GPT-4 Recommends 3 Privacy-Focused Cryptocurrencies
Privacy is recognized as a fundamental human right by the United Nations (UN) Declaration of Human Rights and the International Covenant on Civil and Political Rights. While privacy is widely accepted in other areas, it often becomes controversial when it comes to money. However, with the growing development of high-surveillance financial tools, privacy-focused cryptocurrencies offer a way for investors to protect themselves against increased surveillance by authoritarian regimes.
To identify three privacy-focused cryptocurrencies that can be used without revealing sensitive information, Finbold utilized ChatGPT, an AI-powered bot that provides insights using crypto as payment. The top picks recommended by ChatGPT were Monero (XMR), ZCash (ZEC), and Dash (DASH).
Monero (XMR)
Monero is renowned for its unparalleled privacy features, utilizing ring signatures, ring confidential transactions, and stealth addresses to anonymize transaction details. By concealing sender and receiver identities as well as transaction amounts, Monero ensures near-impossible financial data tracking. It currently holds the highest market capitalization among privacy cryptocurrencies, with its price ranging from $118.5 to $186.18 per coin in the past year.
ZCash (ZEC)
ZCash stands out with its unique privacy feature called Zero-Knowledge Proofs or zk-SNARKs. This allows users to verify transactions without revealing sensitive information. With selective transparency, users have the freedom to choose between shielded and transparent transactions, balancing accountability and privacy. ZCash currently ranks 152nd in terms of market cap, with a price of $27.98 per coin.
Dash (DASH)
Dash offers innovative features like PrivateSend and InstantSend to enhance transaction privacy. PrivateSend mixes multiple transactions before processing them, making it difficult to trace fund origins. InstantSend enables swift transactions, making Dash a combination of quick and private digital cash. Dash is currently trading at $28.29 per coin and holds the 116th position in terms of market cap.
It is worth noting that many countries have taken steps to restrict access to privacy cryptocurrencies, leading to the delisting of some of these digital assets by crypto exchanges.
Hot Take: Privacy Cryptocurrencies as a Hedge Against Increased Surveillance
Privacy-focused cryptocurrencies such as Monero, ZCash, and Dash provide an important hedge against the growing surveillance state. In a world where privacy is considered a fundamental human right, these coins offer users the ability to protect their financial data from prying eyes. By utilizing advanced privacy features like ring signatures, Zero-Knowledge Proofs, and transaction mixing, these cryptocurrencies make it extremely difficult for third parties to track transactions and uncover sensitive information.
As governments and financial institutions continue to implement high-surveillance financial tools, investing in privacy cryptocurrencies becomes even more crucial. By choosing coins that prioritize user privacy, you can safeguard your personal information and maintain your financial autonomy in an increasingly monitored world.
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