When it comes to online security and cryptocurrencies, it’s never a walk in the park. Cryptocurrencies aren’t known for their market stability and security due to many incidents while the technology was still new.
The technology is still new, but billions of dollars have already been invested into making cryptocurrencies cheaper and safer to use for everybody. As recent events have shown, despite cryptocurrencies being graphically encrypted, they don’t offer complete anonymity. Only privacy coins like Monero provide that. Bitcoin in general however, has now been called by multiple large crypto influences a “surveillance coin”.
Recently, many prominent figures in the crypto space have also spoken out about Bitcoin and Ethereum having exploitable flaws, which allowed government officials to trace and stop crypto trades. These are practically the events, which these very same cryptocurrencies were created to stop, but it appears they are no longer able to provide that function and quite interestingly, never were.
With more and more information coming out, it seems that the overwhelming majority of cryptocurrencies seem to have the very same exploitable backdoor flaws, which allow for government and private agencies to track and stop crypto trades. If this proves to be the case, then taxation is no longer off the table and every single crypto trade will be taxed by governments.
One of the biggest reason why so many prominent investors went into crypto during the so-called “Crypto winter” of 2018 was tax evasion. Without a doubt, the privacy coin Monero is now expected to rise in value as the recent discoveries about “surveillance coins” come into the light.
This is why it’s incredibly important to focus on storing your data in the right places. Even private companies are finding it increasingly difficult to avoid government surveillance nowadays.