In this brief text, I want to bring up some issues that have been bothering me a bit regarding privacy and how far privacy coins like Zcash can provide true privacy.
In recent years, we have seen that governments in almost every country have sought ways to regulate cryptocurrencies. They want to have control over everything that people own, and this includes their cryptocurrency capital.
To help us against this governmental control, there is Zcash and its shielded transactions, where the origin address, destination address, and transaction amounts are hidden. No one can see what was moved, and this includes confidential information that we can send to others using encrypted memos. This makes Zcash superior to other cryptocurrencies, including the famous Bitcoin.
But how far can Zcash protect us?
In the digital environment, Zcash is practically the perfect cryptocurrency for privacy. But what about in real life? In the daily life of an ordinary person?
Suppose you are a regular cryptocurrency user and you have a balance of $100 in ZEC in your personal wallet, but you had a family emergency and you need to use your ZEC balance to buy MEDICINES, FOOD, or anything else at a market. What would you do?
Normally, you would send your ZEC to an exchange and trade it for the fiat currency of your country so that you can use it at the supermarket, pharmacy, or anywhere else. But then the problems begin. Most exchanges only accept transparent addresses for ZEC deposits and require identity verification, the infamous KYC. This destroys all the privacy we have managed to have so far.
So, what now? What will we do about this?
How can we increase the adoption of Zcash in markets, pharmacies, and all businesses in general, so that we can pay directly to merchants using Zcash's shielded transactions?
Tell me what you think about this, your ideas and solutions for this.
Let's talk!