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Cryptocurrency: Privacy Is The New Big Thing

Samantha Mitchell

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Privacy

Privacy Is Key

As the Cryptocurrency world continues to develop at a remarkable rate, with the ridiculous amount of fraudulent activity and scams continuing, industry insiders are highlighting the importance of privacy.

The word fungibility is being thrown around a lot at the moment and seems to be the “in” thing in the Cryptocurrency industry. The fungibility concept works on the fact that any one product can simply and easily be replaced or interchanged with another. However, this is easier said than done in some industries. As the Cryptocurrency market knows all too well, there is still very little trust in the industry which is restricting the ability for fungibility to really develop. And without this fundamental trust being there, the industry will not mature to its fun potential just yet.

One of the big problems is, bitcoin really is not private – every single transaction is recorded and everything is known about said Bitcoin. And this clearly puts into question whether there is any fungibility around bitcoin at all. The privacy issues around Bitcoin are well known and developers are working hard to resolve them as we speak. However, the simple fact is, there are still problems with privacy right now.

Privacy is absolutely fundamental to the Blockchain and Cryptocurrency industry. And it is important that it works alongside freedom. Customers should be able to make private transactions without any difficulty at all. Although the East started behind the West in this new digital economy, China is already well onboard with cashlessness. However, the transactions are monitored very closely with customer behaviour being used in marketing which then puts into question, privacy.

Tools Are Helping

PrivacyTools are being included now into Cryptocurrencies worldwide enabling more privacy for the client however we are still a long way off of there we should be. The debate also continues as to whether these new tools are simply in place to protect the Cryptocurrency from fraud or are actually there to protect the client. This discussion is yet to be resolved. But without said privacy of the client being protected, the industry as a whole will still be brought into disrepute. Privacy is standard practice in every other industry in the world and although developers are desperately trying to keep up with the daily changes taking place and the constant need for code updates, privacy and security is sadly well behind where it should be. This can be seen almost daily now with millions of dollars being lost through scamming and fraud. Patience is now beginning to wear thin and things really do have to evolve to protect clients.

Privacy’s Big Future

However, it is not only an essential element of the Cryptocurrency industry, it is vital to the financial and digital economy as a whole. It is hoped by firms, exchanges and customers alike that security and privacy is tightened within the Cryptocurrency market. With the many positives of being involved in this new generation of finances, security and privacy and the two real negatives that need to be addressed a lot sooner rather than later. Hope springs eternal!

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