Review on Blockchain Training Alliance by . .
Privacy Focused Coins
On May 20, 2020, there was an event that excited the cryptocurrency community and alarmed everyone. 40 Bitcoins, which have not been moved in any way after being mined for about 10 years, moved from an unknown wallet. The fact that the Bitcoins in the wallet were among the first Bitcoins mined raised the question of whether it could be Satoshi in the cryptocurrency community, and many speculations were created on the subject. (I added as a picture below.)
This incident was seen as an annoying event for privacy lovers, although it was described as positive by some people that it showed how transparent and reliable money Bitcoin is. Because the above movement can be seen by everyone, it was thought that the sent Bitcoins could be traced, restricting the financial freedom of the owner of these Bitcoins.
Another thing is, for example, when someone sends Bitcoin to you, the person from the address you send will see how much Bitcoin you held at that address, how much and when you transferred to which accounts before, the amount of accounts you sent and the transfers in those accounts makes Bitcoin at a disadvantage. . However, in today's banking system, the only information someone can see from your IBAN number is your maximum name and surname. We can think of it as follows, when you buy a computer with Bitcoin, the person you bought the computer from, how much money is in your wallet, who you have sent money to before, with whom you shop, etc. can see.
This is precisely for these reasons, privacy-focused cryptocurrencies are projects that take steps to eliminate this problem, and make it possible to send money between individuals, just like Bitcoin, using blockchain technology.
Pros
- Decentralization.
Cons
- Visibility
