Privacy coins are a growing subset of cryptocurrency culture. This article covers an original bitcoin alternative — CloakCoin.
Online privacy is becoming increasingly important in today’s interconnected global society.
Data has surpassed oil as the world’s most valuable resource, and we continue to see a year-over-year upswing in cybercrimes.
You see, criminals tend to follow the trail of money. If there’s an industry with loads of funds flowing through its ecosystem, the vultures descend.
We see it time and time again — large, allegedly secure organizations have their servers breached and their customers’ data gets kidnapped and sold in a foreign land.
Now, even more treacherous than standard online environments is the land of crypto. Lurking around every corner of the blockchain are digital pickpockets that can’t wait to claim your assets all for themselves.
The crypto space is mainly unregulated — giving bad actors plenty of opportunities to take advantage of the uninformed.
And by using a privacy coin, you’re not transacting your way through crypto networks with a giant target on your back.
However, there’s more to privacy than keeping your finances out of the wrong hands.
Giving People What They Want
Big Brother’s surveillance of your whereabouts is incessant and increasingly invasive. Entering public spaces within most developed countries means being on camera, like it or not.
Take China, for example. For 30 days, the country’s government mandated a program that scanned the faces of over 500,000 citizens to track members of a minority group.
You see, if there’s one thing the government of any country wishes to maintain continuously, it’s control over its people.
And other than brute force, the best method for flexing your authority over the population is by imposing restrictions on their finances.
While you’re probably not inclined to walk the local streets wearing a mask, CloakCoin allows you to conceal your online transactions.
Using a privacy coin provides the freedom to self-govern the financial information you share online.
While most people aren’t compelled to strive for complete privacy or secrecy, they do want control over what they share with others.
You may be comfortable with posting pics and videos of yourself and family on social media. Little Billy is growing up so fast!
But would you post a screenshot of your checking account balance on FB? I’m guessing you wouldn’t.
Which is why — if you’re conducting payments with crypto — CloakCoin is such an effective bitcoin alternative.
So, while you only have so much power over public surveillance, you have much more control over your finances.
And, CloakCoin goes well beyond the notion of ‘private’ tractions. Using their cutting-edge cloaking tech makes transactions untraceable to you.
CloakCoin’s encrypted mixing software — Enigma — facilitates an exchange of funds that’s invisible to prying eyes.
The project’s secure and untraceable payment system makes it impossible to determine the amount, source, or destination of sent funds.
Unlike the Bitcoin network that makes everyone’s deposits and spends and balances available to everyone, Enigma transactions stay out of the public domain.
And, the project’s putting their coins where their mouth is!
From now until June 19th, 2019–0:00 AM GMT +1, the project’s giving everyone a chance to win 10,000 CloakCoins.
So, how can you win? Well, while the answer is simple, the task is not. To bag yourself 10k of the network’s native cryptocurrency, you’ll have to crack their software’s sophisticated transactional blender.
They’ll provide a transaction ID — like the blockchain version of a purchase receipt — and you merely have to tell us who sent the funds, who received the funds, and the total amount of CloakCoins sent.
CloakCoin is proud of their transactional fortress and doesn’t expect anyone to claim the bounty. And if a winner does emerge, they’ll use the information to make the network even stronger.
As we spend more and more of our daily lives online, we require more control over who has access to our data.
And for now, protecting your online privacy is a pro-active choice. While privacy is a right that everyone in the world should automatically enjoy, certain individuals and organizations don’t agree.
CloakCoin strives to safeguard your financial privacy, and also continues to enroll merchants sharing in the team’s mission of making the Internet a cleaner environment.
Paying for goods and services using CloakCoin provides the ability to stay under the radar of those looking to track your every move.
From governments to advertisers to web browsers to social media platforms, the Internet is bursting at the seams with groups looking to curate yourpersonal profile.
You didn’t ask for it, but it’s happening anyway.
And while Internet transactions can be scary, the blockchain can be even more frightening. Anyone conducting business within those environments has the right to privacy, and CloakCoin aims to give it to them.
In a nutshell, one of the simplest methods for shielding online transactions from privacy invaders is using a privacy coin.
Disclaimer: This is not investment or financial advice. Information within this article is primarily speculative opinion, and for entertainment purposes only.
Always conduct your own research before involving yourself with any project — in or out of the crypto market. The author holds the native cryptocurrency of the project mentioned within — $CLOAK.
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