Since its inception, one of the major goals of the cryptocurrency community has been the adoption of Bitcoin as a payment method for goods and services. As it stands now, consumers can use Bitcoin across a number of industries to purchase everything from real estate, to PCs, to pizza. However, Bitcoin’s high transaction costs, deflationary nature, and full transparency represent some of the shortcomings that prevent Bitcoin from seeing widespread merchant adoption.
As such, enthusiasts, consumers, and producers alike have gotten behind a number of altcoins as mediums of exchange for a variety of uses. While Bitcoin acted as the catalyst for the first wave of crypto-merchant integration, these emerging altcoins are the pioneers for the interactions between the consumers and merchants of tomorrow.
One cryptocurrency niche seeing steady and increasing consumer activity is privacy coins. There exist a number of situations where anonymous transactions are optimal for the consumer or producer. The obvious example is the use of Monero (XMR) to power darknet markets – allowing buyers and sellers to agree upon the sale of drugs and other illicit goods in a completely anonymous, untraceable manner.
However, black market sales do not wholly represent usage of privacy coins. Consumers have also flocked to
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