Privacy and anonymity in Crypto

​​Article No 1

Date (30/09/22)

Topic: Privacy and anonymity in crypto

Hi everyone hope you are doing well

Today iam going to discuss about privacy and anonymity in crypto so before going in detail first we need to know what is anonymous.

💡 Literally, anonymous means 'without a name' while privacy means 'without a trace'.

When transactions are anonymous, the transaction movement can be traced but it may be difficult to know who is behind the the hexadecimal 0x-addresses.

For privacy based transactions, they tend to cut off the link between a sender and receiver thereby ensuring that transactions history are muddled up and untraceable.

Some school of thoughts believed that crypto should focus more on anonymity and not privacy while other says that users should be able to maintain privacy and hide their transaction history trace whenever they feel like.

Privacy is should not be given priority over anonymity

From most crypto projects, you'll see that anonymity is very important whereas Privacy encourages too much fraudulent activities

Crypto should focus more on anonymity than Privacy so that the identity of users can be protected but in case of any dubious activity linked to any wallet address, that address can be traced and necessary measures can be taken

I think privacy is one thing that has to be eradicated, in my opinion it encourages criminal activities

With Privacy , alot of criminals can be able to cart away with any money they steal

And all the recoveries made in crypto from hacks wouldn't have been possible

Which is your perfect brand for cryptocurrency and blockchain? Is it the one that enable anonymity and not privacy or the one that allows both anonymity and privacy?

Privacy have some advantages and disadvantage but the advantages of privacy is currently i know which i can share with you,

The only advantage there is is to those that are using it dubiously

If one is transparent enough, the only thing that that person will be concerned with is anonymity so as at least even if that person purchases some large amount of crypto he won't become some sort of crypto celebrities

❔Should crypto transactions and activities should be anonymous ONLY and must not support privacy or process that may make transactions untraceable or do you think that privacy is necessary as much as anonymity in the crypto space?

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