The Wikileaks and Snowden events have placed in the limelight the dreadful fact that governments are spying on their own citizens. This is not only true in totalitarian governments but also in democratic ones. Democratic governments have long been proud of the freedom their citizens have. That is slowly changing because of terrorist threats that governments are focusing on right now. Privacy of individuals are being relegated to as a secondary issue to national security. Unfortunately, there is no freedom when there is no privacy.
Many programmers concerned with privacy have improved on the Bitcoin program to enhance the blockchain security and privacy. The pioneers in the cryptocurrency anonymity technologies saw their coin prices rise to unbelievable valuations. The coin market saw great potential in anonymity coins that many new coins concentrated on anonymity-centric features. As all activities with great financial rewards, many will rush in to take a piece of the pie. Legitimate and scam anonymity coins were launched to take advantage of the situation.
The hype for anonymity coins has died down but it is still a feature that make a coin stand out in the market. Established anonymity-based coins like Dash and Monero have been blamed by authorities as causing them many problems in their crackdown against online criminals using these coins. Transactions of anonymity- based coins are almost impossible to trace. Authorities are finding it hard to monitor criminal financial transactions. Some may argue that any device or technology can be used for harm if placed in the wrong hands. Anonymity-based coins are designed for privacy protection and not for criminal activity even though criminals find it very useful. One wonders why the press do not blame cash as contributing to criminality and causing problems for the authorities since cash is the original anonymous instrument in financial transactions.
In this age of the internet where our devices are becoming more and more interconnected, protecting one’s privacy and security are becoming a paramount concern. Anonymity-based coins are in the forefront of protecting our private financial transactions from hackers, criminals and any legal or illegal entity wishing to do us harm. Anonymity-based coins will not be ideal for all blockchain applications that may require different features to be used effectively. However, anonymous coins are here to stay because they have uses that are near to our being of having privacy and security.
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