Will Privacy Coins Flip Bitcoin?

by | Jun 9, 2021 | Money | 0 comments

Is Bitcoin A Privacy Coin?

There to be a massive rotation from Bitcoin into privacy coin. So basically yes Bitcoin has privacy issues nowhere near as private as we originally thought. And certain exchanges are blacklisting certain cryptocurrency addresses there are and it's suggesting Bitcoin is a surveillance coin. Authorities and the IRS and different taxing authorities can trace people's use of Bitcoin and other kind of crypto cryptocurrencies that do not have this privacy feature. So with that surveillance comes a lot of information comes taxing things and once that's in place and more thoroughly understood now they can do things like have special Bitcoin taxes they might put a 90% tax on Bitcoin or something like that. For that reason, we just wanted to address that.

Bank Holding Crypto for Private Clients:

People are lazy people who don't want to do it themselves and so they want to use institutions. They want to send off their money to the grayscale trust, they want to use ETFs which are coming shortly they want to use Wells Fargo just announced they're doing they're holding crypto for private clients. Chase bank, Jp morgan just announced they’re holding crypto for their private clients. Most of the big institutions so you know you're a Fortune 500 company or you're a big pension fund or you're whatever who holds the private keys is it the CFO is it the CEO is it the CTO is it a combination is it multi-sig. What is it and what we're finding is with all of those headaches and the potential for death and the potential for theft and all those huge headaches people are putting their money into centralized institutions. They're putting them into institutions like Gemini like Bitco like Perpetual . We're just seeing money pour into those spaces now the semblance of anonymity that Bitcoin had before putting your money into those institutions was something. After you put the money into those institutions forget about it. it's done you are toast there is no semblance of any kind of anonymity at that level none. What you're seeing is people are very very quick. I think it's more accurate to say dollars are more very very quick to give up their anonymity. All right your wealth is quick to give up its anonymity it's a relatively small proportion of the world's wealth who are willing to who crave that kind of anonymity. I'll go so far as to say it's even a little bit further than that.

What Is The Reason To Have Anonymity?

The reason to have anonymity is that you're escaping a surveillance coin, high taxation coin, there's bad stuff in that world. If people are spying on you and not doing anything with the information, then for sure no one gives a thing about being surveilled like most people especially the vast majority of dollars. Institutions often want to prove their solvent nations sovereigns who want to prove their wealth. So we know anonymous transactions big players countries, institutions they have almost no need for it as anonymity they need to prove to their customers what they say. They have it's the inverse they're looking for ways to demonstrate their wealth.

There is a small proportion of money that wants anonymity even if it is a relatively large portion of people who want anonymity. And it's the amount of money they're buying and selling that drives price not the number of people who want to use it so an important thing to understand. I think there will always be a world for Bitcoin and it might be I don't know it'll be fortune 500 companies so the market cap will grow. That fortune 500 companies the place for them to store wealth they need a place to store their money that's not getting inflated away but they don't want anonymity, they want proof that they're solvent they want proof that they're they have their customers funds they want proof they've got stuff on their balance sheet that it affects their share price.

 Why Privacy Coins Will Not Take Over:

We want people to understand the reason you're in privacy coins is to avoid not just their surveillance. But the consequences of surveillance could be high taxation, getting thrown in jail for not paying your taxes, and you're like ah I'm gonna go over here to this privacy coin or even money laundering, even other things like um drug trafficking, etc.

Every single transaction you do with that privacy coin makes you a criminal now in the eyes of the law we're not saying there's philosophical. The reality is at the end of the day there are men with guns that will be looking for you. Rich people and institutions don't like that, they don't like doing that. We want to be able to sleep at night you don't want to live in fear that someday some jackboots men with guns are going to kick the door down and take you away from your children. And so typically rich people don't do that so again we get to this argument people might want anonymity but money doesn’t want anonymity is it maybe people who want privacy but it's not money who wants privacy.

Final Thoughts:

In our opinion there that the concept that privacy coins are going to take over and Bitcoin is gonna go to zero we don't think that assumption is correct. I don't see it what I see is that institutions and other things as they enter the space prefer to go without anonymity. They all have to publish their bank accounts anyway. If they held a privacy coin they'd still have to publish it on their balance sheet they would still have to disclose it to everybody. So yeah it's different it's it's not a situation where privacy coins can send Bitcoin to zero

There are some suggested blogs you should read:

THE MOST PRIVATE AND SECURE CRYPTO OF ALL

THE MOST PRIVATE AND SECURE CRYPTO OF ALL

Blockchain Privacy Security and Adoption Alliance: Pirate chain is a founder member of the blockchain privacy security and adoption alliance. Which includes sentinel and their decentralized VPN ergo which are building privacy-focused decentralized d5 protocol. Burst...

read more
Pirate Chain (ARRR) Number 1 Privacy Coin

Pirate Chain (ARRR) Number 1 Privacy Coin

Pirate chain (ARRR): Pirate Chain (ARRR) is a 100% private send cryptocurrency. It uses a privacy protocol that cannot be compromised by other user’s activity on the network. Most privacy coins are riddled with holes created by optional privacy. Pirate Chain Price We...

read more
Best Cardano Price Prediction

Best Cardano Price Prediction

watch the video |Why I Bought 1 Million ADA (BEST Cardano Price Prediction)| History of Cardano (ADA): Cardano was started by Charles Hoskinson. When he separated from the Ethereum team back in 2014 to start his good contract block chain known as Cardano. At the side...

read more
The Biggest Bitcoin Crash EVER

The Biggest Bitcoin Crash EVER

Bitcoin simply had a huge dump. Here's specifically why and why this can be NOT getting to stop. Want to know why this is happening? Watch the video on The Biggest Bitcoin Crash EVER to know more about it. Bitcoin's value action has been fluctuated throughout the past...

read more