Bitcoin and privacy!!!Bitcoin has paved the way for a number of decentralized blockchain systems. Among them, cryptocurrencies are especially prevalent. But, there are still a lot of functionalities that are yet to be implemented. The most basic use case is that of a secure transaction without the need for a centralized authority. Bitcoin implemented it, with one major catch and that is privacy. Don't we all crave privacy?
Originally, Bitcoin network was thought to be anonymous. Everybody felt secure believing that no one could ever recognize them. Later, it was found that it was not the case. The difficulty was public ledger that was accessible by everyone to go through. It contains all the private records. This unbolted the way for a lot of cyber hackers to extract information making it less secure. Also, anonymity was compromised due to the data leaks. Once identity is known of a Bitcoin user, anyone can go through his past and possible future transactions.
In the light of above explanation, should Bitcoin be upgraded by a confidential blockchain system which is scalable too?
