Bank Privacy & Bitgesell Privacy
The level up of Bitgesell Privacy
Privacy is a fundamental right of citizenship and should not be confused with anonymity or criminality. Every day, and increasingly so, many companies violate this concept by first asking for your data while browsing online, even before you have the chance to view information about a product. At a time when artificial intelligence is beginning to provide answers tailored to the psychological profile of each user, we can say that concern over privacy is something our generation is starting to feel uncomfortable with. However, it will be one of the greatest challenges for future generations.
Nowadays, most companies you have never heard of already know more about you than most of your friends do. This concern was one of the reasons behind the creation of bitcoin cryptocurrency and later bitgesell.
In banks, where each person holds their savings or current money, the level of privacy regarding your data is accessible to the bank and its employees and it can be extracted through hacking, sold or free transferred to other entities.
In Bitgesell's privacy model, each person has a wallet with a public address and the wallets are visible. Everyone can see that private wallet A transfers an amount of X to private wallet B. However, Bitgesell’s private wallets A and B are represented by a string of numbers and letters that reveal nothing about the parties involved. This is similar to the stock market. We can see live trades, but the identities of the parties involved are not disclosed.
Your money on the blockchain has no identity. It has no face and is not associated with any individual. No government or state can impose taxes, fees or duties if you pay with bitcoin or bitgesell for something in the real world, because after every crypto deal it can even be transferred in the real world for a symbolic value of $1 and you only pay the fees associated with that transaction value!
The possibilities for maintaining privacy are endless, as the money circulates cyclically and becomes untraceable on the blockchain. Once you begin to understand that this is a human right, you may start collecting bitgesell coins alongside bitcoin.
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