Security expert John McAfee says that adoption for privacy coins is coming. This he believes has been confirmed by their use by criminals. Historically he notes, they have been first to new technology while the government has been slow. In an attempt to catch up with them, the government will have to adapt to the new technology, leading to mass adoption.
Privacy Coins Are Not For Criminals
Cryptocurrencies were not designed to facilitate crime. Most were designed to suit people’s needs to keep their lives private. They were to bring financial freedom. One of the most favorites is Monero. One could buy products and services without leaving any trace for the government, corporations looking to monetize through Ads or any other party.
People have been trained like obedient sheep to believe privacy is something only criminals and weirdos desire. Really, privacy is enjoyed by anyone thats ever had blinds on their windows at home. Any actual crime has more than a money trail anyway, it has victims and evidence.
— JΣЯΣ♏︎ㄚ👽FTSmaps.com👽 (@Three3ZERO1) February 22, 2020
Unfortunately, they have enabled criminals to operate without easily been caught. More specifically, privacy coins. Privacy coins are designed to hide the identity of the person making any transaction. Most use zero-knowledge proofs to ensure identity is withheld.
This has made them popular with criminals who take advantage of this. While most in the crypto industry believe this to be a bad thing, John McAfee thinks it is good. The criminals have validated the technology and now the race for the government to catch up has started.
Criminals are using privacy coins.
They are first to use every valuable technology.
Faster automobiles as getaway cars in the 1930s,
Telephones to co-ordinate crimes.
Authorities are always behind.
They have validated
— John McAfee (@officialmcafee) February 22, 2020
While true that with the aforementioned technologies, did catch on through criminals, it does not guarantee the same for privacy coins. In recent years we have seen privacy coins delisted as exchanges try to comply with KYC requirements in different countries.
Ultimately, with the rise of criminal activities using privacy coins, we could see them come under heavy pressure from regulators. This could see their popularity phase-out before they finally die off.
What Does The Community Think?
The community is torn between the believers and speculators. The believers know this is a bad thing. It will foster an unhealthy market which will, in the end, have to be crashed by the government. Those looking for financial freedom do not think criminals are good.
The speculators, on the other hand, know criminals bring adoption and demand. They can turn a profit and when things go south, make a quick sale, they are backing McAfee’s view 100%.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is an outstanding writer with a great love for cryptocurrency and its underlining technology. Kiguru is an astute believer in cryptocurrency and blockchain technology and looks up to exploring digital innovation. Follow him on Twitter @Shawn254Guru