Famous American entrepreneur and cryptocurrency proponent, John McAfee, recently spoke of the implementation of privacy coins. He believes that criminals are using them because of their technological value, and authorities cannot keep up.
Privacy Coins Used By Criminals: McAfee
Aside from being a successful businessman, John McAfee is also a well-known Bitcoin proponent. Until recently, at least, when he changed his stance towards the largest cryptocurrency. He went from a bold $1 million prediction to “Bitcoin is the true Shitcoin.” He also said that the future of the cryptocurrency industry rests with alternative coins.
Earlier today, he narrowed down his support on a specific type of altcoins by outlining the value of privacy coins. According to McAfee, criminals are utilizing them, which is a positive sign: “they are first to use every valuable technology.”
Criminals are using privacy coins.
They are first to use every valuable technology.
Faster automobiles as getaway cars in the 1930s,
Telephones to co-ordinate crimes.
Authorities are always behind.
They have validated
— John McAfee (@officialmcafee) February 22, 2020
In McAfee’s views, authorities cannot cope with the technology behind privacy coins. By making another reference from the automotive world, he thinks that privacy coins represent “faster automobiles as gateway cars in the 1930s.” Previously, he compared Bitcoin with the famous Ford Model T, naming both as “ancient technology.”
What’s So Special About Privacy Coins?
Some people wrongly assume that all cryptocurrencies are entirely anonymous. That’s not always the case, though. For instance, it’s entirely possible to associate a Bitcoin address with a specific individual if he has ever used a cryptocurrency exchange, which requires identity verification.
Privacy coins, on the other hand, conceal all the information from the sender and the recipient. When completing transactions, they don’t provide any data and ultimately leave no traces behind.
Generally, people are using them to keep their identity from central authorities and governments.
John McAfee might not be the only one noting the value of privacy coins. As Cryptopotato reported last month, most of them have been performing impressively since the start of the year.
Monero, the highest-seeded one in terms of market cap, started 2020 at $45. It has almost doubled its price as it trades now upwards of $80. Another privacy coin, Zcash, is up with nearly 120% – from 28% to $61 now. Dash started the year at $41 and is currently trading at $108. This represents a total price increase of over 160% in less than two months.