In July this year, Capital One, one of the largest banks in the
U.S.A., reported
a data breach that exposed data from over 106 million credit card
applications and bank accounts. Bharat Bhise says that at a time when
maintaining the privacy of their customers is becoming an increasingly tall
challenge for financial companies, cryptocurrencies could be a viable option
for individuals who don’t want third parties gaining unwanted access to their
personal data.
If you’ve ever tried to open an account with a bank—or performed any
financial transaction, for that matter—you may have noticed how much private
information you are required to provide. Besides crucial details like your
birth date and address, you may also be required to disclose information about
your job or your other sources of income. The bank keeps these details in their
records, but depending on how tight their security is, your private information
could be stolen by hackers and sold in the black market or used for crime.
Bharat Bhise says cryptocurrency transactions proceed anonymously
and require very little information from users. Not only does this speed up the
entire process, it also keeps your information safe from crooks. After all,
thieves cannot take what is out of their reach.
Needless to say, not all cryptocurrencies provide the same level of
privacy to their users. Some put more focus on this feature than others. Verge,
CloakCoin, and Monero are good examples of privacy-focused cryptocurrencies.
There are plenty of cryptocurrencies to choose from in the market
today. If you want to know which ones are best-suited for protecting your
identity and data, you can go to experts and ask for their guidance. You can
also ask them to help you come up with effective measures to boost the security
of your cryptocurrency transactions.
