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Cryptocurrencies have been praised for the anonymity they offer through the decentralized transactions and other services that they offer. Ever since the creation of Bitcoin (BTC), various cryptocurrencies have been created which retain many of Bitcoin’s features.
However, though transactions are decentralized and somewhat anonymous in the blockchain of cryptocurrencies such as Bitcoin, they are not completely private. What this means is that every BTC used in a transaction can be traced to previous transactions.
This reality gave birth to a new idea for cryptocurrencies with coins that are untraceable and completely private, called Privacy Coins. In this article, we will explain what Privacy Coins are, how they work, and what their main characteristics are.