Privacy and the Iron Fish Community

Neil Doshi

Neil Doshi

Content Marketing Manager at Iron Fish

We recently ran an informal, anonymous survey (via Discord) asking the Iron Fish community one question: “Why is privacy important to you?” Over 80 of you responded with thought-provoking and important reflections.

Our community is spread across the world and speaks many languages. But we all agree that crypto should be a safe, private space where we can transact responsibly.

Let’s take a look at some of the survey responses, organized broadly by theme.

Note: Some responses have been lightly edited for length and clarity.

Protection

As users note below, when your total asset holdings are visible for everyone to see, you become a potential target for malicious actors and social engineering schemes designed to steal your holdings. We must remember that crypto scams accounted for $7.7 Billion in losses in 2022. Protecting privacy gives protection to people.

“Privacy is important to protect users from being taken advantage of. The ability to share when and how you want is crucial to the mainstream adoption of cryptocurrency. Even if you have nothing to hide, privacy is crucial to mass adoption.”

“Not everyone needs to know your net worth and what you do with your money/assets. Bad actors could try to scam you using social engineering if they can decipher a pattern in your spending habits, for example.”

“Confidentiality allows you to use your funds privately and freely. Privacy protects me from unwanted information leakage and prevents hacker attacks. In my opinion, for cryptocurrencies, privacy is a necessary condition.”

Data Ownership

Our community is deeply conscious of the countless ways data is gathered, tracked, and even monetized without our knowledge. When you control your data, you can limit visibility to only the trustworthy organizations you deal with. If information is power, then controlling one's data is a form of empowerment.

“Confidentiality is important because you do not always want to tell everyone around you your personal information, etc. Sometimes I don't want people around me to know my information. But of course, this is not always required. There are times when it is necessary to disclose information. But I desire to disclose information only to trusted people who will not sell it, etc.”

“When a user is fully aware of how their data is being used and has control over their online user experience, that's good. I must have a choice and decide for myself what data I will share and what not. One of the signs of freedom for people is their independence and the ability to control their own lives and assets!”

“I feel calmer when third parties do not collect my data because this data can be used for bad purposes. Also, privacy in crypto will allow large companies and corporations to make cryptocurrency transactions safely. Without privacy, then all transactions will be transparent to their competitors. Privacy in cryptocurrencies is needed for all to enjoy the convenience of blockchain technology.”

Privacy as a Right

Several community members responded that privacy is a right we’re all entitled to and necessary for true freedom. Private, decentralized currency is a path toward that freedom.

“Without privacy, there is no freedom. If that wasn't clear, it's very much being brought into the spotlight today. Solving this will be an incredible force for good.”

“Privacy is a basic human right, in my opinion. However, in the current world, with the development of the Internet and governance, we have to sacrifice this right for convenience. However, in some cases, I want to keep my privacy, and it makes me feel safe and comfortable.”

“When the state is under severe economic sanctions, and citizens face even more internal restrictions, blockchain gives ordinary people financial independence from the banking system completely controlled by the authorities.”

Community is Everything

Collectively, your comments highlight the idea that privacy is not only a goal but also a value tied to equality, freedom, and self-expression – all the things that make a community work. We couldn’t agree more, and your passion reinforces our commitment to building a privacy platform for web3.

As privacy discussions go increasingly mainstream, we believe that we have an opportunity to build a user-focused platform that will set the standard for digital privacy applications.

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Neil Doshi

Written by

Neil Doshi

Neil is Content Marketing Manager at Iron Fish