Why privacy coins?

Cryptocurrency started as a revolutionary achievement, will it end in a revolution?

The advent of cryptocurrency has given the people the ability to program and design cryptographic based digital currencies which are peer to peer, decentralized in its nature, without the need of a centralized governing authority to make decisions. From Satoshis open source invention Bitcoin in 2010 (ish) until 2021, there has been an increasing development of cryptocurrencies with many different designs and features. Cryptos made with different consensus mechanisms, cryptos made transparent and cryptos made private.

The fact is that the world of cryptocurrency is constantly in change. It is a rapid market with new technology and lots of possibilities. Now you can choose any medium of exchange based on your own philosophy. Do you value human freedom? Do you value charity? Do you value decentralization, or perhaps centralization? What is the best medium of exchange?

Bitcoin is the first cryptocurrency, but it is not the best. That is because it is not the fastest, the most innovative and neither does it have the ability to keep your own transactional information private.

Some of my most favorite cryptocurrencies which checks all of these are Piratechain “ARRR”, “DERO” and Monero “XMR”. These are real cryptocurrencies with a good team and a good community behind them. They are fast, entrepreneurial and completely private in their nature. They are also true fungible coins.

Privacy in transactions means that no one can see your transactional information. Sender and receiver are completely hidden for anyone except themselves. This is how true cash works. If i give my friend a hundred dollar bill, no one will know that except those two transacting parties. That is how it should be, and this is how these privacy coins are.

Fungibility means that an asset can be interchanged for another no matter where one is. If i have a hundred dollar bill, that hundred dollar bill holds the same value even if one is in Jamaica, Peru and Sweden. It can be changed for another hundred dollar bill alike.

This has become a problem for Bitcoin. Since the emergence of tainted BTC, it does not hold the ability of being truly fungible anymore. That is because tainted BTC means the Bitcoin has been used in any sort of criminal activity deemed so by authorities. Since all of the history is transparent, the Bitcoin you purchase from the open market is tainted with that criminal history and can thus be taken away from you. All your funds can be lost, your account can be blocked.

The only solution to this are privacy coins. Privacy coins are the true fungible cryptocurrencies. True fungible money. It is the only digital money in the world which remains fungible no matter its transactional history. That is because its transactional history is no where to be seen. It is not tied to the crypto asset itself.

Humans have the right to privacy, taking away that from people is an infringement of human rights itself. The right to privacy is enshrined in the Universal Declaration of Human Rights. Article 12 reads:

“No one shall be subjected to arbitrary interference with his privacy, family, home or correspondence, nor to attacks upon his honor and reputation. Everyone has the right to the protection of the law against such interference or attacks.”^1

You may say that you have nothing to hide. That does not mean that you will publicly display everything about yourself.

Others may say privacy coins are used in criminal activity and thats why they are bad, but that is a fallacy right there. Absolutely any medium of exchange which exists has been used in criminal activity. It is true that privacy coins are used for criminal activity, but the crime itself is not because of the privacy coin. Yes a criminal may be attracted to privacy coins because they protect transactional information, making them able to hide themselves. Still, the privacy coin only holds the same value as cash itself, only that the coin can be sent across the globe in minutes. Its just better.

This means we have to think. Will we give away our right to privacy because authorities need to fight criminal activity and trace it? Or will we keep our right to privacy in an ever increasing surveillance world where our freedoms are taken away from us?

John Mcafee, computer security and crypto legend died recently. Not only did he foretell of his own death and exposed who would be the perpetrators of his allegated suicide. He also foretold of the coming “war” of crypto against the banks, privacy & decentralization against a transparency & centralization. Those who want to remain in power against those who want to be free.

I am not claiming Mcafee was a perfect human being, but he certainly spoke some wise words once in a while. It is those words which likely got him killed. Yes he did not kill himself just like Jeffrey Epstein did not kill himself as it was physically impossible. Truth needs to be spoken even if its controversial. It is likely that Mcafee got killed because what he said threatened someone up in high places and their plans for the future…

In an age of ever increasing surveillance by big brother, corporations and intelligence agencies who say they want the best for you, being able to keep some privacy is very rare. Rarity means scarcity and that means bullish.

1: https://www.humanrightscareers.com/issues/is-privacy-a-human-right/