As a truly private cryptocurrency, wouldn’t zcash be used for

Question

As a truly private cryptocurrency, wouldn’t zcash be used for

terrible things?
Like any technology, zcash can be used for good and evil. However, we firmly believe that the net benefits of zcash far outweigh the bad. We believe that money should be a public utility. In a digital age that is increasingly moving away from digital money, money is increasingly being monitored and used as a tool of repressive government control, allowing them to dictate what you can spend or even cut into your savings.

Privacy is also an important element if we are to believe that cryptocurrency is being used as a medium of transfer. Without privacy, businesses would reveal who their suppliers are, how much they pay their employees, or how much they receive. Even paying for a cup of coffee with a currency that has a transparent public ledger could potentially reveal your ownership or the addresses that are linked to you. We expect privacy in our everyday financial transactions and no one wants our bank statements leaked to the world without our permission. Privacy is not about hiding, it is about retaining the ability to give consent to our data.

Recent reports and studies have also shown that while privacy-preserving cryptocurrencies often make headlines for being used on the darknet or for illicit behavior, they only make up a very small portion of overall transactions. Privacy-preserving cryptocurrencies also do not necessarily violate existing KYC/AML practices.

Privacy is a critical missing element in today’s cryptocurrencies and zcash pushes the boundaries of privacy technology enabled by cryptography while still maintaining the option for each user to disclose their details if they so choose. 😇👍

#blockchain #cryptocurrency #english #zec

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26.09.2024