Home Altcoins News Fundamental Challenges in Confidential Transactions Using BTC ETH LTC ADA or Any Crypto

Fundamental Challenges in Confidential Transactions Using BTC ETH LTC ADA or Any Crypto

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Joel Valenzuela, Journalist expressed his crypto intelligence stating:  Transparent cryptos can still employ mixing services to make your transactions confidential. It can be tricky and it’s not always perfect, but it combines individual financial privacy with network-wide financial transparency and auditability.

Most crypto networks are extremely transparent. You might not know who’s behind each transaction, but anyone can see all the activity on the network at any time. It’s a level of radical financial transparency that the fiat world desperately needs.

I could send money to a Venezuelan that they can use to buy real groceries at mainstream supermarkets for a fraction of a penny, it’s permanent in seconds, and no one can stop it. Are you seeing the power of the technology yet?

The initial revolutionary part of crypto was that you can receive global permanence for transactions without a centralized third party. Fiat systems aren’t just centralized, they’re also FAR from permanent. Crypto is a MASSIVE upgrade.

You use long, user-unfriendly addresses to send and receive crypto. Several username systems exist, but these usually map to a static addresses, which makes your privacy far worse. The trick is preserving or improving! privacy while improving ease of use.

While in many cryptocurrencies, anyone can run a node to verify their own transactions, you really don’t have to. You can connect to other nodes very easily on a light wallet, and easily enough switch to others.

If you practice good security, it’s really hard to get your crypto stolen from you, and it’s much easier to hide than physical assets like gold. But beware the $5 wrench attack and don’t foolishly reveal personal info or let your safety be compromised.

Another revolutionary aspect of many cryptocurrencies is the ability to earn income on an investment, whether by running mining hardware or buying and staking etc. So, many people don’t invest because it’s hard to get into, this isn’t.

Imagine the difficulty of verifying that a gold coin you received was actually legitimate. It’s MUCH easier with cryptocurrency to run a node and do the same.

A big reason crypto is surging so fast is that it allows anyone to participate in building on it. Companies have to hire and lead a competent team. Crypto leverages millions of self-motivated people around the world collaborating together.

There’s no barrier to enter into cryptocurrency.  No degree, and you can work and get paid as an anonymous person often, directly in crypto. And, if you don’t like the crypto you’re paid in, you can just fork the code or make your own from scratch. Seriously!

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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