I would like to live in the country where individuals have privacy and states have transparency. But as far as I know, bitcoin is 100% trackable, so how can we give 100% privacy to individuals… through bitcoin or any other cryptocurrency?
You have to understand that Bitcoin is not 100% trackable. It is maybe 75% trackable right now. If you compare that to Visa, which is 100% trackable.
Every time you make a transaction, it will not be just the government watching you. It is more like ten different intelligence agencies at the same time.
In fact, it is probably illegal for the government to watch you, so what they do is they outsource the surveillance role to neighboring country, and your government watches neighboring country.
That is usually how it plays out. It is a nice way to get around democracy
Online payment systems as we have them right now, are 100% trackable. Bitcoin is 75% trackable now, but it will continue to become more private as time goes by.
We have incredible innovations in the pipeline that will take Bitcoin from something that is partially trackable, to something that is less and less trackable.
You must understand that there is a difference between mass surveillance and targeted surveillance.
Bitcoin makes it possible, that if you have an individual who is suspected of a crime, and if there is a proper judicial process to seize their computers and wallets, and see their addresses and track everything they have done.
That is perhaps desirable in society. But it is difficult to do mass surveillance of the innocent. That is desirable in society when you can’t do that, or certainly can’t do it easily.
There are more inventions coming down the pipeline: stealth addresses, confidential transactions, remixers… There are hundreds of other cryptocurrencies that you can convert your bitcoin into and out of, very easily.
The entire system opens up a lot more opportunities for freedom and privacy. Over time, Bitcoin will get better, and we will have better and better privacy and anonymity in Bitcoin.
If you look more broadly than Bitcoin, there are other cryptocurrencies that currently offer more privacy and anonymity for individuals, so I am quite optimistic that we are turning the tables, and setting the world correctly – where we have privacy, and governments don’t have secrecy.