Somehow I can't believe ppl will take the issue of cryptocurrency and privacy put it side by side as if they're born pair.
you can circumvent the data so it can be more private (like a money laundering but adapt it to crypto), but there's never an absolute privacy in cryptocurrency.
Freedom without central banking (yes)
#F point
-often forgets the 'open ledger' element of cryptocurrency.
🇳🇱
@blinkwarp there are cryptocurrencies out there which add the privacy in as a fundemental aspect of the algorithm. thus hiding the final destination. Hardware wallets also support this for coins that do not do it natively (like bitcoin, which is pretty crude by comparison to more modern crypto), they create subwallets that cant be tracked to the parent wallet for each transaction and manages them from a master wallet so the owner never has to deal with the implementation details.
so yea, privacy with crypto is pretty easy to achieve and a design consideration for a lot of this.
well keep in mind anonymity != privacy, in fact the lack of privacy can lead to lack of anonymity. which is the issue with bitcoin out of the box.
If you just use an ordinary bitcoin wallet, then yes it is anonymous. But a government can associate it with you by reviewing your cash trasnsfers into the system (your purchases of bitcoin from your bank) and ass such the fact that all bitcoin transfers between accounts are public (no privacy) can lead to a lack of anonymity. It is a known problem with bitcoin.
Wallets therefore need to add a layer above that to get some level of anonymity by creates a new wallet for each transfer. This way its harder to track which of the wallets are yours and which are going to other people and your just buying something in bitcoin... but even this is public so its not perfect.
If you truly wish to be safe from being identified as the owner of your cryto account, even at a government level, then you would need to use a coin other than bitcoin that provides obfuscation of the coin transfers.
absolutely terrific and smart summary, this is what I'm exactly thinking
anonimity != privacy
cryptocurrency generally is not inborn safe etc, it's still need some plus-plus method and extraordinary techniques to get it better overtime
> not to mention surveillance system is also a 'growing plant'
there's somebody that promote as if cryptocurrency and privacy-protection is born pair. As if "to buy drugs" "just use crypto" and you automagically safe.
