John McAfee is a well-known supporter of cryptocurrency and often airs his views against establishments and central banks.
In one of his latest tweets, McAfee in a much-nuanced manner described the difference between transparency and privacy in the context of cryptocurrency. In a short video clip running a little over 2 minutes, McAfee emphasized on the importance of being transparent and expressed that more efforts should be made to bring transparency in the cryptocurrency sphere. This means there should not be any opposition to attempts which are aimed to make the whole ecosystem of digital coins more transparent. However, the question of privacy/anonymity is where exists a large difference of opinion between regulatory authorities and the crypto stakeholders. While Government and central banks across the globe are not very comfortable with the privacy feature of crypto, fans of digital coins consider this anonymity feature as one of the cornerstones of the idea behind cryptocurrency.
Transparency or Privacy/Anonymity in Crypto? Which is it ? It’s a simple answer that you need to understand and understand now. pic.twitter.com/YEs9rFZJW3
— John McAfee (@officialmcafee) August 27, 2019
Importance of Privacy:
McAfee opined that it is very difficult today to get complete anonymity even as he took some random examples to demonstrate that each one of us subconsciously applies a psychological filter to protect our privacy. Whether it is a question of our relationships or our buying habits, our subconscious mind tries to protect our privacy even against the relationships or the things which are very near and dear to us. The argument by McAfee can be easily construed in favor of the privacy feature of a cryptocurrency and supportive of the idea of anonymity of digital coins. There is no harm to make the rules and regulations which demand more transparency from the stakeholders involved in the crypto business, but legislations must also do not infringe upon the privacy feature provided by cryptocurrencies. In fact, this privacy or anonymity feature is a significant contributor in enhancing the appeal of digital coins across industries with online gaming, casinos, and betting sectors being the major beneficiaries of privacy feature.