The role of privacy in cryptocuurency transactions

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How are you all steemians?I hope you all steemians will be safe and sound by the grace of Allah Almighty and I'm fine too Alhamdulillah. Today I am here to share my thoughts and knowledge about The role of privacy in cryptocuurency transactions.

The role of privacy in cryptocuurency transactions

Introduction to privacy 🔏

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The role of privacy in cryptocuurency transactions is a complicated subject that surrounds several features and characteristics of the technology, economics and morality.In the latest years, as the world of the cryptocuurency is gaining popularity the significance of the privacy has become an integral part of the discussion point among the users of the cryptocuurency and developers.

The cryptocurrencies are built on the nature of the decentralized network which let for the point to point transactions without the need for the negotiators such as banks.While the decentralized nature of the cryptocuurency provide numerous benifits like reduction in the fees of the transactions and increased accessibility.

It also increases the concerns about the privacy of the transactions of The cryptocuurency.In the traditional systems of the finance the privacy is also maintained through rules and regulations.In the cryptocuurency world, the users of the cryptocuurency find themselves manifested to many risks of the process of the translate not properly saved

The importance of privacy 🔏

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The role of the privacy in the transactions of the cryptocuurency is very important because of some reasons.First and foremost, the privacy in the transactions of the cryptocuurency protects the users from the future threats like the financial fraud and the identity theft.If the details of the transactions reachable publicly , the malevolent actors can utilise this information to target the individuals.

Secondly, the privacy promote a sense of security and a sense of belonging and trust among all the users, and in this way the privacy encourages the individuals to attract the cryptocurrencies without any any agitation of scrutiny.

Furthermore, the privacy is the basic right of the human beings acknowledged in many legal framework around the world.The users of the cryptocuurency should have the freedom to control their information of their finances and they should have the autonomy to take decisions what they have to share and with whom.This is very important to encourage the sense of freedom and protect the individuals from any financial frauds.

Technologies enabling privacy 🔏

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The techniques of cryptographic plays an important role to protect the transactions of the cryptocuurency.The public key cryptography make sure that only the intended receiver can examine the funds.

The privacy coin are such cryptocurrencies which are specially designed to promote the privacy of the users.The advanced cryptographic techniques are used to secure the details of the transactions and it will be difficult for the third parties to detect the funds.

The lightning network for the Bitcoin cryptocuurency enables the off chain transactions that are not recorded on the main block chain until sort out.This kind of approach can be helpful to maintain privacy by decreasing the transaction numbers .

Implications for users and society

The privacy in the transactions of the cryptocurrencies has important involvement for the users and the society as a whole.The privacy allows the individuals to take control their information of the finance.

Conclusion

After all the discussion we have concluded that the privacy is very important in the transactions of the cryptocuurency.The privacy of the cryptocuurency transaction provide the users of the cryptocuurency with security.The privacy promote a sense of security and a sense of belonging and trust among all the users.

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