Blockchain Can Provide the Right to Privacy That Everyone Deserves

Blockchain technology can help to build a self-sovereign financial system sell bitcoin paypal usd where privacy belongs to the people.

Contrary to popular belief, privacy is not for those with something to hide but with everything to lose. Authoritarian governments across the globe are increasingly using surveillance to control their citizens at the expense of personal freedoms and civil liberties. The privacy of one’s financial transactions is intricately linked to one’s personal liberty. Without privacy (and financial means), true freedom is at risk. We are rendered powerless to resist oppression.

The promise of cryptocurrency is that it is uncensorable and unseizable money for the people. But Bitcoin (BTC), which was supposed to be like peer-to-peer digital cash, lacks privacy, which is essential to enabling these properties. In an increasingly connected and data-driven world where surveillance and data harvesting is the norm, we must treat privacy as a fundamental human right. If we believe in the original tenets of cryptocurrency as a decentralized and self-sovereign form of money, we need to fight to maintain our right to be private.

Some cryptocurrency projects seem to be apologetic for being privacy-focused, given the current regulatory climate and common misconception that privacy coins are used by criminals to hide illicit activities. Consequently, we see other projects in the space, such as Zcash (ZEC), Dash (DASH) or even Bitcoin adopting opt-in privacy models, which clearly do not work.

Low usage means low privacy, as indicated by findings that 99% of BTC Bitcoin To Paypal Exchange transactions are partially traceable and that the firm can perform successful investigations into btc PrivateSends. Other studies also indicate that despite Zcash’s advanced technology, many users who did not completely understand how its privacy worked used it improperly and made it traceable anyway. Yet, the fact is: No matter how advanced the privacy technology employed, it is meaningless if it is not used. Privacy likes being in a crowd. Privacy needs to be easy-to-use.

Various explanations have been given as to why these privacy cryptocurrencies do not seem to want to encourage greater adoption of private transactions. The primary reason being that they need to play nice with regulators, who are uncomfortable with the idea of private transactions. Despite its early origins being one of the first privacy coins, called Darkcoin, Dash goes to great lengths to distance itself from being called a privacy cryptocurrency, including with a published legal position that in terms of privacy, it is no different than Bitcoin. These timid approaches do privacy a great disservice, characterizing it as something shameful.