One of the main characteristics of Blockchain technology is the privacy it provides to users. Well, being protected by cryptographic technology, the identity of the people who use the blockchain cannot be known with the naked eye. This does not mean that it cannot be ascertained if sufficient efforts are made. This is why crypto influencer Andreas Antonopoulos comments that Bitcoin is not a private currency.
To a certain extent, the Blockchain technology on which Bitcoin’s operation is based can be considered paradoxical. Well, it pursues two simultaneous objectives, and to some extent incompatible with each other.
On the one hand, the Bitcoin blockchain ensures high levels of transparency within the cryptocurrency market. Well, anyone can consult at any time the transactions made on the Blockchain. Viewing the addresses that send and receive the money, as well as the amount of BTC sent in the operation.
And at the same time, Bitcoin also tries to guarantee minimum levels of privacy to its users. Well, instead of the name of the person making the transaction appearing in the records of the Blockchain, the address of the wallets involved in the operation appears in it. Which are cryptographically protected.
That doesn’t mean that people with the right programs and training can’t figure out who’s behind the Bitcoin address. But it does establish an extra layer of protection for people who participate in the crypto market. Without actually converting Bitcoin into a Monero-style private currency.
Bitcoin is not private
That explains the comment of the crypto influencer Andreas Antonopoulos, who through a YouTube video answered the question of a user, who wondered if Bitcoin could implement privacy features similar to Monero.
To which Antonopoulos replied that, although he would like to see better privacy features in Bitcoin, and that there will undoubtedly be private solutions in that regard. The truth is that in BTC the type of systems for the protection of the identity of the users that Monero enjoys will not be implemented.
Later, through Twitter, a user commented that there was a cryptocurrency, created from a Bitcoin fork, that has better privacy characteristics. To which Antonopoulos responded saying that the reason why Bitcoin is not a private currency is political and not technical:
“Do you really think the reason why Bitcoin hasn’t implemented these changes is the lack of technical knowledge and a need for assistance from Bitcoin developers? It is not. It’s about conservative engine policy and management that powers a very large economy“
With this message, Andreas Antonopoulos makes it clear that the reason that Bitcoin is not a private currency is not technical. If not, it is in the same core of values with which the cryptocurrency was created eleven years ago. And that it did not think of BTC as a currency that served to completely hide the identity of its users. What makes these statements our Today’s Data here at CryptoTrend.