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ARE TOOLS NEEDED TO KEEP BITCOIN TRULY PRIVATE?

 


Need for anonymity of transactions

One only has to look at what happened in Canada earlier this year to see that more anonymity is needed around Bitcoin. Trudeau, the 23rd Prime Minister of Canada and his administration went above and beyond when they blacklisted a number of wallets owned by all those who attended and supported the trucker protests.


Describing the freezing of funds, Alex Gladstein, chief strategy officer at the Human Rights Foundation said:


You could just freeze it with a phone call or a mouse click. But they cannot do that with Bitcoin. So they literally have to file a restraining order. You have to use police officers. You have to go to people's houses. The government has to do the work, which is really important.

The government was still able to blacklist bitcoin wallets and even break into homes to freeze cold wallets. Therefore, new tools can help to uphold & protect these rights.


For example – The Sparrow wallet is one such privacy-focused tool. Also integrated into the same wallet is PayNym, which creates a different payment address for each individual transaction.


Also built into the Sparrow wallet is Coin-Join, which Gladstein says is completely legal and is a unique way to combine lots of Bitcoins and then break them back into multiple pieces. In practice, cryptocurrencies that go through a coin-join process are blocked by certain centralized exchanges for security reasons. 


Gladstein also added:


CoinJoins are legally protected as open source software and free speech. They are just their open source code. There is no one to take control of your bitcoin. It's a collaborative issue. It's perfectly legal here.


Bitcoin was and is the tool that enabled the common man and the common woman to own and spend money that cannot be confiscated or manipulated by governments. It stands outside of the collapsing monetary system and is a lifeboat for those who need it.


Making Bitcoin more private is & should be a logical step in these times when our freedoms are being curtailed more and more. Freedom lovers around the world should learn more about how to truly protect themselves.

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