Privacy Coins To Challenge The Existing Financial System, Says Coinbase CEO
The crypto market looks pretty good today, with the most important coins trading in the green.
At the moment of writing this article, Bitcoin is trading in the green as well, and the most important coin out there is priced at $6,879.59.
Despite the global financial crisis in the middle of which we are, it’s been said by more analysts that during such difficult times, Bitcoin and cryptos will shine and show their true potential.
New crypto assets will challenge the traditional financial system
The chief executive of Coinbase said that some new crypto assets would challenge the existing financial system using a feature that has been falsely attributed to Bitcoin (BTC).
In an article that’s been written for Project Syndicate, Brian Armstrong explores the power and controversy surrounding privacy coins which feature protocols that are designed to make transactions untraceable.
On the other hand, the Bitcoin blockchain leaves a digital trail of transactions despite the misconceptions to the contrary.
A more secure financial system for the people
Armstrong said that privacy coins like Zcash and Monero, promise to create a more secure financial system that will have the ability to protect consumers’ sensitive data.
“This shift is a bit like when websites moved from HTTP to HTTPS as the global standard: it lets consumers know that their information is protected by default…” he said.
He continued and explained that “Unsurprisingly, these innovations have alarmed banks, regulators, and law-enforcement agencies. But just as the early Internet needed encryption to enable digital commerce, cryptocurrencies need privacy protections to unlock their full power and potential.”
He also made sure to highlight the fact that the best way to avoid data harvesters or criminals and the best way to make sure that your data is safe is to avoid having it collected in the first place.
We recommend that you check out Armstrong’s original article.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.