transparency will be a bad thing only for terrorists, fraudsters and other outlaws. Normal citizens will not suffer from it at all.
Completely disagree.
You are essentially making the "nothing to hide" argument - if you aren't doing anything shady or immoral, then you have nothing to hide, and therefore you have nothing to fear from the government/feds/big brother sticking their noses in to your business and monitoring all you transactions. Only criminals/scammers/terrorists/etc. who are doing illegal things have something to fear.
Privacy is a fundamental human right. Without it, "normal citizens" as you put it suffer greatly. They simply become subjects of their government, willing to roll over and do whatever they are told to. Privacy must be protected.
I don't need to spend a lot of time dismantling the "nothing to hide" argument,
because it is already widely discredited. I will share one of my favorite quotes on the topic though:
The old cliché is often mocked though basically true: theres no reason to worry about surveillance if you have nothing to hide. That mindset creates the incentive to be as compliant and inconspicuous as possible: those who think that way decide its in their best interests to provide authorities with as little reason as possible to care about them. Thats accomplished by never stepping out of line. Those willing to live their lives that way will be indifferent to the loss of privacy because they feel that they lose nothing from it. Above all else, thats what a Surveillance State does: it breeds fear of doing anything out of the ordinary by creating a class of meek citizens who know they are being constantly watched.