Use Of Privacy Coins Like Monero By Criminals Is A Good Thing: McAfee

privacy coin dash monero zcash

Security expert John McAfee says that adoption for privacy coins is coming. This he believes has been confirmed by their use by criminals. Historically he notes, they have been first to new technology while the government has been slow. In an attempt to catch up with them, the government will have to adapt to the new technology, leading to mass adoption.

Privacy Coins Are Not For Criminals

Cryptocurrencies were not designed to facilitate crime. Most were designed to suit people’s needs to keep their lives private. They were to bring financial freedom. One of the most favorites is Monero. One could buy products and services without leaving any trace for the government, corporations looking to monetize through Ads or any other party.

Unfortunately, they have enabled criminals to operate without easily been caught. More specifically, privacy coins. Privacy coins are designed to hide the identity of the person making any transaction. Most use zero-knowledge proofs to ensure identity is withheld.

This has made them popular with criminals who take advantage of this. While most in the crypto industry believe this to be a bad thing, John McAfee thinks it is good. The criminals have validated the technology and now the race for the government to catch up has started.

While true that with the aforementioned technologies, did catch on through criminals, it does not guarantee the same for privacy coins. In recent years we have seen privacy coins delisted as exchanges try to comply with KYC requirements in different countries.

Ultimately, with the rise of criminal activities using privacy coins, we could see them come under heavy pressure from regulators. This could see their popularity phase-out before they finally die off.

What Does The Community Think?

The community is torn between the believers and speculators. The believers know this is a bad thing. It will foster an unhealthy market which will, in the end, have to be crashed by the government. Those looking for financial freedom do not think criminals are good.

The speculators, on the other hand, know criminals bring adoption and demand. They can turn a profit and when things go south, make a quick sale, they are backing McAfee’s view 100%.