Crypto Wallets
Cryptocurrency Wallets
Source: MyBitcoin
Cryptocurrency Wallets are basically private-public key infrastructure based mechanisms that allow for storing and using virtual currencies. In principle, these wallets can store anything of value that can be represented as computer code, from digital cash to certificates, real estate documents, personal IDs, etc. Wallets form an important part of the cryptocurrency space as they are the mechanism for transfer of value from one entity to another, and at the same time provide security through the infrastructure they are built on.
Cryptocurrency Wallets are derived from a private key, from which a public key(s) can be continually generated. The private key allows the user to spend the value stored, while the public key allows for receiving value from other wallets. The public keys are usually represented as a hexadecimal code, that can be distributed through any medium to receive funds. The public key cannot be traced back to a private key, but a single private key can be used to generate an almost innumerable amount of public keys.
Source: HackerNoon
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My answer to this would be no. But I fear it will be difficul to avoid. But I will put my faith in future technology. Someone will come up with a secret wallet that will stay under the radar I am sure.
Posted using Partiko Android
It sure is difficult to avoid @andyjem. Most of our daily lives are dependent on the smooth function of governments, so most of us will cave in to their demands. But for those who don’t, more and more innovative practices will come out that wriggles through the system and escapes the long hands of the law.
Monero, ZCash, Dash, etc., and the likes are doing just the same thing.
Posted using Partiko iOS
Well you can surely expect the governments to try and techies to resist. The cat and mouse game will go on indefinitely.
Very true @devann. But in the battle of the extremes, the middle range (general public) always gets affected.
That’s why a solution to the problem is of utmost importance.
Posted using Partiko iOS
Appreciated @reverseacid.
We continue in the eternal struggle of governments to get a slice of taxpayers' money.
The financial freedom that blockchain offers is increasingly threatened by governments, which see the annual capitalization and exchange figures growing, without being able to keep a part.
If the wallets were to be audited or monitored by the authorities, this will only result in one thing: Taxes !.
Thanks for sharing with us.
All best, Piotr.
Hi @crypto.piotr
I thought you would say, "If the wallets were to be audited or monitored by the authorities, this will only result in one thing: More Privacy Coins!"
Could be @devann :)
thx for that comment buddy
In my opinion @crypto.piotr, taxes act more as a social cost rather than a burden. Sure there are several economies that elevate the percentage to be paid, but overall it’s more or less bearable.
What I’m scared of most is the loss of privacy to an absolute scale. Governments can now be aware of ever penny spent and every information propagated. This would bring about the biggest authoritarian regime we’ve ever seen, which goes up to a global scale.
Would love to further hear your thoughts.
dear @reverseacid
Indeed that is a very fair concern. I don't have many more thoughts on this subject. Surely not many happy ones ....
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My answer to your title... NO!
Posted using Partiko Android
Hahaha @cloudspyder. That’s a really straight forward answer :P
But yeah, the answer should more or less be in favor of the people and not the government. Now that we’ve finally found a way to produce and propagate monetary value without governments, I guess this shouldn’t be to hard? Time will tell.