A Better Privacy Needed for Cryptocurrency


Many factors have contributed to the massive Cryptocurrency gain and popularity. People mostly prefer crypto due to its features. Among the many features the digital currencies, one significant feature offered by the Cryptocurrency network is privacy,which permits users to hide their identities as well as to keep their transactions secret.

Following many past concerns on data privacy, there have been many recent issues of users’ privacy in the crypto world, which becomes something big to worry about.

Many experts talk about the improvement of users’ privacy, and one recent comment made on the betterment of crypto users’ privacy is by Poolin C.E.O Kevin Pan, who spoke on the matter in an interview with Bitcoin Magazine.

Shallow research and studies have made many people in the crypto community believe that Bitcoin and other altcoins are some kinds of anonymous online currency, yet more in-depth analysis will let you know that Cryptocurrency privacy features are really on a low level.

Image Source: coininsider.com

Year after year, many serious issuesin the crypto community are being eminent due to the absence of better privacy. This even transcends the fungibility of Cryptocurrency which is known to be a significant property of money.

Over the past years, there have been many proposals made by developers to improve the privacy of cryptocurrencies. However, many of these projects they attempt come along with trade-offs in the areas of scalability, security, and other vital areas.

Among all the issues of Bitcoin, Pan sees privacy as the most relevant side for the development of the crypto assets, though when you take a critical look at the block size wars from past years, scaling becomes the most common issue that currently confronts Bitcoin.

“We can see the actual issue with Bitcoin being privacy, and unfortunately, no one asks the big question of how these privacy issues will be solved or if the privacy issue is already solved,” Pan told Bitcoin Magazine.

The CEO of Poolin continued the interview by describing some regular issues of the fungibility that are mostly discussed in the Bitcoin communities. Conversely, Pan talked about a different matter that is often put aside by those who promote the use of Bitcoin for censorship-resistant transactions.

“Currently, the more disturbing aspect is if government or law enforcement departments decide to start establishing a blacklist of transaction addresses. This will make it very hard for certain transactions to be packaged,” said Pan.

He added furthermore, “Unless there is better privacy for Bitcoin, all the excitement and aim of the privacy feature might not be achieved.  Better privacy will make it hard to determine the owner of the address and the amount being transacted and therefore avoiding the control of the currency system. So personally, Bitcoin will have no issues if the main problem of better privacy is solved.”

Pan’s issues he brought up corresponded to some Bitcoin mining centralization, as these kinds of censorship attacks can be carried out successfully if the government authorities can identify and coerce 51% of the network hash rate. Also, Pan’s made mention that the issues he raised do not affect some altcoin particularly Monero and Grin. Nevertheless, Pan has the hope that some features of these privacy-conscious altcoins will eventually transcend to the Bitcoin network.

Source: Forbes

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