A major cryptocurrency exchange, Bittrex is going with another delisting from its markets. But this time it is limited to known as “Privacy Coins”
But the fact is, What are privacy coins? Privacy cryptocurrencies or Privacy-centric cryptocurrencies are known as cryptocurrencies with prioritizing user’s privacy.
However, regular cryptocurrencies offer a certain level of anonymity when making transactions. In other words, you cannot physically identify the person behind cryptocurrency transactions.
But the interesting thing is, there’s a major difference between regular cryptocurrencies and privacy cryptocurrencies. Privacy cryptocurrencies are impossible to trace.
In a situation like this, these cryptocurrencies could make the perfect fit for financial criminals. Because they are no way you can trace. In response to this case, The U.S Secret Service has urged congress to formulate measures to curb the use of privacy-centric cryptocurrencies.
As Bittrex has not given any reasons for this market delisting, the above incidence the best reason. What are those privacy-centric cryptocurrencies? The six most private cryptocurrencies according to Investopedia are Monero, Zcash, DASH, Verge, Horizen, and Beam.
In a Bittrex release, they have mentioned the list of markets that will be delisting effective on January 15, 2021.
- BTC-XMR, ETH-XMR, USDT-XMR
- BTC-ZEC, ETH-ZEC, USDT-ZEC, USD-ZEC
- BTC-DASH, ETH-DASH, USDT-DASH, USD-DASH
As you can see, Monero, Zcash, and Dash included in this list as they are privacy-centric cryptocurrencies as I mentioned earlier. In a further notice, Bittrex informed after markets are removed, users can have up to 30 days to withdraw any delisted tokens. but in certain instances, the withdrawal period may be shortened.
”There may be circumstances under which a user may not be able to withdraw a token due to events outside of Bittrex’s control. For example, there could be technical difficulties (e.g., the blockchain is broken) which prevent users from being able to withdraw their tokens.”Bittrex
Not even Bittrex, other cryptocurrency exchanges worldwide have been moving to delist those privacy-centric cryptocurrencies.