BlockWallet in Action (#6): E-commerce Privacy
#6 — This is the sixth post in our “BlockWallet in Action” series. In this series, we explore realistic and helpful ways to use BlockWallet.
Last week’s BlockWallet in Action post explained the benefits of using BlockWallet to remain private when trading crypto. While trading makes up the majority of activity on blockchains, for many enthusiasts the end goal is to use cryptocurrency for everyday payments. Disrupting and ultimately replacing the current financial system is considered necessary to bring about a fairer system that empowers people. If this ambitious goal is to be achieved, cryptocurrency must see further adoption and acceptance.
Several retailers have already embraced cryptocurrency as an official form of payment. Using crypto can be a great way to pay for e-commerce, as it’s often less cumbersome, with fewer fees, faster transactions, and increased security. As cryptocurrency grows in popularity, it’s getting harder to ignore the impact that it could have on e-commerce. However, despite continued mainstream adoption and acceptance, crypto stands at a crossroads.
Crypto + E-commerce = Exposed
The biggest obstacle in the way of cryptocurrency adoption lies in its fundamentals. A blockchain is a public ledger that is open and transparent by design, meaning that cryptocurrency users forfeit much of their privacy. Currently, using cryptocurrency to pay for e-commerce results in your financial data being exposed on the blockchain.
Let’s use an example to demonstrate. Sam is a firm believer in cryptocurrency and its long-term success. He’s deeply invested, and as a result, supports and uses crypto at every opportunity. Sam wants to enjoy the benefits of paying for products and services online with crypto but has one main concern: his privacy.
When Sam pays for goods or services using cryptocurrency, he reveals the total value of his portfolio, the crypto he holds, and a list of his past transactions. This is a breach of his privacy that he does not feel comfortable sharing. In addition, he doesn’t like the idea of large companies collecting data on his personal finances. If Sam made an order somewhere, it’d be simple for big data hoarders to link his wallet address to his name and physical address.
The same principle extends to offline payments. Sam feels uncomfortable revealing his financial information to service providers such as his personal trainer, accountant, or real estate agent. He wouldn’t show a barista his bank account when buying a cup of coffee and thinks the same should apply to cryptocurrency.
As a result, Sam is left at a crossroads. He wants to enjoy the benefits of paying for e-commerce with cryptocurrency but has major concerns about his privacy.
Pay Privately, Get BlockWallet
Millions of users would gain from reclaiming their financial privacy. Cryptocurrency-based e-commerce offers a range of benefits, such as quicker transactions, lower fees, increased security, and an all-around better user experience. To enjoy the benefits, it’s essential to knock down the barriers that burden users.
Your journey to financial privacy starts with BlockWallet. Full financial privacy is achieved by mixing funds in a set of privacy pools, leaving them accessible to users yet anonymous and untraceable to prying eyes. BlockWallet lets the average user deposit crypto to a blank address with no links to previous addresses.
Using BlockWallet, Sam could create a fully private address and use it to pay for goods and services online. His private address would not be linked to his personal portfolio in any way and would allow him to make purchases freely without overarching privacy concerns.
In many ways, e-commerce is the next frontier to be conquered for cryptocurrency to see mass adoption. With no barriers, users are free to reap the benefits, and when given a choice, people opt for privacy. BlockWallet brings privacy to the average user, making it seamless, secure, and without compromise.
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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