5 reasons why privacy is so important for digital transactions
Crypto currency Pirate (ARRR) ensures anonymity and security
Privacy for digital transactions is becoming increasingly important. Pirate offers anonymity and security. Find out below the top 5 reasons why privacy is so important with crypto currencies.
- Danger from criminals
- Better basis for companies and private individuals in negotiations
- Contaminated coins can lead to blacklisting
- Censorship and prohibition
- Just privacy
The intention of crypto currencies is financial freedom. Independence from banks and middlemen. The Bitcoin network is sufficient for this. The number One among the crypto currencies has not yet been able to assert itself as an accepted means of payment, let alone for all other coins.
There are plenty of reasons for the lack of acceptance. The volatility, the hurdles to acquisition, scepticism, fear of loss, complexity, but also a lack of privacy. Yes, there is no data protection in the Bitcoin protocol. All transactions and all funds are publicly accessible. Bitcoin is a public cash book.
Today we don’t want to deal with the individual reasons why the acceptance of crypto currencies is missing in society, but rather with reasons why data protection is so important for digital transactions and how Pirate makes it better.
1.) Danger from criminals
Suppose you have a considerable amount on your Bitcoin address. Let’s say you own 100 BTC. Today it was about $380,000. Would you want other people or a different group of people to know that you have $380,000? What if criminal instances smelled the roast and will try anything to make you $380,000 easier? This theory is not so far-fetched. That’s why privacy is important. Nobody needs to know that you have 100 BTC on your address.
Suppose you now have $380,000 in ARRR (Pirate), as of today about 16,000,000 ARRR. Nobody but you knows about it, unless you told someone, but nobody can see this money on your address. Pirate doesn’t release metadata, your funds are invisible, Pirate promises full anonymity.
So if you have $380,000 in crypto currencies, the risk of losing everything is there anyway. But you can reduce the risk by having a privacy coin like Pirate that protects you from the curious eyes of others.
2.) Better basis for companies and private individuals in negotiations
And what about companies that are in negotiations with a business partner and want to pay with crypto currency? They don’t want a middleman, they want it to go quickly, they don’t want anyone to know whatever the motives are. What if the other side knows exactly how much money the company owns? It will proceed strategically to get the most out of it. It will be made too easy for this negotiating partner. The same also applies to private individuals.
“Public crypto addresses are pseudonymous, not anonymous.”
In addition, companies are already being spied on today in order to weaken them. If you give the “spies” insight into your finances, you give up your financial freedom, but above all your financial privacy.
3.) Contaminated coins can lead to a blacklisting
Even crypto currencies are still controlled by central instances today. Among them we count the many Exchanges where you can buy crypto. What if you have a public coin that is used by criminals of all kinds? A coin that the authorities have on the radar. A coin that is under surveillance. Let’s assume the coin is so dirty that a central authority introduces a kind of blacklisting for this coin and its addresses. Also not absurd and certainly conceivable in the future.
4.) Censorship and prohibition
Did you know that money was raised for Edward Snowden in the form of BTC? The Edward Snowden Defence Fund asked for support and the US government banned donations to Snowden. Although money was still transferred, it shows what governments are capable of. It was forbidden to US citizens, transactions took place nevertheless. Snowden has supporters from all over the world, but also enemies. These enemies spy regularly, try to censor and ban. They can track every transaction. And if you’ve used Bitcoin’s transparency without taking any precautions, you’re officially a supporter of a thief, a fence and a traitor to your country. The same goes for foreign journalists who come from countries where they are politically persecuted. Privacy coins like Pirate can provide more security and anonymity.
In November last year, the US Treasury Department (OFAC) announced that two Bitcoin addresses assigned to two Iranians had been added to the list of “Specially Designated Nationals And Blocked Persons List (SDN) Human Readable Lists”. Apart from what the Iranians are accused of, it is possible for higher authorities to assign crypto addresses to persons or a group of persons and to sanction them.
Let’s take Japan. Japan has banned all crypto currencies that offer anonymity to the user. This means that the Japanese government has banned privacy coins. Apart from this prohibition, a privacy coin cannot be assigned to any person if it does not offer the option of public and was purchased through a KYC exchange or if no other mistake was made.
Another reason for a privacy coin like Pirate, without legitimizing criminal acts, because criminals will also use privacy coins, but they also use the US dollar and the euro, and have done so for decades.
5.) Just privacy
It’s not really that hard, dear government and dear neighbors. Why I will use Pirate for digital transactions in the future because I want to protect my data. Not because I am a criminal or want to do criminal things with pirates. NO, I just want to be free and private!
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