Some of the primary attractions of cryptocurrency include its decentralized nature, its anonymity, and the fact that it is unregulated. These same characteristics are reasons why government agencies around the world are somewhat worried with its development.
To say that governments are into regulation is like saying water is wet and regulating currencies is an essential governmental function. Keeping their countries safe from both foreign and domestic enemies is another priority. This results in building military forces and developing intelligence gathering capabilities. A significant portion of intelligence gathering falls to “spy” agencies and police operations. And around the world, they are looking at cryptocurrencies.
Why are intelligence agencies interested in cryptocurrency? There is an old saying that if you want to find the bad actor, follow the money. The bad guys are very good at hiding their money trails, but the intelligence good guys are very good at following them. And their successes help countries around the world stop criminal activity, terror attacks, and rogue states getting their hands on things friendly countries don’t want them to have.
A recent news story posted by The CoinTelegraph reveals that the American National Security Agency (NSA) has been working on ways to identify users of crypto currencies for several years. The information was obtained as a part of Eric Snowden’s work to reveal governmental secrets. The intent of the NSA was to follow more than one cryptocurrency, but the focus was on Bitcoin and LibertyReserve. The latter was created for criminal purposes from the beginning and has since been shut down.
As is often the case, criminal and hostile intentions make things harder for honest citizens as governments work to keep everyone safe. The NSA used an anonymizer service and other techniques to track the activity of cryptocurrency users. Over time, they collected enough data to identify specific users and their crypto wallets.
The CRIP.TO Black hardware device will include a crypto wallet that is always encrypted. Given the fact that it is rarely connected to the Internet and when it is, all communications are encrypted with the company’s special recipe of encryption algorithms, the privacy of CRIP.TO customers’ bitcoin transactions are as well protected as their normal communications. And their crypto coins are also secure.
In fact, CRIP.TO feels cryptocurrencies are one of the most secure means of handling financial transactions over the internet. So much so that the company will be conducting an initial coin offering (ICO) soon to fund a variety of corporate development and operational needs and will use its coins for CRIP.TO services. All the details are here.
Governments have a job to do but normal citizens and companies have the right to communicate fearlessly. CRIP.TO thinks that extends to cryptocurrency transactions as well. Check out our solutions at CRIP.TO.