If you want financial secrecy, bitcoin and other cryptocurrencies can’t deliver it

in bitcoin •  3 months ago

Many promoted Bitcoin and other cryptocurrencies for the anonymity aspect. Those who seek this investment as a means of financial secrecy could be disappointment.

Bitcoin offers borderless transactions with the names of the wallet owner unknown. While this is true, there are other factors that go into this. Historically, financial secrecy was only as good as the institution or individuals providing it. If one of them leaked, the secrecy disappeared.

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This is just FUD. It doesn't give any reasons why they think cryptocurrency is not private. It just says that you need to be careful of bad actors.
Well no shit!

With cryptocurrency, if you use it correctly you can protect your assets from the bad actors.

Don't be confused, with privacy and personal control of your assets YOU get to decide who the "bad actors" are. That's the part "the system", "the machine", "the man" doesn't want you to understand.

The level of financial secrecy that cryptocurrencies brings to the financial world is a welcome one - highly applauded by lovers of privacy in their financial transactions. However, since change is a constant force in nature, like the article rightly said, as cryptocurrencies grows and gain attention, so will the need by prying eyes of government authorities to monitor what goes on. So, i would simply advice we enjoy the moment while it last. Great post!

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This is a very uneducated article.

Bitcoin and other cryptocurrencies can’t deliver it

Some can deliver for sure, even Bitcoin.