One of the main features of the Blockchain technology, is the privacy it provides to users. Because it is protected by cryptographic technology, the identity of the people using the blockchain cannot be known at first sight. This does not mean that it cannot be found if enough effort is put into it. Therefore, crypto-influence Andreas Antonopoulos comments that Bitcoin is not a private currency.
Privacy on Blockchain
To a certain extent, the Blockchain technology on which Bitcoin’s operation is based can be seen as paradoxical. It pursues two simultaneous and to some extent incompatible objectives.
On the one hand, the Bitcoin blockchain ensures high levels of transparency within the cryptomoney market. Therefore, anyone can consult at any time the transactions made in the Blockchain. Seeing the addresses that send and receive the money, as well as the amount of BTC sent in the transaction.
And, at the same time, Bitcoin also tries to ensure minimum levels of privacy for its users. Because instead of the name of the person performing the transaction appearing in the Blockchain’s records, the address of the wallets involved in the operation appears in the Blockchain. These are cryptographically protected.
That doesn’t mean that people with the right programs and training can’t know who is behind the Bitcoin address. But it does establish an extra layer of protection for the people involved in the crypto market. Without actually turning Bitcoin into a private Monero-style currency.
Are Dash and Zcash really private? Not so much.
Bitcoin is not private
That explains the crypto-influencer commentary by Andreas Antonopoulos, who via a YouTube video answered the question of a user, who questioned whether Bitcoin could implement privacy features similar to Monero.
To which Antonopoulos responded that, although he would like to see better privacy features in Bitcoin, and that there will certainly be private solutions in that regard. The truth is that BTC will not implement the kind of systems for protecting users‘ identities that Monero enjoys.
Later, through Twitter, a user commented that there was a crypt-currency, created from a Bitcoin fork, which has better privacy features. Antonopoulos responded by saying that the reason why Bitcoin Circuit is not a private currency is political, not technical:
„Do you really think that the reason why Bitcoin has not implemented these changes is a lack of technical knowledge and a need for assistance from the Bitcoin developers? It is not. It’s the conservative policy and management of the engine that makes a very large economy work.