Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Privacy is a basic human right. Itâs there in Article 12 of the Universal Declaration of Human Rights: âFreedom from Interference with Privacy, Family, Home and Correspondence.â Attaining that right in an era of dragnet surveillance, mass data breaches, state-sponsored hacks and big tech overreach, however, is a Herculean task. As the digital privacy fight heats up, crypto protocols are emerging as a new battleground where the right to anonymity will be won and lost.
Also read: Chainalysis Whistleblower Shares Company Secrets in Explosive AMA
From Data Drought to Tsunami in 40 Years
In 1973, the internet looked like this:
Yes, all of it. Today, your home router connects more devices than the entirety of Arpanet did in the early 70s. Long gone are the days when the connections that comprise the world wide web could be sketched on the back of a napkin. As the internet has proliferated and the number of connected devices has grown into the millions, and then billions, so has the amount of data produced. 90% of all the worldâs data was generated in the last two years, with 33 zettabytes created in 2018 alone (one zettabyte equals one trillion gigabytes). By 2025, weâll be creating 175 zettabytes annually, and will have another 15 billion devices online, largely thanks to IoT.
Data, we are often told, is like oil, serving as the lubricant that greases the web economy. If that analogy is true, we are a long way from reaching peak data. Peak oil, by comparison, is calculated to have occurred as early as 2006 and broadly agreed to occur no later than 2030. We are running out of oil, but demand and supply of data shows no sign of abating. Its ubiquity may account for why we have become so laissez-faire about protecting it. Should our credit card details be stolen, we simply cancel it and order another one; our password exfiltrated, we shrug and create a stronger one. This casual attitude to the loss of a resource that is, to all intents and purposes, invisible, accounts for why the world has sleepwalked into the data dystopia in which it now finds itself.
But as Edward Snowden memorably put it:
Arguing that you donât care about the right to privacy because you have nothing to hide is no different than saying you donât care about free speech because you have nothing to say. When you say, âI have nothing to hide,â youâre saying, âI donât care about this right.â
The Tug of War for Control of the Worldâs Data
Webizens today find themselves embroiled in a mighty tussle for control of their data. On the one hand, there are the politicians, in nations as âenlightenedâ as America and Australia, pondering a crackdown on encryption, and mandating the inclusion of backdoors to facilitate government access to private communications. And on the other end, there are the Web 3 companies like Tide (slogan: âPrivacy is more than a human right, itâs your assetâ) seeking to return data control to its rightful owners. In the case of companies like Tide, that typically consists of creating containers that enable individuals and businesses to control their data via private keys, sharing and reselling it only to those they trust.
Somewhere in between these opposing forces, tugging at the rope that constitutes data flow, lies Bitcoin. Satoshi Nakamotoâs creation is a privacy purveyorâs nightmare and wet dream rolled into one. Bitcoinâs pseudonymous design enables anyone to transact with anyone else in the world without disclosing their identity or intentions. And yet, thanks to advances in blockchain surveillance and ever-encroaching scrutiny from the three-letter agencies, cryptocurrency users have never been more exposed. As a string of darknet vendors have discovered to their peril, associating pseudonymous bitcoin addresses with real world identities is relatively trivial, unless youâre an opsec expert.
Draconian tactics deployed by agencies such as the IRS, which proposes subpoenaing tech companies to identify taxpayers who have downloaded cryptocurrency apps, shows the extremes that government will take to track and trace bitcoiners.
Governments Hate This One Weird Currency
Despite the panopticon capabilities that cryptocurrency hands to governments, giving them real-time oversight of every single network transaction, they hate and fear this uncontrollable money. Last week, U.S. Treasury Secretary Steven Mnuchin vowed to âmake sure that bitcoin doesnât become the equivalent of Swiss-numbered bank accounts,â while senators sought to rein in Facebookâs Libra, expressing alarm at the potential for a mainstream crypto payment system that doesnât enforce end-to-end KYC. Facebookâs dismal record in respect to data protection was also attacked.
For the subset of web users educated and concerned enough to safeguard their online privacy, thereâs a lot that can be done to prevent their data from falling into the wrong hands. Cryptocurrency users would do well to learn the capabilities and limitations of blockchain surveillance and strategize accordingly, to buy and sell coins on privacy-oriented P2P platforms and reduce their dependence on data-thirsty social media platforms and web browsers in favor of pro-privacy alternatives. Thereâs no such thing as anonymity in an age of facial recognition, social credit, and deep packet inspection. Nevertheless, through taking practical precautions, bitcoiners can make themselves a hard target in the escalating war on personal privacy.
Do you think itâs possible to maintain a reasonable degree of privacy on the web today? Let us know in the comments section below.
Images courtesy of Shutterstock.
Are you looking for a secure way to buy Bitcoin online? Start by downloading your free Bitcoin wallet from us and then head over to our Purchase Bitcoin page where you can easily buy BTC and BCH.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.