There have been several reports in which analysts explain how virtual currencies have helped individuals in different countries deal with a fiat currency that nobody trusts or with hyperinflation.
Can Cryptos Bring Freedom?
There are other countries such as Sweden or China in which the population is moving from a cash-based society to a cashless lifestyle. With a large number of financial applications that offer payment services, users are being controlled as never before.
Financial freedom is becoming something from the past, and countries are moving forward in tracking what citizens do with their funds and how they handle them at all times. However, there are several companies in the cryptocurrency space that are able to track blockchain networks for governments and regulatory agencies.
In order to avoid being tracked, there are several methods that users can implement to protect their identities, for example, users can use obfuscation methods such as CoinJoin or use other digital assets such as Monero. There are coin mixers that mix Bitcoins and allow users to have more privacy while moving funds.
Monero (XMR) is one of the most popular privacy-focused digital assets in the market. Monero users do not have to be worried about being tracked by other third parties. The transaction is hidden and the amounts sent are also not available for the public.
It is important for blockchain developers to work for freedom rather than for governments. If central banks and other entities start releasing digital currencies to the market, then users could start to lose their financial freedom. Banks could implement central bank digital currencies (CBDCs) that are controlled and that would track every single movement that individuals do.
Clearly, crypto surveillance firms will have support and investment from governments that will try to leverage their knowledge.
Thus, the crypto community must be very cautious about the firms that it supports. For example, Coinbase has recently acquired a firm that performs surveillance activities in the market and that worked for oppressive governments around the world. Do we really want that for the crypto space?