Cryptocurrency without privacy is pointless. If your coins aren’t fungible, you lose much of the benefits of using cryptocurrency in the first place. Privacy isn’t just won and lost onchain though. In fact, much of the privacy gains to be made when it comes to sending, spending and trading crypto occur offchain, as you go about your business on the web.
Also read: Wasabi’s Privacy-Focused BTC Wallet Aims to Make Bitcoin Fungible Again
The Never-Ending Quest for Privacy
Privacy is like fitness: a way of life rather than a task that can be ticked off. Just as it takes time, perseverance and focus on different muscle groups to build a better body in the gym, strengthening your privacy calls for undertaking regular exercises to stem the flow of doxable information. Every time you perform an action online, you’re hemorrhaging a trove of data. This can be particularly damaging for cryptocurrency users, whose onchain actions will be recorded indefinitely.
When paired with offchain data points such as IP, email address, and cell number, it’s possible for an adversary to build a complete picture of their target. Given the ever-increasing capabilities of three-letter agencies, it’s safe to assume that in the near future, the state will be able to construct a highly detailed picture of the activities of today’s cryptocurrency users.
tl;dr: privacy matters. Here are five ways to up yours.