Your Bitcoin (BTC) Public Keys May Be Disclosed by Countries. Here’s How

News
Thu, 03/26/2020 - 11:41
Vladislav Sopov
Bitcoin (BTC) is now at a crossroads of its own narratives. Before the coronavirus outbreak it was called a 'safe haven', 'hedge againist inflation', 'digital gold'.
Cover image via stock.adobe.com
Contents

Brendan Blumer, co-founder and CEO of the Block.one team that produces EOS.IO open-source software, predicted the most significant aspects of Bitcoin (BTC) progress for the future.

Light pool, dark pool

Mr. Blumer is sure that if Bitcoin (BTC) continues its exponential growth, its network will host private chains managed by corporations. Thus, the bandwidth of the main blockchain would be saved as the transactions would go through these corporate chains.

He also predicted the end of co-existence between ‘light’ and ‘dark’ Bitcoin (BTC) pools that serve legitimate and illicit activity funding, respectively. According to him, this split has already begun and these two pools ‘will eventually be non-fungible’.

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Keys disclosure inevitable

This evolution won’t go unnoticed by governmental bodies and agencies. While creating a legitimate framework for the blockchain-based financial system, 

Most countries will eventually require disclosure of all public keys, and failure to comply will result in taking your money off-grid on a permanent basis

In terms of development, the Bitcoin (BTC) protocol will be also subject to changes as it was in the past. Future forks may be inspired by chip manufacturers, miners and their supporters in state-backed bodies.

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That said, Mr. Blumer is very far from Bitcoin (BTC) maximalist views since, according to him, the flagship blockchain is not able to give us every freedom we want.

Nevertheless, he considers cryptocurrencies ‘a big deal’ because they offer a ‘transparent store of value with provable supply integrity and self-empowering custody options'.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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