Bitcoin advocate Andreas Antonopoulos says he’d like to see more privacy features in Bitcoin, but they’re unlikely to happen in the near future.
In a live Q&A broadcast on his YouTube channel on July 7, Antonopoulos said it’s unlikely that Bitcoin (BTC) will ever implement privacy features similar to those used by Monero (XMR).
SEC Crypto Queen Peirce believes that the U.S. capital markets can “transform people’s lives”. Antonopoulos pointed out that the creation of such features in a cryptomoney like BTC “would create an enormous degree of controversy. In addition, he said Bitcoin’s structure simply does not allow for ring signatures and stealth addresses.
“I think what we’ll soon see is Schnorr, Taproot and Tapscript, which open the door to a lot of improvements,” Antonopoulos said, “But they still don’t involve zero knowledge testing or the kinds of ring signatures and stealth addresses that are done in Monero. Bitcoin is not a private currency.
Bitcoin Faces Resistance at $9,300, Altcoins Rise to New Record Highs
Are Bitcoin’s privacy features effective?
The features referred to by Antonopoulos – Schnorr, Taproot, and Tapscript (an update of the Taproot script) – have been cited by others in the crypto community as potential options for making Bitcoin more private.
Blockchain Blockstream’s research director, Andrew Poelstra, referred to Taproot as a system that could make any transaction virtually undetectable in the BTC block chain. However, he pointed out that “the transaction amounts and the chart of transactions remain exposed, which is a much more difficult problem to address”.
Double Spend or Double Spend Attack on Bitcoin: Myth or Reality?
Schnorr’s multiple signature schemes (MuSigs) are another possibility. Poelstra said that the use of this method does not reveal the original group of signatories, nor does it even provide the number of signatories for MuSig transactions.
It is better to consider Bitcoin Up as a pseudonym rather than totally anonymous, since many transactions in the BTC block chain can be tracked even with these changes in privacy.