Am I understanding that a payjoin is a type of coinjoin, correctly?
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The answer is: Yes.
Correct, a coinjoin is a bicoin transaction where multiple people own the inputs of a transaction.
A payjoin is specifically a coinjoin among the sender and receiver of a payment transaction.
Cool! So if I were a merchant accepting bitcoin payments this would be an ideal way to provide privacy to my clients? As well as future proof me in a sense to having to pay higher fees?