Why so many coins? Examining the demand for privacy-preserving cryptocurrencies
研究发现，在打击非法交易的监管干预后，隐私币的使用相对增加；而限制隐私保护协议的法规出台后，其使用相对减少，表明隐私是推动加密货币采用的关键因素。
We investigate the impact of anonymity and privacy-preservation on cryptocurrency use. We find that privacy coins, which deploy advanced privacy-preserving technologies to enhance trader anonymity, experience a relative increase in usage compared to non-privacy coins following regulatory interventions aimed at countering illegal activities in cryptocurrency trading and use. However, the adoption of privacy coins decreases relative to non-privacy coins after the introduction of regulations restricting the use of privacy-preserving protocols. These findings underscore the significance of privacy as a driving factor in cryptocurrency adoption.