Read now to learn how Bitcoin is far more private than you've been led to believe.
Bitcoin has been hailed across the industry as “freedom money” that is resistant to both censorship and confiscation. The importance of these characteristics is growing stronger as governments seek to control more of their citizens’ lives and livelihoods.
Money is an essential tool in life, since it allows us to convert our time with relative ease into goods and services that we need to survive. Do we really want such an important tool in the hands of biased and power-hungry intermediaries? I think not.
That said, there are those in the government and on Wall Street who are actively trying to limit Bitcoin’s appeal as stateless money. And one of their more frequently used attacks is against privacy and fungibility on the Bitcoin blockchain.
One of your fellow Readers recently shared an article (here) with me that spoke at length about the idea that Bitcoin are supposedly not as fungible as most people believe. To summarize the relevant facts, the author indicated that Bitcoin may not be fungible because of the following reasons:
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The Bitcoin blockchain is completely public and transparent. All transactions are visible forever, which means a Bitcoin’s history, “good” or “bad”, sticks around until the end of time.
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Exchanges and miners are being pressured by governments to blacklist Bitcoin transactions and addresses who engage in privacy-enhancing behavior like using CoinJoins (as if privacy were somehow illegal).
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“Dirty” Bitcoin can’t always be easily used on certain exchanges, meaning that, for all intents and purposes, they aren’t fungible with “clean” Bitcoin on those exchanges.
We can begin to understand the gravity of this situation since having two classes of Bitcoin severely limits its ability to serve as Freedom Money for the whole world. Privacy is definitely of paramount importance, but mostly to people who actually want or need it...
Read the full article for free on my website.
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This is not financial advice. This newsletter and related content are for informational purposes only. Cryptocurrencies and digital assets can be risky. Always do your own research before making any sort of investment.
