The 9 Most Private Cryptocurrencies in 2023

Justice Ekaeze Last updated: May 4, 2023 Read time: 17 minutes Disclosure

Get insights into the best private cryptocurrencies to consider today, their advantages, and a game plan to ensure maximum safety.

This guide provides all-around information on the top 9 most confidential cryptocurrencies in 2023. Get in-depth insights regarding the top most private crypto coins and discover the best way to store them safely.

Whether or not cryptocurrencies will replace the fiat arrangement, the truth is that they have been an enormous compensation for many of the failures in the traditional system. One could even argue cryptos saw their birth because of significant breakdowns like the lack of privacy. Hence, it is plausible to believe cryptocurrencies are overall private. Nevertheless, it is nothing more than a fallacy.

Although the blockchain, the technology that cryptocurrencies use to operate, is one of the safest systems on the planet, not all cryptos are private by design. In fact, you can identify many crypto-coin transactions by digging into the public information they share.

Take, for example, the leader of the crypto world, Bitcoin. Many would think transacting with BTC is private and anonymous when, in reality, you can track Bitcoin operations. Bitcoin stores transactions on a public ledger; even if your identity is not immediately visible, researching this ledger will reveal it.

For some users, exposure is not an issue, but it is for those who use crypto only for privacy reasons. The latter group needs a cryptocurrency that’s 100% private. Even though there’s no unique method to reach this goal, the discussion remains open when defining the best system to keep cryptographic investments anonymous.

Let’s discover the top 9 most private cryptocurrencies in the crypto sphere and their methods to guarantee a 100% anonymous experience.

Note: The purpose of this article is only to provide information. Cryptocurrencies employ sophisticated encryption and privacy features to protect user anonymity to an extent. And it’s correct that several cryptocurrencies have built-in privacy features or options for more private online commerce. But, no cryptocurrency can guarantee full anonymity since most transactions are publicly recorded and accessible. There are methods for obscuring one’s identity or transaction history on the Bitcoin network, such as cryptocurrency mixers. However, that requires technical know-how and comes with transaction fees.

Top private cryptocurrencies to consider – Quick list

  1. Monero (XMR): Live since April 2014, Monero is a cryptocurrency that prioritizes privacy and decentralization. This coin initially emerged as a bifurcation of Bytecoin but managed to climb levels in the crypto space with outstanding privacy features like stealth addresses and ring signatures.
  2. Dash (DASH): Evan Duffield launched Dash in 2014 under the name Darkcoin. He intended to create a more efficient version of Bitcoin. Nowadays, Dash has one of the best reputations in the crypto world with remarkable characteristics like its decentralized second-tier Masternode network.
  3. ZCash (ZEC): It has earned its spot in the crypto verse thanks to cutting-edge crypto techniques that allow them to guarantee privacy at all times. ZCash has been in the market since 2016 and continues to be a one-of-a-kind digital asset thanks to the mindblowing capabilities Zooko Wilcox, the company behind ZEC, develops every day.
  4. Horizen (ZEN): It is a resounding private option, been in the market since 2017, offering both confidential and transparent transactions for users, but not only that, Rob Viglione and Rolf Versluis (ZEN’s founders); took privacy to a new level with several applications such as private messaging between users.
  5. Verge (XVG): Formerly known as DogeCoinDark, Verge is one of the private cryptocurrencies in the market (since 2014) that has seen massive user adoption by partnering with a range of businesses that accept the crypto for online purchases.
  6. Grin (GRIN): One of the newest on this list, it has been live since 2019. You can get an idea of how private the crypto is by knowing the fact that its founder continues in anonymity to this day. Ignotus Peverell’s goal, GRIN’s anonymous founder, is to make the crypto coin scalable and 100% private.
  7. Bytecoin (BNC): It is another crypto whose founders continue to be anonymous. BCN has been available since 2012, when it was known as Bitmonero. Out of many remarkable features, BCN has the most untraceable payment system.
  8. Beam (BEAM): Another newbie in the crypto world, it is available for purchase since 2019. Along with the Beam Team, Alex Romanov, its founder, has made this coin not only a private option; but also a safe one. It’s one of the few that complies with government regulations.
  9. ROSE: Closing the list, it’s the ambitious cryptocurrency ROSE. Oasis Network’s digital coin was born in 2019. This one-of-a-kind crypto aims to offer 100% private transactions; and a distributed network for data privacy and security.

What is a private cryptocurrency?

For a user to understand what privacy means in the crypto world, the best approach is to differentiate between the two types of existing transactions. For one part, there are so-called “transparent” transactions; and for the other, there are private ones. Consequently, users can find two types of cryptos in the market; transparent and private.

Transparent cryptos allow users to deploy chain analyses and see the public addresses in the operations, meaning all info is public and available. On the opposite note, privacy coins protect the users’ private information by being untraceable and anonymous.

While transparent coins provide users with a fine experience; for customers who wish to protect their privacy at all costs, a privacy coin is the best option.

In short, a private cryptocurrency is one where neither users’ identities nor transactions are traceable on the blockchain.

How can you buy cryptocurrency safely?

Undeniably cryptocurrencies have become more popular as thousands of options in the form of digital exchanges have flooded the market. But it is also true that not all crypto exchanges are trustable.

The fact that cryptocurrencies are decentralized; facilitates scams to spread smoothly around the community. If you want to avoid buying from unscrupulous exchanges, these are some tips for you to follow:

1. Ensure the platform follows KYC and AML protocols

One of the first elements to consider when deciding how trustable an exchange is, it’s to know if they follow “Know Your Customer” (KYC) and “Anti-Money Laundering” (AML) guidelines

KYC verifications are mandatory to transact on trustable exchanges; this doesn’t necessarily mean your identity will be visible on the operation; it is just a safe way for the crypto exchange to determine who you are and the provenance of your funds.