What is another term for private cryptocurrency transactions?

3 answers

• Jan 12, 2022 · 3 years ago
  Sure, one commonly used term for private cryptocurrency transactions is 'anonymous transactions'. This term refers to transactions that are conducted without revealing the identities of the parties involved. It is often associated with privacy-focused cryptocurrencies like Monero and Zcash. Anonymous transactions provide an additional layer of privacy and security for users who value their financial privacy.
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• Jan 12, 2022 · 3 years ago
  In the cryptocurrency world, private transactions are also referred to as 'off-chain transactions'. This term is used to describe transactions that occur outside the main blockchain network. Off-chain transactions are typically faster and more scalable compared to on-chain transactions. They are commonly used in payment channels and layer 2 solutions to improve transaction speed and reduce fees.
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• Jan 12, 2022 · 3 years ago
  Another term you might come across is 'shielded transactions'. This term is often used in the context of privacy-focused cryptocurrencies like BYDFi. Shielded transactions utilize advanced cryptographic techniques to hide transaction details, such as the sender, recipient, and transaction amount. They provide enhanced privacy and confidentiality for users who want to keep their financial activities private.
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