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The Case for a Private Bitcoin: Zcash

December 10, 2018

 

 

When you think about Bitcoin, what is the one thing that it does not have? In short, it is not private. Bitcoin transactions can and have been tracked by government officials. Because of this, even though the Bitcoin network is decentralized, its’ currency is still vulnerable to a certain level of monitoring and possibly, manipulation by centralized entities.

 

With this under consideration, it is easy to wonder why most crypto investors do not turn to proven privacy solutions like Zcash, which has become so popular for its’ usage of zero knowledge proofs that even Ethereum is reportedly considering adopting the same technology.

 

The easy answer here is that no one wants to truly change Bitcoin. Bitcoin was the first mover. Satoshi’s vision still drives the space in everything it does, despite the constant in-fighting between crypto communities. This and this alone is most likely why the concept for Zcash initially came to be in 2013 and why it continues to hold a significant amount of value.

 

With its’ current status as the most successful privacy focused cryptocurrency every by traditional financial indicators, it is logical to wonder what the future holds for Zcash. First and foremost, since  the network allows for truly private transactions with no exposed public keys, it should continue to have real utility for journalists, charities, and other types of firms that operate in any sort of dangerous location.

Secondly, given that it was recently added to Coinbase, which seems to have the long-term goal of being the first trusted Crypto bank, Zcash may find a place in the continued evolution of traditional finance. Whether that will mean that banks will actually trust this asset for any element of their daily business, remains to be seen. As Coinbase has already indicated, know your customer requirements are still necessary from a legal standpoint, even for privacy coins. Therefore, until that changes in some fashion, it appears that no privacy coin will ever be widely adopted to the extent that Bitcoin already has been.

 

 

By: BGN Editorial Staff

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