Businesses Track Transactions, Bitcoin Privacy Matters – Bitcoin Magazine
Below is a direct excerpt from Marty’s Bent Issue. #1260: “They use debit and credit card purchases to build their lists.” SUBSCRIBE TO NEWSLETTER HERE.
via Reuters
Nothing underscores the need for Bitcoin more than an attack on transaction privacy. Last week, the Geneva-based global standards body approved the ability for payment processors to issue new merchant codes for businesses that sell firearms to consumers. The concept behind merchant codes is to make it easier for law enforcement to track down criminals who have used firearms to commit crimes, but creating this kind of list would make it easier for tyrants to exploit it. There is no doubt that the stage will be set. future.
The statutory system that has been built over the last 50 years allows this kind of unfettered surveillance. The KYC/AML (Know Your Customer/Anti-Money Laundering) nature is infused into every layer of the financial stack that people are forced to interact with on a daily basis, making it impossible for individuals to escape the prying eyes. you can’t. of Sauron. There is no way to fix this issue from within. The odds that one day the government and its corporate partners will wake up and decide they have a moral obligation to stop spying on people are fixed at 0%. The only solution is to build an entirely new financial system that does not allow this kind of blanket oversight to be imposed on the masses, and this is exactly what Bitcoin offers.
Yes, Bitcoin privacy guarantees are subpar and most people obtain Bitcoin by interacting with trusted third parties involved in KYC/AML monitoring. However, I think these subpar guarantees and user behavior will change over time. As tools improve, people will become smarter Bitcoin users. By creating a culture of non-reusing addresses, managing coins, and leveraging tools like Samourai’s Whirlpool, it becomes much more difficult, if not impossible, for chain monitoring companies to identify end users. Become. As Bitcoin adoption increases and people start moving their UTXOs to wallets they control, it becomes easier and they understand that Bitcoin is where they have the most power, so KYC/AML It greatly increases the circular economy of bitcoin transactions that never hit a service that initiates surveillance.. compounding the problem of chain surveillance companies.
A world fully standardized to accept bitcoins using merchant-controlled BTCPay servers from customers using Samourai Wallet, BlueWallet, Muun Wallet or any other non-custodial solution on the market Imagine The amount of transactions facilitated, completely free of the KYC/AML yoke, reached a critical tipping point at some point and the type of label that current payment processors put on gun purchases is unrealistic. target.
This is the future we should aim for. This is why it is so important to educate current and future Bitcoin users on best practices when sending and receiving Bitcoin as privately as possible. It is relatively easy to trace a given transaction on-chain, but I am sure that spreading and normalizing this type of Bitcoin usage would go a long way in combating the evils KYC brings. increase. The linked usage has been done before.
Financial privacy is not a bad thing, even if those in power want you to think differently. Thankfully we have the ability to build a future where financial privacy is possible. and the only thing standing between its future realization is action. Be willing to educate yourself, start accepting and sending bitcoin with the right tools, and improve those tools to make it as easy as possible for others to use.
Businesses Track Transactions, Bitcoin Privacy Matters – Bitcoin Magazine
Source link Businesses Track Transactions, Bitcoin Privacy Matters – Bitcoin Magazine
