March 23, 2020

The Need In Privacy Decrease: BTC and Other Ecosystems

If before, cryptocurrency was considered something new and completely incomprehensible, now the attitude towards it has changed dramatically. More than 10 years have passed since cryptocurrency broke into the world market and became an active player in the big financial game. But many analysts see that over this long time, cryptocurrency was not able to create a reliable infrastructure that would allow it to fully become on a par with traditional financial assets.

Chainalysis spokesman Jesse Spiro agrees with the prevailing sentiment in the crypto community regarding this issue. He is convinced that only the introduction of an effective system of norms will allow cryptocurrency to reach a new level of demand and acceptance.

“Cryptocurrency will be able to reach the level of demand for traditional assets only if a system is introduced that will clearly regulate the relationship between the areas of financial transactions. It is important for users that existing risks are minimized. Thanks to the developed regulatory regime, the cryptocurrency will be able to create an effective eco-system and attract a large flow of new users.”

The question of the need to create a system of clear and clear rules for cryptocurrency has been raised before. In particular, SEC representative Hester Pearce stated the need for a set of measures to improve the confidentiality system within the crypto community. Despite the fact that such proposals are “in the air” and are discussed by analysts, this problem remains unresolved.

Patrick South, vice president of development for the Digital Commerce Chamber, is concerned about the possibility of using cryptocurrency to carry out illegal activities. In particular, he notes that cryptocurrency appears in the role of an asset for money laundering and terrorist financing. These concerns negatively affect the reputation of cryptocurrency and do not contribute to increasing confidence among the world community.

The crypto analyst South also noted the following:

“It is necessary that the exchanges during the transaction between the parties retain the identification data of the participants in the operation. Virtual Asset Service Providers should keep data on funds transfers between e-wallets. ”

At the same time, the South believes that these measures can pose a threat to the life of cryptocurrency users. He believes that cybersecurity is in a precarious position now.

The South also noted:

“Now we have the problem of the lack of an effective system that would regulate the issues of data confidentiality and cybersecurity of cryptocurrency. “Many countries do not have such a well-developed licensing or registration regime as the United States.”

The situation remains critical: according to data for 2019, criminals “laundered” USD 2.8 billion through Bitcoin. This is one of the main reasons for popularizing the initiative about the need to identify user data during transactions.

Thus, the introduction of an effective regulatory system, addressing the issue of cybersecurity and data privacy will help create a favorable ecosystem for cryptocurrencies. Spiro analyst sees positive developments in solving this problem:

“Regulators are already taking measures aimed at improving the data storage system and conducting financial transactions. It is hoped that soon violations and illegal actions within the cryptocurrency community will be minimized. ”

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

You may also like
April 3, 2020
Keep Network Raised $7.7 Million To Launch tBTC

The launch of the tBTC network, the Bitcoin token on the Ethereum network, is one of the most ambitious and long-awaited projects. The creation of a “bridge” between Bitcoin and Ethereum has the support of many companies and private investors. In particular, Keep Protocol invested $7.7 million in the project, which was received from the sale of private tokens. This financial injection should accelerate the development of the Ethereum privacy system, the conversion mechanism and the launch of tBTC in general. How will Bitcoin tokenization be done in Ethereum? The main task of tBTC is to provide the opportunity to

April 3, 2020
Tezos Is Goin To The New Highs: When To Expect?

Over the past few months, Tezos has shown signs of bullish momentum, despite a general collapse in the cryptocurrency market. Despite the prevalence of bearish sentiment in the market, according to analysts, this asset can reach a new maximum in the near future. XTZ/USD price charts show bullish momentum Tezos has a not very clean reputation within the crypto community. Many XTZ holders faced Tezos fraudulent activity and repeatedly sued project managers. Some investors went bankrupt after investing in Tezos. In particular, investors were convinced that they would make a profit of 200% if they buy Tezos in early 2020.

April 2, 2020
Who Is Hiding Under The Name Of Satoshi: Exposing The “Crypto-Dad”

For more than 10 years, the name of the creator of the cryptocurrency remains a mystery. This unknown has generated a lot of speculation and the so-called false inventors of bitcoins. Who is really a crypto dad? Wei Dai may be a Satoshi? Assumptions and Facts There are suggestions that behind the name of Nakamoto Satoshi, one person or a whole group of creators may be hiding. Many researchers on this topic are of the opinion that the role of Satoshi could be performed by computer engineer Wei Dai. He is a well-known developer in narrow circles, but always remained

Get early access

Don’t miss your chance to pre-register today and enjoy all the benefits of early adopters in the future!