Cash Anonimity, Bank Account & Bitcoin
I see in a lot of comment sections on Youtube under popular BTC videos, some butthurt gold & cash fans pointing out how Bitcoin has essentially no privacy and that all your information is public. And then they glorify either gold or cash.
Well let's think about this:
- Gold is only better than cash in the sense of low inflation, but in every other aspect it's worse. It has low mobility, it's hard to divide, hard to prove authenticity, not practical, and costs a lot to secure and it's impossible to hide. But atleast it retains it's value.
- For mobility, it's easier to use cash
But cash is not anonymous as so many fools try to believe. In order to do cash transactions, you have to be physically present to do the transaction. So you can't send money anonymously across the globe without you carrying it. Or you need to send one trusted messenger with the cash, but he can easily be coerced to reveal your identity.
The only way to use cash anonymously is to give a box full of cash to a random stranger and instruct him to deliver it to your target. But I wonder what could go wrong if you give a box full of cash to a random stranger? Maybe the transaction will have some "logistical issues".
So you can't have cash transaction on large scale, nor can you have efficiency, nor quick transactions on a global scale.
So we have only 2 options:
Bank account vs Bitcoin
And here is where I am getting at. Many people are concerned that Bitcoin has no privacy at all, and that all transaction can be tracked due to the public nature of blockchains.
C'mon you can't be that naive. What privacy do you think your Bank account has? They are basically selling all your private info on a silver platter to marketing companies, governments, and who knows who else.
A bank doesn't give a shit about your privacy, 250 intelligence agencies world wide are surveilling your bank account at this moment, and who knows how many more marketing firms, everyone wants to know everything about everyone else. And your bank sells that data for a good profit to any buyer.
They know your home address, your family info, all your transactions, your purchasing habits, if your have insurance through the bank, then possibly health records, your car info, information about your home, if you have banking app on your phone, then possibly all information about the phone, if you use online banking than possibly a lot of information about your browser and PC. All of it. All of it is sold on a silver platter to anyone who is buying it.
Why do you think the account administration fee is FREE, after all the valuable information you give to them, they would be real dicks if they would charge for that one too.
And there were even cases where the bank tracked customers via mobile phone GPS. I am not joking, this happened in England I think. So all your information is already public.
And then these people are basically criticizing Bitcoin? You can't be serious. Bitcoin has only 3 information: the sender address, the receiver address and the size of the transaction. Only 3 informations that are vague, and doesn't directly tie to you.
Meanwhile the bank knows even when you buy condoms or tampons at your supermarket. So you can't really be serious about criticizing Bitcoin for giving out too much information when existing institutions are sharing much much more.
And even then, there is the possibility to make Bitcoin transactions completely anonymous by using some of the privacy services, if you really need privacy. But most people would just be happy if their tampon purchases would not be made public.
So it's ridiculous to criticize Bitcoin for lack of privacy, when there is literally no possibility to have privacy in the banking system. Even the Swiss Bank Secrecy was a sham all along, but now it's even more obvious as they have loosened the laws even more due to EU pressure.
So don't be afraid to use Bitcoin due to privacy concerns, you are probably way better off with Bitcoin than with existing systems. If you need privacy you can download my guide below, it doesn't talk about BTC privacy, but just privacy in general.
Sources:
https://pixabay.com
Someone claims they are commiting a crime such as blackmail and then the police department gets all your financial info. Some brokers offer checking as a way around that. I am not saying anything bad about crypto curtency it is just that you can make multiple of your money in mining but you can loose as wdll. Gold isnt such a bad ideA everything should be deversified.
They can do that within the banking system too. In fact they can arrest you for no reason just by depositing small amounts in your checking account:
https://en.wikipedia.org/wiki/Structuring
However Bitcoin will resolve this by implementing privacy functions in the wallet software. Dash already fixed this with protocol level tx anonimization.
But the banking system doesnt give a shit about your privacy, in fact they even do everything to take it away from you.
There are defently some issues involving disadents that alt coins may help with. I certainly wouldnt need to move 10k in the near future but I can see the advantage and the trafficing concerns also.
No it's below 10k. I believe in the US it was set to 3500$.
So anyone who deposits 100-200$ in his account can basically be jailed or fined for that, and the money confiscated, even if it comes legally.
So maybe somebody is selling some books, and they get paid weekly 400-500$. So they deposit that in their bank account. And then the banks considers that suspicious and reports it.
Now the guy can go to jail for just doing that, even if they paid taxes and done it all legally. The mere fact of depositing random amounts into the account is illegal.
That is tyranny.
That is somewhat what I was saying one person claims they are doing blackmail and then your withdrawels are forwarded to someone. There is audio retaliation for taking it out of checking... A whole new level of repression. I see a drawback that you are getting debit cards that are not protected from theft rather than credit cards so I see some weakness in using it as make a run for it money.
Ok I thought you were referring to BTC transactions.
I thought debit cards have overdraft protection, definitely mine has it. It's the biggest form of evil of not giving overdraft protection, and then a guy with 50$ balance gets his card stolen and the thief spends 5000$ from it, and now the card owner is liable for the costs.