger private cryptocurrencies on the market. Next to Monero, they have the second largest market cap. The name is Dash, Digital Cash, because in the physical world cash is your own method of private transactions due to its fungibility.

Dash is one of the oldest cryptocurrencies that prioritized privacy. With a team consistently making its applications smoother and at a higher stage of development, it’s an easy top 5 privacy coin. Dash, which originated as a fork of Bitcoin, is currently listed on various cryptocurrency exchanges, including:

  • Digiflex, 
  • Huobi Global, 
  • HBTC, 
  • Kraken, 
  • OKEx 
  • Poloniex.

Dash also has a decent TPS of 56 transactions per second. Dash supports the following online vendors:

  • DashDirect
  • BitPlaza
  • Coinpay
  • Bitfy
  • Cloudbet

A few Darknet markets have taken Dash into consideration, but if it’s privacy you’re looking for, Dash hasn’t proven itself as well as Monero.

Dash optimizes privacy in a different way than other private cryptocurrencies, though. Instead of making transactions autonomously, they give their users the option of choosing whether they want their transactions private using the “PrivateSend” function. When you use this function, Dash will mix your transaction with other users’ transactions before distributing the correct amount to the account you are sending money. This ensures LE and others can’t track your transactions making it completely safe for use. Let’s chat more about PrivateSend and what coin mixing is.

Think of it this way, every transaction, whether large or small, gets poured into a cryptocurrency pool. From that pool, the specific amounts of each transaction are then sent out to the destination set by the original sender. If the transfer were to be tracked, it could only be tracked to the pool of all the transactions. This is the process that coin mixing makes use of. When you choose the PrivateSend function. We should note that Private Send is more costly.

3. Zcash

Zcash ZK Proof

Zcash released in 2016 and is a great private cryptocurrency in 2023. They make use of the zk-SHARKS protocol by using their unique “orchard shield payment protocol.” In a nutshell, the zk-SNARK protocol works by using mathematical proofs to verify the validity of transactions without revealing any sensitive information.

This is done through a process called “zero-knowledge proofs,” where one party can prove to another party that they know a certain piece of information without actually revealing what that information is.

In the context of cryptocurrencies, the zk-SNARK protocol allows users to transact without revealing the sender, receiver, or the amount being transferred. This is achieved by encrypting the transaction details using complex mathematical equations that can only be decrypted by the intended recipient.

Like the other currencies mentioned above, Zcash is also an open-sourced currency. They prioritise user privacy but also ensure transparency so that you are in the loop with how they work and what you can expect from them. ZCash is a token supported by the Tor Project.

Zcash used to be popular on Darknet Markets, but few use this token now. Kingdom Market is one of them.

Zcash has its own blockchain and token and was developed as a fork of the Bitcoin blockchain. It has slow TPS that ranges between six and 25 transactions per second. This cryptocurrency can be traded on popular exchanges such as Binance, Bitfinex, Bithumb, Coinbase, Gemini, Huobi Global, Kraken, OKEx, and Poloniex.

4. Horizen

Horizen Privacy Coin

While they are not as popular as Dash or Monero, Horizon has a solid infrastructure enabling them to prioritize user privacy on transactions and investments. 

Horizen uses the zk-SNARKS protocol, which allows for anonymous transactions, ensuring the privacy of its users. It also employs a decentralized governance model, where community members who hold the Horizen coin ($ZEN) make decisions regarding the network.

Horizen aims to provide a secure and decentralized platform for various use cases, including secure messaging and file storage. It also offers a sidechain platform called Zendoo, which enables developers to build their custom blockchains on top of the Horizen network.

Horizen also claims to have a great transaction speed. According to Horizen, they can process up to 1000 transactions per second on the Horizen Blockchain. With around 10 000 Horizen blockchains (sidechains), this would mean that Horizen can process up to 10 000 000 transactions per second which is mind-blowing! 

Horizen is also an open-sourced network, meaning anyone can access their source code. This ensures that they operate with transparency. No Darknet Market has used $ZEN, but here are some supported stores with Horizen:

  • Battlefield Bangkik Social Club and Game Store
  • Cheshire Wellness Center
  • Darkcrypt Networks
  • Bitcoin Meister
  • Bangkok Express restaurant

5. Verge

Verge token

Verge started in 2016 and claims to provide a safe and private platform for users to trade on. It uses privacy-focused technologies like TOR and I2P to make transactions anonymous, untraceable, and unlinkable to any party. 

The TOR Network enables users to chat, send messages, and use the internet anonymously by hiding their IP address with strong triple encryption. For example, when Verge pushes all of its transactions through TOR, hiding the IP address of any transaction and protecting the identity of its users. 

Like Monero, Verge also makes use of stealth addresses. By adding a proxy address to transactions, they also hide your IP address. Verge has a 100 transaction-per-second transaction speed and adds a new proxy address for every transaction. They also use an open-source system, ensuring transparency in all of their functions. 

No Darknet Market has picked up the Verge token so far, but it certainly should. Several website accept Verge:

  • High Life Goods
  • EarthVPN
  • SwitchVPN
  • Ganja.com
  • TrafficJunky.com

6. Secret Network

Secret Network Anonymous Development

Secret Network is an advanced blockchain-based protocol that provides privacy and security for different platforms and decentralized applications. Built with the open-sourced blockchain framework, Cosmos SDK, Secret Network allows for private computations and data protection. The use of Secret Network allows developers to completely customize their applications’ privacy and security for transactions.

Cosmos SDK is an open-sourced blockchain framework that allows developers to easily create their own blockchain applications without having to start from scratch. This saves developers loads of time in the development stages of their applications. 

The Secret Network protocol gives any given platform, like financial applications or identity verification systems, the ability to store and keep sensitive data private and secure. Secret Network also has its own native cryptocurrency, called SCRT, which is used for network governance, transaction fees, and staking. 

No DN Market The following vendors make use of Secret Network:

  • Enigma
  • Ocean Protocol
  • SecretSwap
  • Sienna Network
  • Binance
  • Oasis Labs

Secret Network has become a popular private currency for developers looking to create their own custom blockchain applications.

Final Thoughts

Staying anonymous is difficult in this day and age. Using a privacy coin is not enough and you still need to ensure your OpSec is up to standard. That being said, the above tokens are all solid choices to keeping your transactions on the blockahin private. Nobody needs to know what you’re doing! Out of the currencies mentioned above, Dash and Monero are most likely your best options.

Frequently Asked Questions

What are the advantages of using private cryptocurrencies?

The advantages of using private cryptocurrencies include enhanced privacy and anonymity, faster and cheaper transactions, and increased security compared to traditional financial systems.

How do I buy and sell private cryptocurrencies?

Private cryptocurrencies can be purchased and traded on various cryptocurrency exchanges that support them. Ideally you’d use a Decentralized exchange to ensure privacy.

How do private cryptocurrencies provide privacy?

Private cryptocurrencies use various privacy-enhancing technologies, such as zero-knowledge proofs and ring signatures, to obscure transaction details, making them difficult to trace and link to a specific user. Most privacy coins use a hidden ledger.

Are private cryptocurrencies legal?

The legality of private cryptocurrencies varies by country, with some countries allowing their use while others have banned them entirely.