Image Source: Free Images

A Guide to Crypto-Anarchy

CBx Vibe:Bitcoin” Soulja Boy

By ICO Alert

  • Cryptocurrencies are breathing new life into the crypto-anarchist movement
  • Bitcoin allows crypto-anarchists to send and receive funds outside of the established financial system

One of the most prolific features of cryptocurrencies and the budding blockchain-powered “decentralized economy” is that it’s providing individuals with more privacy and digital anonymity than ever before. Cryptocurrencies are breathing new life into the crypto-anarchist movement, which has witnessed substantial growth since the advent of bitcoin almost ten years ago.

Crypto Anarchy.jpg

Why This Matters: Crypto-anarchism matters today more than ever before. It can be defined as a cyber-spatial realization and manifestation of anarchism, according to University of New South Wales researcher Usman Chohan. Crypto-anarchists are individuals who utilize cryptographic software and privacy-enhancing technologies to propagate financial sovereignty, and perpetuate their privacy.

When Bitcoin arrived it allowed crypto-anarchists (and anyone else in the world) to finally send and receive funds outside of the established financial system. However, over the years it became apparent that Bitcoin’s public blockchain is an inherent flaw, due to its construction for those who want to use the digital currency to protect their personal financial sovereignty.

There has been wallet address clustering, linking IP addresses to bitcoin wallets and blockchain analysis that enable authorities to link bitcoin wallets to their real-world owners. To solve this problem, anonymous cryptocurrencies were born. They provide users with full personal financial sovereignty.

Situational Awareness: Opponents of encryption, privacy-enhancing technologies, and anonymous cryptocurrencies primarily cite their potential use by criminals, money launderers, and terrorists as the reason why they should be limited or even banned. While crypto-anarchism may sound like a frightening term to some, it could potentially play a significant role in protecting the privacy and liberties of today’s citizens.

CBx Vibe:Bitcoin” Soulja Boy

Welcome to CultureBanx, where we bring you fresh business news curated for hip hop culture!