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Can Freedom and Privacy Win Over Censorship in Crypto?

Can Freedom and Privacy Win Over Censorship in Crypto

The subjects of privacy, central bank digital currencies, and cryptocurrency regulation are at the forefront of the discussion today.

They are on the news, and they are also being discussed in legislative bodies, so it’s not just for fun anymore. These conversations could affect the cryptocurrency space and the world for decades to come.

Therefore I conducted another series of polls into bitcoin and cryptocurrency and some other key subjects.

Tornado Cash

On August 8, 2022, the U.S. Treasury Department sanctioned a cryptocurrency mixer on the Ethereum blockchain called Tornado Cash after North Korean-linked hacking organization Lazarus Group had laundered $455 million using the service.

A cryptocurrency mixer is a service that can be centralized or decentralized and designed to increase the anonymity of certain crypto transactions.

According to Chainalysis, almost 30% of the transactions on Tornado Cash had been tied to illicit actors.

Proponents of privacy, like myself, were quick to point out that criminals are not the only individuals who seek privacy. The Crypto Twitter poll respondents also had a very strong voice on the matter:

Education

This leads to the next two polls, where respondents were polled about the bitcoin or crypto education level.

I checked into this point from two different angles, as the Bitcoin community is becoming more and more distinct from other crypto communities.

One hundred thirty-two accounts answered “yes” to this poll. An even stronger contingent answered in the affirmative regarding Bitcoin specifically:

While the percentage was lower, the sample size was larger, with 206 positive respondents indicating that they had more to learn. 

Right To Transact

With this last poll, we go full circle. Again, on the subject of privacy, there is a growing concern that technology could be used by nefarious actors in governments to increase censorship and decrease personal liberty. 

In this next poll, again the respondents voted with a strong majority.

The Stormy Road Ahead

Riot Gear - The Stormy Road Ahead

According to one American financial association, 19 out of the 20 G20 countries and 105 countries in total are working on a central bank digital currency. 

The ramifications on privacy and freedom are not small. 

Here are some actions you can take to support the cause of financial freedom for all:

  1. Continue to accumulate Bitcoin. Learn more about solutions to secure your digital assets, including hardware wallets. 
  2. Educate others about Bitcoin and cryptocurrencies. One way to do that is to share this article with two friends.
  3. Learn more about Central Bank Digital Currencies or CBDCs. Explore how they work and ask yourself what some negative consequences could be. 
  4. Be part of the legislative conversation. In the U.S., call or email your Congressperson or Senator and communicate how you feel on the subjects on CBDCs, cryptocurrency-friendly regulations, and privacy. The data is available on their websites. Other countries have similar government officials you can contact.

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This content is for educational purposes only. It does not constitute trading advice. Past performance does not indicate future results. Do not invest more than you can afford to lose. The author of this article may hold assets mentioned in the piece.

Author

Alexandre Lores is a personal finance writer from Tampa Bay, Florida, with the goal to help one million people achieve financial freedom. He has spent over five years studying markets and economics, finding Bitcoin in 2017 and never turning back. He frequently appears on TV and in online news articles and is a regular Twitter spaces host.

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