Breaking Down Bitcoin (III): The Currency Of Freedom And Security, a Unique And Valuable Asset
Originally Posted On Publish0x
"Get what you want, then enjoy it" | Anonimo
Many of us cryptocurrency enthusiasts and advocates, who promote the adoption, globalization and understanding of cryptocurrencies, see Bitcoin as a way to exercise our freedom and financial sovereignty, by not depending on entities that control or monitor the movement of money, by its high level of security and by being backed by a distributed network of nodes that validate transactions, avoiding double spending or counterfeiting.
Previous Articles: ✔ Breaking Down Bitcoin (I): The Only Cryptocurrency True To Its Essence ✔ Breaking Down Bitcoin (II): Challenges
However, Bitcoin is neither perfect nor does it guarantee absolute privacy for its users. Being a public and transparent network, all transactions are recorded on the blockchain and can be tracked by anyone who has access to it. This implies that if a user buys or sells bitcoins in an exchange or market that requires their personal data (KYC), these can be associated to their Bitcoin addresses and reveal their identity and financial history.
To avoid this risk, there are some techniques and habits that can improve the privacy of Bitcoin users, here are some tips:
📌 Buy and sell bitcoins on platforms that do not require personal data or adequately protect them.
📌 Separate KYC coins from non-KYC coins, i.e. those that have been acquired on an exchange with identification from those that have not.
📌 Use advanced wallets that allow managing UTXOs (unspent outflows) and avoid mixing currencies of different origins or purposes.
📌 Use mixing or coinjoin services, which combine the transactions of several users to hide the origin and destination of coins.
📌 Using alternative networks such as Tor or Lightning Network, which offer greater anonymity and faster transactions.
These measures can help users preserve their freedom and security when using Bitcoin, without giving up its benefits as a scarce and decentralized digital currency. Bitcoin is a powerful tool for financial empowerment, but it also requires responsibility and education on the part of its users.
Remember that Bitcoin has many opportunities and advantages that make it a unique and valuable asset. Some of them are:
📌 Freedom and sovereignty: Bitcoin allows its users to have full control of their money, without relying on intermediaries or authorities that can censor, confiscate or manipulate their funds. It is a global currency, which is not subject to the borders, policies or crises of any country or region. Moreover, it is a neutral currency, which does not discriminate against anyone based on their origin, status or preference.
📌 Security and trust: Bitcoin's foundation is a decentralized and distributed network of nodes and miners that validate transactions and protect the network from attacks. Its algorithm is based on cryptography and mathematics to ensure data integrity and authenticity, consensus and transparency to ensure reliability and verifiability of transactions.
📌 Scarcity and value: Bitcoin has a limited and unalterable supply of 21 million units, giving it a digital scarcity that makes it attractive as a store of value and medium of exchange. It has a growing demand from investors, users and businesses that see it as an opportunity to generate profitability, innovation and solutions. Bitcoin has intrinsic value because of its utility, design and history.
📌 Innovation and adaptation: Bitcoin is a constantly evolving and improving technology, adapting to the needs and challenges of the market. It is an open and collaborative platform, allowing developers to create applications and services on top of it. It is a source of inspiration and experimentation, fostering creativity and entrepreneurship.
These are just some of the opportunities and advantages that Bitcoin has, there are many more that can be discovered by using it and learning about it.
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"You will ask yourself: And if I take a risk and lose...? I will ask you: AND IF YOU RISK AND WIN? Success begins with thought, because sooner or later the man who wins is the one who believes he can do it. Do not be afraid of mistakes or failure, winners are not afraid of losing, losers are, in most cases the risk comes from not knowing what you are doing, so trust yourself, learn, be patient, manage your emotions and above all, enjoy the journey, what the wise man does at the beginning, the fool does at the end" - Anonymous.
Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested. “Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami. "Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.
