Another electronic cash follows White Paper of Bitcoin

• The problems that Libra and Facebook are facing right now can be traced back to the roots of Bitcoin, with in-depth study of the tech’s original white paper by Santoshi.
  

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• The whole idea is to achieve “electronic cash” without the barriers of identification as it would be in a completely decentralized system.
  

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• However, centralization is required in order to regulate criminal activity including money laundering and counter-terrorism objectives, so the contradiction still prevails.
  

Satoshi Nakamoto worked on Bitcoin to solve one of the biggest problems of online commerce; bringing the same offline experience of handing over the cash to make a transaction into the online realm. This means that the whole concept of this currency revolves around the fact that identification is not required for transactions between anyone.



The issue isn’t that only money launderers use cryptocurrencies to have some leverage against laws. But it is a fact that the necessity of identification is a hindrance in routine commerce. The identification process comes with an expensive trade-off which means economic activity is either lost or delayed.

Privacy is of Utmost Importance

There are millions around the world that are unable to acquire accounts even in local banks due to untrustworthy or not-eligible backgrounds or identification records. What about when they want to participate in commerce? Identification is a real barrier for them. And Bitcoin sought to solve this problem.

On the other hand, the elite of “Wall Street” and other commerce tycoons like giant banks and brokerages have to keep their identities secret whenever buying to selling a share in order to not let the market move against them.

Moreover, the lesser the past of the involved money is known, the more beneficial it is e.g. a questionable source’s money has less value than regular money, which is why Bitcoin aims to keep the value of every coin the same across the board.

Private but with a “public” ledger

It is unfortunate that with the dream of privacy, Bitcoin could not achieve that very aim as it consists of a public ledger. The problem is that once a user is identified, they can easily be traced back and connected with past transactions.
This problem resulted in more secure and privacy-oriented cryptocurrencies being developed including zcash, monero, and mimblewimble.



The regulators are demanding more user identifying aspects in the technologies being developed for cryptocurrency, yet the developers are moving completely against it and striving for complete privacy i.e. electronic cash in all its glory.Read Article to Know more