BlockWallet in Action (#7): Salaries & Privacy
#7 — This is the seventh post in our “BlockWallet in Action” series. In this series, we explore realistic and helpful ways to use BlockWallet.
The last BlockWallet in Action post explored the benefits of using BlockWallet to attain privacy when paying for goods and services online with cryptocurrency. As retailers continue to embrace cryptocurrency as an official form of payment, many employers also offer their employees the option to receive their salary in cryptocurrency. Being paid in cryptocurrency has a range of benefits, including fast, low-cost, and borderless payments.
With the continued rise of crypto job boards and decentralized autonomous organizations (DAOs), crypto salaries are becoming increasingly popular. Cryptocurrencies have established themselves as some of the world’s best-performing assets over the last 10 years, so the idea is attractive to many. This emerging trend can be a win-win situation for both employers and employees but must meet certain expectations if widespread adoption is to be seen. Privacy is a major issue that stands between average users and the acceptance of crypto salaries.
Crypto Lacks Private Payments
Cryptocurrency’s immutable nature is an advantage to many, yet results in one considerable drawback: the loss of all privacy. A blockchain is a public ledger that is intentionally open and transparent. Transactions are logged on the blockchain and connected to the wallet address that made them, making them traceable. This can be a huge breach of privacy for millions of users.
We’ll use an example to demonstrate. Diana is a graphic designer. She works for an international company with employees from all over the world. Being paid in cryptocurrency allows Diana to earn a higher salary than in her native country and receive fast, low-cost, and borderless payments. With cryptocurrency, she can enjoy the benefits of working remotely from anywhere in the world. However, privacy concerns stop Diana from feeling at ease.
When receiving her salary, Diana needs to reveal her wallet address to the company she works for. This means that all of her financial data is exposed. With Diana’s wallet address, her employer can see her portfolio value, the crypto she holds, and a list of all the transactions she’s made. She wouldn’t feel comfortable showing her bank account to her boss and thinks the same should apply to the crypto world. Even if Diana uses a secondary address to receive her salary, her main portfolio could be found via outgoing transactions. Despite wanting to enjoy the benefits of a crypto salary, Diana feels uneasy about her lack of financial privacy.
Get Paid Crypto Privately
Privacy is the unspoken foundation of our society and cryptocurrency’s success relies on integration with our most fundamental beliefs. Millions of people around the world could benefit from being paid in cryptocurrency, yet privacy concerns can cause friction that prevents mainstream adoption. BlockWallet eliminates that friction by letting the average user take back control of their financial privacy.
BlockWallet works by mixing funds in a smart contract, making them untraceable to prying eyes yet visible to the user every step of the way. With BlockWallet, users can deposit crypto to a fresh address with no history, as if it were a blank piece of paper. Diana could create a BlockWallet address to get paid privately and make transfers without leaving a public trail of digital information.
The rise in popularity of crypto salaries has the potential to completely revolutionize the way we work. Privacy will be a central part of the debate surrounding this emerging technology. BlockWallet can play a crucial role as an eliminator of friction that keeps users from adopting cryptocurrency.
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.