Blog Crypto Firo Coin Review: Is The Privacy Coin Due a Price Increase?

Firo Coin Review: Is The Privacy Coin Due a Price Increase?

date February 28, 2022 time 5 min read 758 views

Although many organizations are concerned cryptocurrencies are too private and provide an easy gateway for criminal activities, plenty of others believe they don’t provide enough privacy. That’s where solutions like firo coin come in, which offers fancy features to ensure full anonymity. However, has it done enough to overcome some significant issues in had faced in the past?

Firo coin is a leading privacy coin, meaning it’s a cryptocurrency dedicated to the original missions of blockchain technology: privacy and decentralization. Although the coin faces some healthy competition from the likes of zcash and monero, it’s still shown a strong performance so far. Firo enjoyed a stellar first half of 2021 before falling with the wider crypto market in May 2021, and its price has remained more stable than many others since then, hovering around the $4 mark. 

It begs the question: What’s next? The crypto world is volatile enough, but the market for privacy coins is particularly volatile. Let’s run through the firo coin price history, its key features, and the challenges privacy coins are facing.

Firo coin review

Firo coin is a privacy coina category of cryptocurrencies dedicated to letting you make transactions without anyone else seeing what you’re doing or tracing your movements back to you. 

Firo coin is one of a select few cryptocurrencies leading the way in privacy.
Firo coin is one of a select few cryptocurrencies leading the way in privacy. (Source: Firo)

Firo coin hasn’t always been known by its current name—it was originally called zcoin and formed part of the Zerocoin protocol. If you’re familiar with the crypto world, you might be thinking the name “zcoin” sounds familiar, and that’s probably because of zcash. The similarity in names isn’t a coincidence—zcash now implements the Zerocoin protocol.

So, what exactly is firo coin doing now? In 2019, it moved from Zerocoin to Sigma to get away from some of its previous security problems. We’ll take a look at the protocol in more detail shortly.

First, let’s look at the price of firo coin since its launch.

Firo coin price history 

Firo coin’s history dates back to 2014, when the Zerocoin protocol was created to make a more anonymous version of bitcoin. The cryptocurrency was launched in October 2016 (then known as zcoin) at a value of $1.1 

Over the next year, it enjoyed some moderate price increases, with its value hovering between $5 and $20. It was around this time that zcoin suffered from the aforementioned security issues—including a major attack where attackers made 400 BTC. This is a major reason behind the rebrand to firo coin, but you wouldn’t know the crypto was going through problems by looking at its price history around that time. In December 2017, the firo coin price peaked at $142. To this day, that remains the all-time high.

Although the firo coin price is a long way off its biggest spike, it’s maintained a stable price over the last few years.
Although the firo coin price is a long way off its biggest spike, it’s maintained a stable price over the last few years. (Source: CoinMarketCap)

Its price decreased over the next few months, until it eventually stabilized at around $4. During the crypto boom in May 2021, its price rose to about $20.5, but fell again shortly after. 

Despite trying to escape from its past security issues, firo coin continued to encounter problems. In 2021, a hacker acquired more than 50% of mining power and took control of the network, which caught the attention of the crypto investment world for all the wrong reasons. Although the firo team were quick to close the loophole, the incident wasn’t good PR. 

However, firo coin deserves some credit for maintaining a stable value at a time when crypto markets have been all over the place. Is it due a prompt increase in value?

How is firo coin used?

Like bitcoin, firo coin aims to be an alternative to fiat currency, so its primary use case is transactions. However, since it’s a privacy coin, it takes a rather different approach.

We won’t bore you with the technical details, but firo coin’s standout feature is its zero-knowledge proof system.

First of all, coins are mixed in an escrow pool. After the transaction is completed, you can burn the coins involved to erase the transaction history and redeem them for different coins later. 

It then becomes impossible for anyone to trace the coins back to their original owner. In other words, there’s zero knowledge about the transactions that took place.

You can also stake firo coin for a return through Binance or Stakehound. 

You can buy firo coin on Bittrex and Binance, but it has limited availability on other major exchanges due to the concerns surrounding privacy coins. After buying, you can transfer it to a firo wallet—Firo recommends QT Wallet, Electron Wallet, and Electrum as secure crypto wallet options.

What are privacy coins?

As we’ve touched on already, privacy coins are cryptocurrencies committed to giving their users full anonymity. One of the key features behind bitcoin is its public ledger, which displays all public transactions forever. Although this is supposedly anonymous since it states public addresses rather than personal identities, there are concerns that it’s still possible to trace people.

If you’re after privacy, a firo wallet might just tick your boxes..
If you’re after privacy, a firo wallet might just tick your boxes.. (Source: Unsplash)

Privacy coins aim to overcome this problem by providing a genuinely anonymous experience. However, not everyone is happy about their revolutionary approach.

Privacy coins and regulation

Most governments and regulatory organizations hope the future of cryptocurrencies will move in the direction of greater transparency, allowing consumers and businesses to use the coins securely. They believe privacy coins are sending us in the opposite direction by allowing criminals to cover up their footprints.

Unfortunately, there have been various incidents linking criminals and privacy coins in the past. For instance, in 2017, the US government seized AlphaBay (a marketplace on the darknet) but couldn’t estimate how much monero was on there due to the cryptocurrency’s privacy measures.

It therefore shouldn’t come as a massive surprise that regulators are reacting strongly. At a time when governments across the globe are cracking down on cryptocurrencies, privacy coins could face serious consequences.

Yet this could be a selling point for appealing to the crypto world, which tends to view projects like firo coin as noble and look down on protocols that try to pander to regulators (such as Ripple). So, there are good reasons to believe firo coin’s price could move in either direction—which horse are you backing?

Buy with MyConstant loans

If Firo’s commitment to anonymity is a cause you can get behind, you’ll be pleased to know that a limited number of exchanges isn’t your only way to get your hands on it.

With platforms like MyConstant, you can collateralize your crypto to receive instant crypto loans with low-interest rates, and buy firo coin . Other benefits include:

  • 24/7 customer service.
  • Rates as low as 6%.
  • Early repayments for lower rates.
  • Instant matching.
  • Store and borrow against over 70+ different cryptocurrencies.

Sound interesting? Sign up for a free account today and start investing in firo coin.

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George Schooling

George Schooling

Earn up to 15% APY on your idle stablecoins (USDC, USDT)

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