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New Age Of Money: Bitcoin Vs CBDCs, Privacy And Liberty
The battle for individual liberty and privacy is becoming an increasingly hot topic in the ever-evolving digital landscape.
“Fighting for Liberty in the Digital Age – Pacific Bitcoin 2023” delves deep into this critical issue, shedding light on the challenges and potential solutions in our goal towards digital freedom.
Drawing from expert opinions and historical context, the video provides a comprehensive overview of the tug-of-war between state surveillance and individual rights.
As technology evolves, so does the struggle between individual freedom and government control.
Every invention, like the printing press or the internet, has been a two-sided coin.
They’ve given people more freedom to express themselves and communicate, but they’ve also given companies and governments more ways to watch what we do, often in the name of “personalization” or “safety”.
We’re about to see this happen again with Central Bank Digital Currencies (CBDCs), and it brings up big questions about financial privacy and personal freedom.
CBDCs are digital money made by central banks, which some people think will be the future of money.
They could make our financial system more modern and faster.
But there’s a downside.
With CBDCs, governments could watch every transaction, which means they could know a lot about a person’s life, like how they spend their money and who they hang out with.
This could give governments a lot of power.
On top of that, if a government can see every transaction, it could also act on them.
They could use CBDCs to quiet people who disagree with them, control entire populations, or punish people based on what they do with their money.
This could shift the balance of power heavily towards the state, which could threaten the foundations of a free society.
But there’s a glimmer of hope: Bitcoin. It’s a decentralized digital currency, meaning no person or government has control over it.
This makes it hard to watch or control, which could be attractive to those concerned about CBDCs.
It allows people to make transactions without the government watching, which could restore the balance between the state and its people.
However, Bitcoin has problems with being able to handle a lot of transactions and being easy to use.
Its decentralized nature could also lead to governments trying to regulate it or even ban it.
So, as we enter the era of CBDCs, the struggle between the state and society is going to get more intense.
While CBDCs have many benefits, they could also pose big risks to individual privacy and freedom.
Bitcoin could provide some hope, but it also has its own problems.
As a society, we have to be careful and support innovations that empower individuals while being careful of tools that give more power to the state.
Our choices will shape our financial future and the relationship between the state and its people. Watch the video here.
European Central Bank Digital Currency (CBDC) for B2B moves ahead.
US Dollar going digital? Not so fast, says Congress.
Digital Yuan takes flight: China’s CBDC strategy for tourism.
Bitcoin And Zucoins: Self-Management Is Key To Maintain Independence
In the face of increasing state surveillance, the advent of cryptos such as Bitcoin and Zucoins stands as a testament to the breakthroughs possible in the realm of digital currencies.
With its innovative design, Zucoins offers an alternative pathway to a future where financial transactions can be conducted swiftly and securely without compromising individual privacy.
Making it easy to self-manage a crypto wallet and its digital assets is a major factor in avoiding the increasing scope of control.
People often choose centralized services because they’re easier.
The goal of decentralized systems is to get as close to that ease of use as they can, without becoming a lock-in point themselves.
For example, the contact list data in the Zucoins wallet app only exists inside your app.
It doesn’t sync that data back into a database on someone’s servers, like most services do.
No contact details are sent back to any company.
That data only sits in your device’s wallet app.
So all the wider network sees, are a bunch of long fuzzy addresses, not directly linked to anyone’s contact details.
That is of course, unless you share it with someone else, such as a marketplace or exchange, which could be needed for compliance purposes.
This principle is true for most data across the Splitchain network.
The only part the network keeps, by default (as node operators can choose their own settings), are the caches of your last two transactions.
What’s more, Splitchain itself solves many of the flaws traditional cryptocurrencies have, including slow transaction settlement times, long public transaction histories on the public ledger, blocks with pooled validators (hence, “blockchain”) and much, much more, as we cover in these newsletters.
Each transaction on the Splitchain network is encrypted from start to finish, ensuring that personal information remains confidential and secure.
Both the sender and the receiver have to put their encrypted stamp (known as a signature), onto each transaction, minimizing spam and unexpected account associations.
In comparison to the potential intrusion of privacy posed by CBDCs, cryptos like Bitcoin and Zucoins provide a haven for those seeking autonomy.
Moreover, the Splitchain network’s decentralization is continually improving towards an open-source end goal.
This directly addresses one of the primary concerns surrounding CBDCs—the power of financial censorship, by a smaller group of people.
Even pioneering cryptos like Bitcoin have this issue. As more people use its blockchain network, the harder validating the transactions gets—on purpose.
This means Bitcoin essentially has to centralize, as the number of people who can viably compete gets smaller and smaller.
We’re already seeing this with Ethereum since its switch away from mining and into staking in September 2022.
By dispersing control among a network of peers, a system’s design should increasingly reduce the risk of a single entity dictating or influencing what is true.
True decentralization ensures that every individual has an equal say in the network’s evolution and mitigates the risk of censorship, thereby safeguarding the principles of a free society.
It is designed to handle a high volume of transactions without compromising on speed or efficiency, using a completely different method to blockchain systems.
This feat is achieved by using a unique caching mechanism (and much more that we’ll detail in future newsletters), cutting down the inefficiencies from competitive mining or centralization effects from validator pools.
Rather than being bogged down by increased activity, the Splitchain network is being designed to effortlessly scale, accommodating growth, making Zucoins an attractive alternative for those seeking stability and reliability.
While Zucoins and its Splitchain network have demonstrated significant strengths, they mustn’t become complacent, especially with the rise of the CBDC era on the horizon.
With a user interface that prioritizes intuitiveness and robust safety measures already in place, the next step is to amplify these strengths, on their journey to decentralization and distribution.
By actively highlighting and promoting this unique bundle of abilities, Zucoins can articulate its unique advantages and carve a distinct niche for itself in the market.
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All the best,
Peter & Rob
MyZucoins
Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.