Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet
Staying anonymous is up to me not regulations - Crypto Privacy Coins
We often see people talking about how good is crypto for decentralization and censorship resistance, we often watch ppl complaining about big platforms like facebook, twitter, youtube because their get censor but it seems very little group of people talks about how important is your privacy, how in the short-term future when all currencies turn digital your privacy will be a huge thing.
Many people relate Bitcoin or crypto currencies to money laundering, I once met a girl who was actually afraid of crypto currency like it was the same or worst to hold Dope that you may get arrested and it's because of all this cases where crypto gets related to this illicit activities and I'm not going to say how easy is to track people with crypto because you already know that, if not then most cryptocurrencies are open ledgers all you need is someones wallet put that address into the coin explorer and you will be able to tell when and who is sending or receiving funds.
Got out of track a bit, why I say your right to stay anonymous/privacy will be huge because once all analog money goes digital governments, entities, companies and anyone who get data leaks will be able to exactly tell you how much you make and spend and how, you might say well that's ok with me my bank knows that info.
Imagine someone just print your financial moments, puts your name and data on the front page, then starts giving away this information to everyone on the streets, would you be ok with that?
If you were born after 1984 "millennial" you are very familiar with computers and already know that we are living in the times of data, knowing has always been more powerful than money but now days technology gives the power turn weponize this data, knowing everybody financial moves to the last penny is just too powerful for anyone or any country, I got to make this article because I think that same way governments started to pay attention to Bitcoin on 2017 they are now paying more attention to privacy coins, on 2018 the crypto taxes started on most countries and crypto was not invented for you to pay taxes on top of your crypto, same as it was not invented for governments to know exactly what you do with every satoshi.
We see titles like:
- Russian officials must disclose their crypto holdings by June 2021
- France moves to ban anonymous crypto accounts to prevent money laundering
- US Treasury self-hosted crypto wallet ban
Just to give you a few examples of how your privacy has been attacked now, this bull run is full of institutions and their narrative is that Bitcoin is better than gold and its a safe heaven asset, I really don't buy that story too many institutions on this space is not good but also is inevitable, all they want is a piece of they pie and this time they are early to the party because this bull run is just starting, yes there is a correction on the works but nothing crazy for now not $7k or $3k for those who still think so.
What can we do to keep that privacy? (This only applies for people who believe in crypto)
- Try not to use centralize services
- Look for alternative crypto services
- Use your crypto, dont just hold it, change fiat and use crypto
- Use privacy coins, you can hold part of your portfolio on privacy coins, there are many, Monero, Beam, Zcash, Horizon
- Support privacy coins projects, run a masternode, buy the coin, use the coin
- Use privacy coins features, anonymous transactions, anonymous memos
I know this is not much and to be honest there is not much we as individuals can do against governments and regulators but there are alternatives, now we have this technology in our hands and its free, they will try to weoponize Bitcoin and control it by holding large amounts of it, this is something we starting to see happening now, they will try to corner crypto currency and by doing so will control more of your data.
I know we are also for the gains but we are so so so early on privacy coins, people are crazy for smart contracts and DeFi but the time will come that after everybody got bored with DeFi and regulations start becoming absurd then most crypto holders will turn to privacy coins so if you are in for the gains start growing that bag.
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