BlockWallet in Action (#5): Trading Privacy
#5 — This is the fifth post in our “BlockWallet in Action” series. In this series, we explore realistic and helpful ways to use BlockWallet after the upcoming release.
In last week’s post, we delved into how BlockWallet can be used to achieve privacy when buying and selling non-fungible tokens (NFTs). While interest in NFTs continues to soar, the majority of token trades on blockchains are in fungible tokens. Trading is the act of speculating on price movements in the cryptocurrency market. Currently, the market experiences large-scale cycles of growth and decline fueled by cryptocurrency traders.
While for many, trading can be an excellent source of income and a path to financial freedom, it comes with its own set of drawbacks. The public nature of blockchain has an Achilles heel: a complete lack of privacy. Cryptocurrency is quickly evolving from a speculative asset into something that can solve real-world problems, yet privacy concerns can stem adoption and hinder users. It’s essential to eliminate such concerns and break down barriers to entry.
Blockchain’s Achilles Heel: Privacy
Let’s use an example. Greg is a full-time cryptocurrency trader. He’s been involved with cryptocurrency for years and has been able to earn an income through trading. While he loves the financial freedom that trading offers, he faces an array of challenges and concerns. One of his major concerns is his privacy.
On blockchains, transactions are visible to everyone and connected to the wallet addresses that made them. Every time Greg makes a trade, he leaves a digital trail of information linked to his own wallet address. As someone deeply invested in cryptocurrency, Greg worries about prying eyes following his trading activity. With a lack of privacy, it’s simple for interested parties to use publicly available information to Greg’s detriment.
Traders have a lot of eyes on them, as onlookers try to gauge the sentiment and direction of the market. Greg’s trading strategies may cease to be successful if the wrong person becomes aware of them. Other cryptocurrency traders often respond to big trades, and this could result in Greg being targeted. In a worst-case scenario, someone could even target Greg with front-running bots to profit from his trades. Even if Greg made a new address and moved his funds to it, onlookers would be able to track his new address via outgoing transactions. Greg needs to safeguard his privacy, and without it, he feels at risk and not completely comfortable making financial decisions.
Trade Privately, Get BlockWallet
Greg and millions of users could benefit from taking back their privacy. With full control of his privacy, Greg would be less at risk and could enjoy the benefits of trading cryptocurrency without any overarching concerns. Privacy allows traders to make beneficial financial decisions, without compromises
BlockWallet lets users take back control of their privacy on the blockchain. Funds are rendered untraceable after being mixed in privacy pools that obfuscate their origins. They remain accessible and visible to users while being hidden from others. BlockWallet allows users to deposit cryptocurrency to fresh addresses that are not linked to their portfolios in any way.
Greg could use BlockWallet to make multiple fresh addresses and split his trading activity between them. Splitting his funds between different wallets would make Greg’s trading activity difficult to follow for bad actors. Greg’s new addresses would have unknown origins, making it impossible for anyone to link them to his previous addresses or personal portfolio. With BlockWallet, Greg could seamlessly transfer funds between his different addresses without leaving a trail of information that could be used against him.
Millions of users have become jaded by years of privacy infringements. Privacy is becoming more valued in a world where it’s difficult to attain. BlockWallet is filling this increasing demand by allowing users to take back control of their financial privacy. Once free to make financial decisions without privacy concerns, everyday people can reap the benefits of cryptocurrency and blockchain.
About BlockWallet
BlockWallet is the most private, non-custodial browser extension wallet, where users can store funds and interact with their favorite blockchain applications privately.
As crypto sees mainstream adoption, blockchain’s lack of privacy poses real security risks for newcomers and enthusiasts alike. BlockWallet is here to ensure that on-chain privacy does not lag behind. The wallet provides a set of advanced privacy tools wrapped in a familiar and user-friendly wallet experience, eliminating the friction faced by millions of users and making privacy accessible for everyone, everywhere.
Blockwallet uses battle-tested privacy-enhancing technology to protect your financial data. When you make transactions or interact with blockchain applications, the requests are sent through Privacy Proxies by default, concealing the IP address and other metadata, which can be used to identify the user. You can also use the Privacy Pools feature, powered by zk-SNARKs technology, to deposit and mix funds in a smart contract. This allows transferring funds without links to your history and identity on the blockchain, effectively rendering them untraceable.
Anyone can easily install BlockWallet and start reaping the benefits. Besides full privacy functionality, BlockWallet comes packed with an array of features that go beyond privacy for a seamless user experience. With full Web 3.0 support, the wallet allows you to connect to any dApp and harness the power of the decentralized web.
Reclaim your financial privacy on blockchain. Get BlockWallet.
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