Privacy and Bitcoin Cash.

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1 year ago

I was investing some of my time in learning more about privacy tools within the Bitcoin Cash ecosystem, and I also learned to use such tools. Privacy is a thing you only realize you need many times when it is too late to do something about it. I have decided to learn about privacy with Bitcoin Cash and now use those tools.

It is not that hard to understand the concept. Pretty much, you mix your coins with other coins, and you shuffle your coins with other users. And the software does it on its own, and it is pretty much straightforward to use. You must send your coins to electron cash and enable the fusion utility. Same with cash shuffle, the software does everything for you. You need to start and stop the process. For cash fusion, you will need Tor as well. Since I use Ubuntu, getting Tor was an easy thing. Setting it up and running it in the backgrounds from the command line was easy too.

Setting up Tor so that Cash Fusion works will need a guideline for those who don't understand how Tor works, but you can find plenty of material about that subject on the internet. Cash shuffle doesn't need Tor, as I observed during my testing phase. I also learned that cash fusion is a more updated version of cash shuffle, at least that's what I learned from Redditors' comments. I also learned about another tool that I will implement later on because it is a plugin for electron cash, and I am not sure if using such a tool could end up losing my coins.

I recommend that you learn to use both tools because you will need all the privacy you can get in the future, which is not that far away now. Many companies are currently spying on your activities and what you do with your satoshis. Bitcoin Cash is anonymous, but centralized exchanges are weakening that feature because, with KYC, they know who you are and every little data about you they will collect.

The US Senate just passed a bill that will make taxation more aggressive. The US government pretends you will pay for their vast infrastructure bill from taxes collected from the crypto industry. Crypto is already taxed high enough, pretty much. When you count capital gains taxes plus state taxes, they are taking at least 33%, and if they want more, it will become pretty much unprofitable for anyone.

Pretty much the US government wants to eliminate the competition by taxing the hell out of it so that taxes alone kill it. I agree that intelligent investors will move outside the United States if the tax burden is too high. At least at the moment, you only get tax when you sell and must pay capital gains taxes to both federal and state authorities. I suspect that in the future, the government will even try to cryptos for just sitting in your wallet. They are desperate for revenue. They don't like the idea of decentralized money that they can't print, so I am pretty sure that eventually, they will try to tax cryptos just for the near fact of just holding.

The government will try to tax you just for holding your crypto, let alone selling it. They (I am referring to politicians without a notion of how the economy works) will do that because people are getting smarter with their crypto holdings and deciding not to sell. If investors choose not to pledge not to pay taxes, the government gets to collect nothing, and the government will create taxes for those who refuse to sell to avoid taxes, something like unrealized gains taxes.

But whatever dream the government may have about your money is only something you can prevent. After all, it is your money. You can do whatever you want with it. I think that if you can help, stop using centralized exchanges like Coinbase and Gemini and start using privacy tools from today. When it comes to privacy, you must be prepared beforehand because when disaster hits, you are ready to pick up your bags and leave.

Privacy suite in Bitcoin Cash. It would be best if you used them because privacy is a human right.

I think CashShuffle has depreciated, and CashFusion is supposed to be the better option for privacy within the BitcoinCash network. Still, you will have to research if you plan to take your privacy seriously.

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