The
COVID-19 crisis we are going through currently seems to have no end. And over time, the spread of this disease has become from just a health issue to a serious global economic crisis. Millions of people have lost their jobs already, and it is still continuing.
But what's scarier than this? The state’s potentially dangerous reach. Freedom has become a major threat, as every country’s government has come with a set of new rules and regulations.
For example, the government authorities of Russia and China, are keeping constant tabs on their citizens’ activities like never before. Edward Snowden, an NSA whistleblower, said in an interview in April 2020 that governments all around the world will be using the coronavirus outbreak to build “the architecture of oppression.”
Several countries all around the world are stepping up to create a global digital ID system. And this is not something that popped up out of nowhere. The United Nations, World Economic Forum, and Big Tech have been working to create digital ID since 2014. But, the chaos created by the COVID-19 crisis, pushed the government to speed up the process.
Out of the feasible solutions, crypto is considered the most fitting and effective. The CEO of a New York-based crypto exchange, Tyler Winklevoss, said
cryptocurrencies and a number of online projects promote “freedom, opportunity, and human dignity” in the COVID-19 phase and the potential authoritarianism.
He added, “My fear is that this pandemic, like many other crises, will be used by the government to justify overarching policies, infringement of human rights, and civil liberties around the world.”
He says cryptocurrencies can provide a counterbalance to this. Zcash, which is a privacy-centric version of Bitcoin, can help users fight against authoritarianism. Some people around the cryptosphere seem to have a concern that digital ID systems can be used not only to monitor financial transactions but censor them.
The solution for such issues is a sovereign ID. Chris Troutner, a senior Javascript developer, said that Bitcoin cash addresses are a much safer option for a digital ID. Cryptocurrency exchanges and blockchain together provide the utmost safety and privacy to the users. Every transaction hides the sender, receiver, and the amount that is being transferred.
The wallet addresses of users and the transactions are cautiously hidden in a blockchain-based exchange platform, allowing users to exchange their currency in secret. This is done by using a ring of digital signatures. A group of possible signers is merged together, which authorizes the transactions. Once done, the traces of the sender, receiver, and the amount disappear.
When you use cryptocurrencies and blockchain-based crypto exchanges for transactions, your financial security is a guarantee. Especially in testing times like this, when the government around the world is trying to track and monitor their citizens, cryptocurrencies are the right solution to safeguard yourselves and your privacy.
Originally published here:
https://decrypt.co/28914/coronavirus-broke-privacy-crypto-can-help-fix-it 
