It is estimated that a staggering 25% of users who utilized Bitcoin in the early days used it for illegal activities. Some of these illicit activities include purchasing drugs, illegal firearms, or using Bitcoin as payment for human trafficking. Back then, it was practically impossible to catch the perpetrators behind these transactions. However, all these changed with the rise of crypto companies such as ChainAnalysis who could track the flow of funds from suspected addresses and flag them.
Unfortunately, tainted crypto still made its way into the hands of legitimate investors and merchants. The new recipients of the crypto could face trouble from authorities despite the fact that they were not involved in any of the above illicit activities. Therefore, this fundamental flaw of mistaken identity led to the creation of privacy coins such as PRCY coin, which are committed to keeping the identity and activities of their users concealed. In this article, we are going to take a deep dive into PRCY coin along with how you can exchange it on Swapzone.
PRCY coin is a 100% fully anonymous blockchain-based cryptocurrency that is private, secure, and scalable. It runs on the privacy blockchain utilizing a number of cutting-edge technologies such as Bulletproof, RingCT, stealth addresses, Ring signatures, and Haprocates Protocol.
A majority of blockchain networks usually broadcast every wallet transaction publicly. Therefore, tracing the activities of a user isn’t that challenging. However, Privacy Coin focuses on keeping transactions anonymous and untraceable.
Unlike other privacy coins out there, the PRCY coin does not offer partial privacy or anonymity. Instead, it offers 100% anonymity without any doubt. It makes use of the PoA (Proof-of-Audit) consensus mechanism, which a lot of cryptocurrencies don’t have. Additionally, it doesn’t rely on nodes or administrators. Instead, it utilizes a hybrid of PoS and PoA to verify transactions and audit whether the system is functioning according to preset conditions respectively. This combination of technologies prevents outside parties from putting together your blockchain activity.
PRCY coin utilizes a number of different technology features to keep your identity shielded. These features include:
Stealth addresses easily improve the privacy of transactions. Each time you receive crypto, a stealth address is created. These stealth addresses ensure that outsiders can’t link any payments with your wallet address. This is made possible through PRCY’s DKSAP (dual-key stealth address protocol) which provides you as a wallet owner with a private view key, a private spend key, and a recipient address. As a result, the only two people who know the details of a transaction are the sender and the receiver.
In every blockchain transaction you make, you always leave behind a digital signature that verifies that you are the sender. However, with PRCY, your signature is combined with signatures from other signers in a ring to help conceal you as the sender. The more the number of signatures within the ring, the harder it is for anyone to trace any transaction back to you.
Ring CTs are built on the foundation of Ring signatures which help mask your identity. Ring CTs help encrypt the output of your transactions. Thereby, they conceal the exact amount in every transaction.
Bulletproofs are short non-interactive zero-knowledge proofs that don’t need any trusted setup. They are used to convince verifiers that an encrypted transaction is well-formed. They are designed to allow confidential transactions by concealing the amount transferred.
Now that we’re familiar with the outstanding features of PRCY, let’s discover what’s so special about these features that can be a cutting-edge competitive advantage of this project. The benefits of the PRCY coin include:
PRCY coin helps keep all your cryptocurrency activity private. You may be thinking, “I don’t have anything to hide so why worry about it?” However, there are quite a few reasons why your crypto activity needs to remain private. A blockchain without privacy is comparable to a bank that posts all of its transactions online. Anyone would be able to access your complete financial history and it wouldn’t be that hard to figure out your identity.
Fungibility in this case is the ability to interchange one currency unit for another. For instance, every kilogram of gold is identical. Therefore, you can always exchange one kg of gold for another. However, when it comes to cryptocurrency, this is not always the case. In this case, if Bitcoin(s) are used for illegal activities, it’s easy for merchants or other users to see that it’s tainted, thus placing a lower value on it or even avoiding it completely. With Privacy Coin, there is no transaction history and so the coin never gets tainted. Therefore, ensuring that the coin remains fungible.
PRCY coin isn’t the only privacy coin in the market today. There are several other privacy coins in the market that offer opt-in or intrinsic privacy enhancements. Unlike these other privacy coins, the PRCY crypto does not offer partial anonymity. Instead, it offers 100% privacy from any prying eyes. This is done through the use of a number of successfully tested privacy protocols in the industry. It also utilizes a hybrid PoA/PoS system that gets rid of system administrators and nodes. Thus, providing a level of privacy that’s above the industry’s status quo.
You might be wondering, “Is PRCY a good investment?” or “Should I invest in PRCY coin today?” Well, for starters, the PRCY coin is different compared to popular cryptos such as Ethereum and Bitcoin. It helps make your transactions untraceable and thus, helps you maintain your privacy. There is a chance that privacy coins may become more popular in the future in the face of excess regulation. If this happens, then there is a probability that prices may rise. However, as always, it’s important that you explore available sources about PRCY coin to make a financial decision regarding it.
Below is a step-by-step procedure on how to exchange PRCY on Swapzone:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.