By William M. Peaster
Source: Bankless
A common argument against privacy is "if you've done nothing wrong, what's there to hide?"
But even those who say it don't really believe it.
Would you like to share your browsing history, your text messages with your loved ones, what you spend your money on?
Probably not. Even if you're just doing something perfectly legal and ethical, you probably want a certain level of privacy.
But before you say "cryptocurrency can solve this problem", let me tell you, it can't. This actually makes it more difficult.
Public blockchains, due to their transparent nature, mean that anyone can see everything.
Instead, you must adopt different strategies to protect your privacy.
On multiple fronts, the crypto economy is a hostile place, especially for users in anti-crypto regimes.
One of the best ways to protect yourself physically and mentally in the crypto space is to maintain a strong sense of personal privacy, and this article from Bankless will walk you through the basic principles of crypto prudence.
Goal: How to Maintain Your Cryptographic Privacy
Skills: Intermediate
Time-consuming: 2-3 hours
ROI: Leaving Your Identity Through Anonymity
Why protect privacy?
Privacy is normal. It's true for everyone.
Of course, there are bad actors who try to exploit privacy to the maximum extent possible.
But for the most part, privacy is just a basic human social thing that everyone uses as they see fit.
For example, I pointed out in a recent Metaversal NFT newsletter that I'm interested in helping my nephew explore NFTs and Web3, but he's a super curious guy, so I might not be able to do so without giving away my main wallet Do.
I had to figure out a way to be a part of his journey without revealing everything I was doing on-chain.
This is a basic need for personal privacy, but some privacy concerns are a matter of life and death.
For example, I recently came across some Iranian NFT artists who are using privacy technology to reach global audiences and evade the dictates of their country’s authoritarian leadership.
Privacy is a basic need, especially for crypto users who have historically been targeted for wealth or political dissent.
With all that said, let’s explore 5 tips you can use to instantly improve your encryption privacy.
1. Use a secure email and password
You'll need an email for various activities related to the crypto economy, like signing up to receive email notifications about the Web3 testbed.
However, if you use a standard email provider like Gmail, your activities end up being insecure.
Web3 users who want to be anonymous will want to set up an email account with a secure email provider such as Proton Mail , an end-to-end encrypted email service.
This method of encryption is important because it means only you and your recipient can read your messages!
Plus, with secure email, you can sometimes bypass or mitigate cumbersome privacy extractions that anonymizers typically want to avoid, like linking phone numbers to encrypted platforms, physical addresses to encrypted wallets, or using SMS-based 2FA .
2. The "two computers" principle
A person who wants to maximize their privacy in the crypto space should have at least two computers: one for leisure + professional work, and another completely isolated and dedicated to signing private transactions.
A Web3 privacy and security researcher with the Twitter account CIA Officer calls this approach "front office" and "back office" because it doesn't mix your regular online activities with security-sensitive ones, in order to Avoid attacks or censorship.
If you're interested in creating your own backend computer, the idea is to set up a device that can sign encrypted transactions offline, since signing online puts you at risk of various vulnerabilities.
For this, the CIA Officer recommends AirGap , an encrypted wallet system for maintaining digital assets offline.
3. Be wary of centralized places
If you go to a major cryptocurrency exchange and try to register, you will need to provide all your identifying information for know-your-customer (KYC) purposes.
If you make deposits and withdrawals from non-custodial crypto addresses on these exchanges, then they will have all your information and all your on-chain activity.
Similarly, if you log into Instagram or Facebook and use the new Web3 Wallet Connect feature, Meta can get all your historical NFT data, which is pretty creepy.
The best way to prevent these privacy black holes is to avoid them.
4. Implement on-chain OpSec
OpSec is a military term that stands for "Operational Security."
Simply put, OpSec is a security and risk management process that can be used to keep a "low profile".
Have you ever heard the saying "bad mouth speaks"? OpSec is the exact opposite, taking defensive measures to prevent major privacy breaches.
When it comes to on-chain OpSec, it can come in all shapes and sizes. For example, if you intend to be anonymous, don't register an Ethereum Name Service domain, which is easily linked to your real name, or don't set your social media profile picture as a highly recognizable NFT owned by one of your private accounts .
5. Use privacy dapps where possible
The U.S. Treasury recently sanctioned Tornado Cash, a leading privacy solution in the crypto economy, so until those inappropriate sanctions are cleared, I would not recommend anyone use the system.
Still, Tornado Cash isn’t the only meaningful on-chain privacy solution for Web3 pioneers right now. There are other projects, like the privacy-focused L2 Aztec, that allow people to directly and privately participate in cryptocurrencies.
If you can use Aztec etc. for your DeFi needs, it's sure to be a lot more private than your mainnet options!
Take Control of Your Encrypted Privacy Today
Privacy in the crypto space is a proactive process that requires constant effort and maintenance on your part.
This is also a right that anyone can grasp by going through the above steps.
Not everyone needs anonymity, but if you do, this is your start in crypto.
Beincrypto
