5 main reasons why privacy is important while transacting in cryptocurrencies
Having met in 2020 the interest from the business side in the use of private crypto payments, we saw that despite the existence of a significant number of projects focused on privacy, each of them had room for improvement.
We took the best ideas from the best:
- Masternodes from Dash
- zk-SNARKs data protection protocol from Zcash (Electric coin C.)
- Proof of staking (PoS aka eco-mining) from PIVX
- the limited total supply and deflationary economy in opposition to the most tokenomics
- the idea of Merchant system as a space of improvement for all crypto assets
- and the final decision was to create a full ecosystem around the Project
one of the use cases: if you decided to use crypto asset for salary payment — you need to know that all employees will be able to check all the payments from your wallet address (and possibly to get the info about the salary size of their colleagues).
Please drop other use cases you see in comments (legal ones for sure 😎) and compare your thoughts with the reasons given by the BlackHat project team.
Cryptocurrencies have gained a lot of popularity over the years due to their decentralized nature and the ability to conduct transactions without the need for intermediaries. However, with the increasing use of cryptocurrencies, the issue of privacy has become increasingly important. Here are five reasons why privacy is crucial while transacting in cryptocurrencies.
- Financial Privacy: Cryptocurrencies are often used for investment purposes and for buying and selling goods and services. Financial privacy is important to protect the user’s financial information and keep it from being disclosed to unauthorized parties.
- Protection from Cyberattacks: Cryptocurrency transactions are vulnerable to cyberattacks, and hackers can easily steal funds if the user’s information is not protected. Privacy features can help to keep user information secure and prevent cyberattacks.
- Prevention of Discrimination: In some countries, the government may track cryptocurrency transactions and use the information to discriminate against certain individuals or groups. Privacy features can help to prevent this type of discrimination.
- Avoidance of Scams: Scammers often use cryptocurrency transactions as a means of defrauding others. Privacy features can help to prevent scams by making it difficult for scammers to obtain information about the user.
- Protection of Personal Information: Personal information is valuable to both governments and corporations, and it can be used for various purposes, including marketing and data analysis. Privacy features can help to protect personal information and prevent it from being used without the user’s consent.
Use BLKC (BlackHat Coin) if you want to take control of your privacy in crypto. Enjoy the current possibilities of the Project’s ecosystem
sincerely yours BlackHat Team 😎