Two Sides of the Same Coin: Transacting Privately with Cryptocurrency
Bitcoin changed the world when it was formally released in 2009. But its promise of financial independence, free from control of centralized banks and economic surveillance by governments, has not fully materialized. This workshop is for anyone who wants to understand the foundational technologies of cryptocurrency enough to be able to confidently transact using them, but will also debunk common myths around their security and privacy by practicing with newer cryptocurrencies called “privacy coins,” like Zcash and Monero, that shield transaction data from prying eyes. You’ll learn how authorities “follow the money” when it’s on a blockchain, and practice how to use wallets, make cross-chain swaps, and retain your privacy so that you can use cryptocurrency as it was always intended: just like cash.
Detailed description
When cryptocurrency was first popularized by the emergence of Bitcoin, it promised to disintermediate economic transactions from entrenched middlemen like central banks or credit card companies who have long been pushing for a “cashless” future. In contrast, “cash is king” for most ordinary people, who still prefer exchanging paper banknotes or metal coins to transact with each other.
Electronic services like Venmo and CashApp have come to fill this desire, but using them comes with the same risks as relying on the big players: a lack of privacy and a dependence on centralized actors that might betray and de-bank you, punish you for chargebacks, or charge monopolistically unfair fees to use. Of course, there are benefits to electronic transactions, like being able to transact remotely. For example, using a credit or debit card enables online shopping, automated bill pay schedules, highly secure escrow and deposit systems, and much more.
What if it were possible to have the best of both worlds? As both a buyer and a seller, the ideal would be a way to transact remotely, but with the privacy, reliability, and simplicity of physical cash.
In this cryptocurrency primer, we’ll get straight at the heart of the issue: learning how to acquire, swap, and spend digital currencies that cannot be traced and that no one can prevent you from using in the future.
You’ll be introduced to a special class of cryptocurrency options called privacy coins—specifically Zcash and Monero—whose opaque ledger systems differ from Bitcoin’s transparent ledger to protect your financial data, and why that is the key distinction allowing you to transact privately and discreetly. You’ll also learn the lay of the land when it comes to the broader cryptocurrency ecosystem, including methods for storing your funds safely, evaluating custodial and self-custody “wallet apps,” getting a feel for Know-Your-Customer (KYC) techniques, and becoming familiar with which cryptocurrency exchanges you can use more privately than others, preparing you for navigating the world of “crypto” better than HODL gang Bitcoin bros.
When you leave, you’ll have a self-custody wallet app such as Cake Wallet, Edge Wallet, or Zashi, and enough knowledge to transact safely by protecting both your “coinflow” and your netflow data. After all, if money is speech, and you care about the ability to speak both publicly and privately, you should be able to transact in both those ways, too!
Upcoming “Two Sides of the Same Coin: Transacting Privately with Cryptocurrency” Events
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