Categories: BitcoinNews

“Biggest threat to Bitcoin is lack of privacy”, Weiss Ratings

According to the independent research firm, Weiss Ratings, the biggest threat to Bitcoin isn’t the price but rather the lack of privacy. Weiss Ratings published its finding on Twitter

Weiss Ratings also added that if Confidential Transactions aren’t added fast, Bitcoin would soon lose its position as a Store of Value.

Due to a number of centralized exchanges coming up, many of which require mandatory KYC, Bitcoin has started to lose its privacy aspect. Every major government’s cyber cell has the tools to map addresses and their transaction to specific users. This has led to a rapid rise of privacy coins such as Monero and ZCash.

Blockstream is aware of this problem and plans to introduce “Private Transactions” soon. The company will be testing “Private Transactions” on Litecoin first (which essentially acts as a light sidechain of Bitcoin) and if it is successful, PT will be implemented on the main Bitcoin [BTC] chain.

Some people in the cryptocurrency community believe that introducing privacy on Bitcoin blockchain would hinder its growth.


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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He joined the cryptocurrency space in 2017. He is the founder of Blockmanity. He is a HODLER and is holding BTC, ETH & UGT.

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Ishan Garg

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