Most cryptocurrencies (such as Bitcoin) have a well known public ledger system where all transactions are visible and traceable through its block explorer. This results in anyone and everyone having the ability to see all associated transactions and balances but more importantly its associated addresses as well. This means that the history of its previous address owner is now visible through your own address once the coins have traversed through the blockchain and end up in your own wallet address.
An address may seem like it is fully anonymous but if you made a transaction with an address that is generated by the exchanges and/or other merchant services, you have essentially linked your anonymous address with an address that may lead to your identity.
Beyond this though, there are MANY reasons why PRIVACY is important, especially privacy when it comes to your own financial transactions.
Some cryptocurrencies will use the word PRIVACY as a means to garner awareness or even hype. With PIVX, we take it seriously, and below outline the various realms where we are working to ensure your privacy.
PIVX has THREE PILLARS of Privacy:
1) PRIVATE IDENTITY
2) PRIVATE NETWORK
3) PRIVATE TRANSACTIONS
- PRIVATE IDENTITY
- PIVX transactions don’t contain personal identity and location identifiable information. Your identity remains secure & private when transacting with PIVX
- PRIVATE NETWORK
- PIVX supports running on TOR & VPN networks allowing IP address anonymity. There are a handful of cryptocurrencies that support this, however, it by itself doesn’t ensure full PRIVACY.
- PRIVATE TRANSACTIONS