How to Make and Receive Payments Anonymously

Why Bank on Bitcoin?

Ever since cryptocurrency took over the world, Bitcoin has been the most sought mode of payment by vendors from all corners of the globe. With hopes of the coin appreciating in its value, it’s widely accepted and makes transactions easier and faster.

As more and more people lose hope in the banking system, Bitcoin – the decentralized currency, uses its own network without any intermediaries. The cryptocurrencies’ sheer anonymity makes it ideal for those who wish to keep their online identity hidden.

Pros and Cons of Bitcoin

Despite the global popularity, here are some of the pros and cons of the digital currency:

Pros:

• Make secure payments from anywhere, anytime
• Faster and cheaper to make international payments
• Anyone can open a wallet and begin making transactions without any credit history
• Worldwide acceptability
• Appreciating value of the currency

What is Ethereum?

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality.

Pros and Cons of Ethereum

Here are some of the pros and cons of Ethereum:

Pros of Ethereum

• Highly functional blockchain
• Clarity in terms of regulatory obligation
• Backed by renowned venture capitalists

Cons of Ethereum

• Huge dependency on Vitalik Buterin
• Sluggish transaction speed
• Market hoaxes

What is Bitcoin Cash?

Bitcoin Cash is a peer-to-peer electronic cash system for making transactions on the Internet. Like Bitcoin, Bitcoin Cash is also fully decentralized, which means that the cryptocurrency does not require the central bank not does it require any third parties to operate.

However, it varies from the other cryptocurrencies in that it has enabled the increase of the block size from one MB to eight MB. Bitcoin Cash hopes to increase the number of transactions that can be processed by the network, hoping that Bitcoin Cash will be able to compete with the volume of transactions that industry giants like PayPal and Visa can currently process.

Pros and Cons of Bitcoin Cash

Here are some of the pros and cons of Bitcoin Cash:

Pros of Bitcoin Cash

• Larger block makes fast transactions
• Safe even if the coin splits
• Listed on major cryptocurrency exchanges

Cons of Bitcoin Cash

• Low trust from investors
• No widespread adoption
• Market instability

What is Ripple?

Ripple is a cryptocurrency that is a part of RippleNet. The currency is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally.

Pros and Cons of Ripple

Here are some of the pros and cons of Ripple:

Pros of Ripple

• Well-structured infrastructure
• Notable investors and partnerships
• Stable when compared with others

Cons of Ripple

• Minimal real-world usage
• Controversial coin as opposed to others
• Market hoaxes

What is Litecoin?

Litecoin is a digital currency that came into being as a fork of the Bitcoin Core Client to serve as a faster, lighter and cheaper supplementary coin to the original BTC.

Litecoin is a peer-to-peer online currency that permits instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities.

Pros and Cons of Litecoin

Here are some of the pros and cons of Litecoin:

Pros of Litecoin

• Litecoin is open-sourced
• Swift transfers
• Low transaction fees

Cons of Litecoin

• Concept being replicated
• Losing its exclusiveness
• Diminishing credibility

Are these cryptocurrencies really safe?

Is my cryptocurrency safe? Can cryptocurrencies ever be hacked? If I make online payment through cryptocurrency, will it be traced? There are dozens of questions that cross the mind when dealing with cryptocurrencies. From traders, investors, enthusiasts, opponents to regulators from around the world, the answer can vary for each individual.

While everyone holds their opinion of the cryptocurrency bubble, the crux is that yes, a cryptocurrency can be hacked. It doesn’t take a genius to decipher that the cryptocurrency boom is drawing the attention of all stakeholders and criminals alike.

In recent years, cryptocurrencies and the blockchain technology have been heavily attacked for the very reason of making good money. Since the blockchain represents value and money, cybercriminals have all the more reason to hack the cryptocurrency infrastructure.

Although cryptocurrencies can be used for anonymous payments online, they’re not entirely anonymous. If you want to go incognito on the web, use a VPN as it provides you a pseudo identity so that you’re entirely off the map.

Final Word

The new broadband privacy bill is just the beginning of the anti-privacy era. To better survive in this era, we have to be proactive in protecting our privacy. Fortunately, we have above tools like a VPN to keep our home networks secure and the privacy of our family hidden from unwanted eyes.