If Bitcoin became private at layer 1, it will destroy Crypto economy! Read on..
https://ift.tt/kqo8bIG
We all know Bitcoin is the BACKBONE of crypto economy today, driving atleast 70% of all volumes (directly or indirectly) due to BTC-FIAT pairs and BTC-Crypto pairs. Have you ever wondered in today’s day of government control, sanctions, etc. what are:
1. **Fate of private cryptocurrencies?** This image will answer: [Fate of a private cryptocurrency](https://ift.tt/eJKpNG2). Allegations that its used in sanction evasion, black markets, CP, terror financing, tax evasion, you name it. These reasons are more than sufficient to have them de-listed by ALL KYC exchanges (which forms 99.9% of all exchanges used for on-boarding FIAT to Crypto).
2. **If Bitcoin became private at layer-1**: Such that they incorporate stealth addresses, and ring signatures. In other words, only the sender/receiver can see the amount transacted and sniffing blockchain by Blockchain tracking companies (like CipherTrace) would become agreeably impossible, making them go out of business. Hold on, not me but [Satoshi envisioned this for Bitcoin back in 2010 already](https://ift.tt/X952fij).
So, a reverse question. If Bitcoin became private, and Cryptocurrencies truly becomes a Swiss bank in your wallet & govt. cannot track Cryptos since Bitcoin would become a **wormhole for digital cash parallel economy**) – KYC exchanges would be forced to de-list Bitcoin – destroying the Bitcoin economy as we know it OR destroying governments control as we know it. Bitcoin becoming private is supposed to be its “true fate” as envisioned by Satoshi.
**Summary:**
**No one really wants Bitcoin to go totally private. Not OGs, Not governments, Not exchanges, Not Institutional Investors and Not blockchain tracking firms.**
Your views are welcome!
Cryptocurrency
