The Case for a Private Bitcoin: Zcash
December 10 2018 - 1:20PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
December 10, 2018 -- ADVFN Crypto NewsWire -- When you think about
Bitcoin, what is the one thing that it does not have? In short, it
is not private. Bitcoin transactions can and have been tracked by
government officials. Because of this, even though the Bitcoin
network is decentralized, its’ currency is still vulnerable to a
certain level of monitoring and possibly, manipulation by
centralized entities.
With this under consideration, it
is easy to wonder why most crypto investors do not turn to proven
privacy solutions like Zcash, which has become so popular for its’
usage of zero knowledge proofs that even Ethereum is reportedly
considering adopting the same technology.
The easy answer here is that no one
wants to truly change Bitcoin. Bitcoin was the first mover.
Satoshi’s vision still drives the space in everything it does,
despite the constant in-fighting between crypto communities. This
and this alone is most likely why the concept for Zcash initially
came to be in 2013 and why it continues to hold a significant
amount of value.
With its’ current status as the
most successful privacy focused cryptocurrency every by traditional
financial indicators, it is logical to wonder what the future holds
for Zcash. First and foremost, since the network allows for
truly private transactions with no exposed public keys, it should
continue to have real utility for journalists, charities, and other
types of firms that operate in any sort of dangerous
location.
Secondly, given that it was
recently added to Coinbase, which seems to have the long-term goal
of being the first trusted Crypto bank, Zcash may find a place in
the continued evolution of traditional finance. Whether that will
mean that banks will actually trust this asset for any element of
their daily business, remains to be seen. As Coinbase has already
indicated, know your customer requirements are still necessary from
a legal standpoint, even for privacy coins. Therefore, until that
changes in some fashion, it appears that no privacy coin will ever
be widely adopted to the extent that Bitcoin already has
been.
By: BGN Editorial Staff
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