Private cryptocurrencies are digital currencies that have been developed by private companies in order to enable users to purchase goods and services, or they can be used as an investment. Private cryptocurrencies use similar technology as public cryptocurrencies such as Bitcoin and Ethereum, but they offer a greater level of privacy than the public equivalent. Private cryptocurrencies are usually backed by physical commodities such as gold or silver.

An example of private cryptocurrency is Monero (XMR). It was created in 2014 with the goal of providing the highest degree of anonymity for online transactions. Unlike Bitcoin and other major public blockchains, all activity on the Monero blockchain is fully anonymous, meaning that only those involved in a transaction can view its contents. This makes it ideal for people who want greater control over their transactions and also provides enhanced security against hackers looking to steal funds from exchanges and individuals’ wallets.