Although cryptocurrency and blockchain are still relatively new and not fully understood by many, these two things have greatly delivered on what they both stand for. From crypto, you get an alternative when it comes to your finance without it being regulated, while the blockchain delivered on both privacy and transparency.
Now privacy and transparency are commonly misunderstood and they appear to be contradictory but the sheer fact is that thanks to the blockchain you can be both private and transparent at the same time. This is just one of the many cool things offered by the blockchain. Since we are used to FIAT currency and the payment methods that go with it, we are all used to one form of doing business and we adjusted to limited safety online or on land. Not to mention the identity theft problems and plenty of other intrusions many of us experienced down the line.
With cryptocurrency and blockchain as the foundation, we entered a new era that allows our transactions to be perfectly safe, while at the same time being transparent. There is no room for fear of identity thefts, account thefts and frauds on all levels, and there is no way of hiding what you did on the blockchain as well. When reading this a regular person would first ask – well how is it possible to both be transparent and private at the same time?! The fact is it easy thanks to the blockchain, and if you need more info or more options go ahead and visit oschain.io and see what they say.
Now let’s try and briefly explain just how you are transparent in the blockchain while trading with crypto. What we need to address before this is that privacy factor and we need to explain one more time that, you are private and safe thanks to the fact that the public address that you use for transactions are not tied to your name directly. This way no one can tell which address belongs to a certain person. When it comes to transparency, speaking in simple terms you can’t hide anything on the blockchain because everything you do can be seen right there. This means any transaction or any smart contract you made is visible on the blockchain.
One thing that is apparent right now all around the world is that we lack transparency in almost every segment of our lives. Just imagine your bank account right now or anyone else’s for that matter. With centralized banks and centralized databases, you have to go to them and ask politely about any information that you want to get and there is a chance that you will be left without a reply or without the info you require. This is where this type of technology comes in handy and where it can revolutionize certain segments to perfection. Just imagine if you had transparency in supply chains or medical records or even transparency when voting. With blockchain, you can achieve the transparency everyone needs but maintain enough privacy so no one will ever be endangered or feel threatened by anything.
Blockchain offers block explorers that will offer any type of information you want, that is stored on the blockchain and it will give it to you in a form that is immutable, unchangeable and that is it, no hidden agendas no misleading and most importantly no misinforming. When it comes to cryptocurrency and trading blockchain will offer anyone who knows what they are looking for and who know where to look, proof of every transaction and every trade. This should be seen as a big positive by anyone because when it comes to trading we all know that we have a long history of ill will and devious behaviors. Places where people trade goods or in this case currencies are always seen as easy to fool at least by people that know how to trick the system, but with blockchain, every deal and every transaction that is made is publicly visible to all, especially those that know what to look for.
There is a certain “problem” with transparency when it comes to transactions and transparency. Depending on the domain of the app you use your transparency is variable. We have all heard about certain apps as well as certain coins that offer you full privacy meaning that no one can track what you do when you do it and no one can publicly question and track what is going on in the blockchain. Those types of apps and coins are reaching huge popularity and they are giving this type of technology a bad name, at least in some small part. The blockchain is doing a good job with certain things that event moments like these can’t bring it down.
Bitcoin was and will remain the first cryptocurrency that offers full transparency when it comes to transactions. You can access its permissionless ledger and get all the data you need which is the prime example of trading transparency. Since none of your addresses has your name on them you retain your privacy, just the transactions are the public ones. This means you know at all times how much of the coin was sent and received around the world.
To recap the entire thing, we need to remind you of one thing we mentioned in the beginning – just because this is still considered new technology and because 80% of us do not know anything about it is the reason this still isn’t in its full use and potential. When you look at what blockchain is doing now and when you start looking and listening to people, who know its ins and outs, explain what the potential of it could be and hopefully one day will be you would know that this is the future and this is the way of total transparency from trading to anything else, with the possibility of retaining your privacy to the level where you don’t have to worry about things that we worry now.
The transparency part of the blockchain is another thing holding it down because the world is run by a few big players that still advocate the world with limited to no information about important things because it is easier for them to run it that way. Just imagine if the entire world started utilizing blockchain technology, how much of the information would remain secret and just for their eyes. If you wanted to see how much money a certain corporation made in a certain crisis, for instance, you could, and you would see that it is all just a hoax.