Cryptocurrency and Privacy Concerns

Well when we talk about cryptocurrencies privacy concerns they are many factors to consider, it's true that there is a measure of annoymity that using cryptocurrencies for transactions gives but we can't say that it's completely annoymous because of the fact that blockchain has a public nature which enables the tracking or traceability of any transactions carried out on the chain.

They are crypto assets which guarantees more privacy for it's users choosing to sacrifice the public nature of blockchain, chains like the Zcash and Monero which focuses on ensuring the annoymity of it's users while normally blockchain provides a transparent transactions meaning it's public and open to all who wants to verify such transactions, so whilst some chain may want to utilise this full features of a blockchain others would rather utilise the privacy features of the blockchain more whilst some may sacrifice a little bit of this and that, really the issue of privacy is a complex one in cryptocurrencies hence I will be breaking this down more.

source

Privacy Concern Of Cryptocurrency

While when it comes to privacy in cryptocurrencies it's often in pseudonyms which could be said that cryptocurrencies are public chain while still ensuring users privacy. In what sense? Well when carrying out transactions on the blockchain we don't use names or bank accounts rather we use address yes digital address now privacy is ensured in that with this digital address the real identify of the one behind this transaction is not known it remains completely annoymous but at the same time a public chain in that all transactions carried out on the blockchain are clearly shown in the public ledger easy for anyone to access, yes we can see every transactions, were it was sent from and to which address it was sent to, this information is public but we wouldn't know the real identities of those behind this transactions hence we say when it comes to privacy cryptocurrencies are pseudonym.

Also cryptocurrencies are public in the sense that every information we need as it pertains to blockchain transactions are obtainable in the ledger and it could be accessed by all the users who wants to verify transactions on the chain, yes we can easily verify or view this transactions even the volumes in each transactions but one thing is sure those who owns those addresses we won't be able to know them as individuals from the blockchain as such information are private, this is how the blockchain ensures the identity of it's users are protected whilst being a public chain.

Well some wonder why should transactions even be public and have privacy concerns and feel even tracking their transactions is something that shouldn't be allowed and feel that the privacy they want or crave isn't offered in full by blockchain and truthfully in some instances depending on the chain due to this reasons some other information that the user wouldn't want to be privy to others may become public knowledge that's why chains like Monero and Zcash opt to even sacrifice the public nature of blockchain even making sure that no one can track the transaction of it's users this is because they feel that the privacy of it's users it's what's of the utmost importance and this is being achieved by their use of advance cryptography functions.

Often too the privacy of blockchain is being compromised due to the regulations mounting on most cryptocurrencies asset and most regulatory board may want them to reveal more than they are willing to and thus in the process users privacy is jeopardized also the risk of hackers also put the privacy of it's users at risk, true it's hard to breach the security of a sophisticated blockchain network but for chains who sacrifice security for more scalability may actually be at risk of hack and thus this could expose or put at risk or make vulnerable crucial users information by those with malicious intent.

It's true indeed that the blockchain ought to make sure that the interest of it's users is secured by providing adequate security at the same time for users who want to remain private and care about their asset they should learn to also take responsibility and take necessary measures to secure their digital wallets by not exposing the private keys as if they do this then they should bear the full responsibility as they will be the cause of their undoing and have themselves to blame hence discretion is needed by the blockchain users and they need to be educated also on the cryptocurrencies they are in on and gets acquainted with all the necessary privacy features of the chain.

Conclusion

I feel it's up to us as individuals on what we want, if what we really crave it's complete annoymity then we should go to Monero and Zcash chain if we also want to be able to verify other blockchain transactions whilst maintaining a measure of privacy then it's up to us to enjoy the full nature of blockchain pseudonymity as this is all based on our preference.