But it is missing this one crucial component that is an essential human right and even more necessary today than it was a decade ago, privacy.
It depends on how you an dealing with your bitcoin, if you learn about privacy and how to maintain privacy while using bitcoin, you will then realize that Bitcoin is not a privacy-depriving coin. You can have your privacy.
I'm curious if privacy can be done in a way such that it protects the identities of the transactions (both in terms of btc address and personal identity) while still preserving the open-ness and transparency of the current system?
The normal way Bitcoin transaction do works is that the transaction are not linked to individuals but can be tracked/traced on blockchain. If you have your privacy, use Bitcoin in a way people will not link your Bitcoin transactions to your real identity, only the Bitcoin will be seen on blockchain but no one can be able to trace it to you. Is that not privacy enough.
But, nowadays, people like to make use of centralized exchanges, fill in their personal information, if there is a data breach on such exchanges, will the Bitcoin not be linked to the users? It would definitely be linked to the users. If use Bitcoin on decentralized platforms, and use noncustododial wallet, able to make use of your coin control and spend wisely, making use of mixers. If you know all these, you will know Bitcoin can be used in a privacy way.
About the links above, know that bitcoin can be bought directly (direct p2p), it can be bought on decentralized platforms like Bsiq and Hodlhold. It can be hard for someone to do this the first time, but it is what to be done for privacy reasons.
Great post.
Are there any other options outside of just staying off of exchanges/avoid KYC. Any resources or articles to better protect your privacy while using BTC?