Crypto privacy is in greater jeopardy than ever before — here's why
Despite the latest technology, the world has yet to crack the code for privacy and security online. But that isn't the only big problem we need to worry about.
Hackers and robbers are tricking innocent users into giving up their private information as society becomes increasingly digital — and virtual currencies have a role in all of this.
Cryptocurrencies smashed records in 2022, with the market topping $2 trillion for the first time ever.
And while this has been greeted with excitement by current investors, it's made others more wary.
Why? Because as the asset class grows, it becomes more appealing to malicious actors. And for evidence of this, you only need to look at the growing number of users being targets of cryptocurrency robberies.
The big question is this: if these crimes against individuals are so dangerous and only likely to increase as the market expands, why is the value of privacy still being overlooked by the world at large? The answer is a lack of clarity around why security and privacy matter — and how they are interlinked.
Let's imagine an investor has a considerable crypto stash — 50 BTC — which at $30,000 per coin amounts to $1.5 million.
Their wallet would inevitably become a target for hackers and robbers, and that's why privacy is so vital. Nobody needs to know that millions are being held in that investor’s wallet.
Security is a crucial tenet if adoption levels are to continue growing, but it's often overlooked. Precautions and robust measures are needed to give investors a sense of privacy as security — and prove to newcomers that digital assets do have value over fiat currencies.
Related: Identity is the antidote for DEXs' regulation problem
A few years ago, the world underwent a privacy currency boom.
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