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Viewing posts from October 2019
In recent times, the decentralized economy has had to contend with the fact that centralized authorities would want to bring cryptocurrencies under their purview. Even with the wide application of know your customer processes by exchanges, there seems to be no limits to the extent regulators would go to ensure that the identities of cryptocurrency users are known and that every transaction made on the blockchain can be traced.
There has been a lot of investment in blockchain analysis companies by government agencies and exchanges. The latter seem eager to live up to the expectations of regulators even though there are no known legislation empowering blockchain analysis companies to track the activities of cryptocurrency owners and their transaction histories.
This clearly contradicts the vision of Satoshi Nakamoto, the Bitcoin founder who envisaged a permissionless peer to peer network that enables people to send and receive values without recourse to third parties. With the increasing funding of analysis companies, there is no doubt that in the next few years, no transaction made on the blockchain would be anonymous. This is why the role of bitcoin mixers is getting even more important in the quest for people to use cryptocurrencies anonymously.
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