Privacy Coming For Bitcoin Users?
Bitcoin, the granddaddy of cryptocurreny, introduced immutable and transparency to the world.
This proved to be a big breakthrough in the world of currency.
The challenge with this, the way things are going, surveillance is on the increase. Users are now seeking privacy.
With governments looking into bringing out digital currencies of their own, advocates of decentralization is realizing that privacy in transactions is also important.
Bitcoin does not offer this feature. A few developers are looking to resolve this by setting up a sidechain.
It would use the Drivetrain technology, which allows for true two-way pegs. This would bring the ZCash privacy functionality along with smart contracts.
The one pushing the initiative, has opened up a prize.
As an added incentive, Sztorc has announced a prize fund of up to 6.1 Bitcoin (BTC). This bounty will reduce slightly if not claimed by midnight EST on May 1.
We are seeing a lot of development surrounding Bitcoin. This is only going to enhance the appeal to the masses. With institutional money sitting on the sideline, being able to offer more functionality will attract more investors.
The push by governments into digital currency is going to raise the calls for privacy. It is believed the move to digital currency is done in an effort to eliminate cash. This will make it easier for the collection of taxes and potentially cut down on criminal activity.
Unfortunately, it will also leave people open to having their transactions stopped. Governments can decide who is eligible to receive money or who cannot. We saw something similar when the cannabis and sex worker industries lost their ability to receive funds through the banking system.
Cryptocurrency needs to be able to present solutions for people. Getting a privacy feature on Bitcoin would really change things.
My favorite privacy crypto project is Safex. It's a Monero fork that is building a world marketplace on the blockchain that will allow people to buy and sell with others at low cost and in privacy. Safex Cash (SFX) will be the currency used to buy things on the Safex World Marketplace. Sellers will be charged a flat fee of 5% to sell things on the marketplace.
Holders of Safex Token (SFT) can use their tokens to set up shops on the marketplace to sell their goods and/or stake their tokens. The 5% fee charged to sellers is put in a pool and then distributed pro rata to the holders of Safex Tokens who have staked their tokens.
The project has a great development team and the software is in the final stages of testing. You can go to Github and see all the progress. The marketplace is set to launch by the end of May.
Safex Token is up 85.6% relative to Bitcoin in the last three months, and Safex Cash is up 92.1% relative to Bitcoin during that same period, probably because investors are anticipating the launch of the marketplace.
The market cap of Safex Token is only about $9 million, so there's still plenty of upside. I think this is kind of like buying shares of Amazon or eBay before they launched their websites.
You can go to Safex.io if you want more information about the project.
I still have so much to learn about cryptocurrencies, but this is me studying hard. Why? Covid19. I live in a hostile environment for foreign residents - I am one, and I see a future where being able to earn digitally is going to be absolutely vital to survival. But this survival needs to be free of US dollars, or Colombian pesos as well. In any case, I will be following your future posts. Thanks!
cut down on criminal activity.. meanwhile they say crypto is a criminals dream currency smh 🤣
hmm, couldn't the adoption of monero solve this privacy issue?