Wasabi Wallet contributors Thibaud Marechal and Gustavo Flores have presented a new initiative that is focused on promoting privacy in Bitcoin.
Called CoinJoins.org, this new initiative seeks to educate Bitcoin users about the benefits and trade-offs that privacy functionality can bring to Bitcoin transactions, while also breaking down current myths and uncertainty about the illegality or illicit use of cryptocurrency if anonymization methods such as coinjoins.
Marechal and Flores, contributors to the Bitcoin privacy wallet Wasabi Wallet and the main maintainers of CoinJoins.org, said in a statement shared with Bitcoin Magazine that their goal is to help people regain their privacy in Bitcoin, so that each person can decide whether to share their financial information publicly or keep it protected and out of public view.
“Whether you want to share information publicly or keep some of it personal should be up to you,” the creators of the educational project.
What is CoinJoins.org?
CoinJoins.org is presented as a free and open-source educational initiative to foster education and learning about the privacy of collaborative Bitcoin transactions.
This initiative also encourages education and learning about coinjoins, an anonymization mechanism that Bitcoin users can employ to keep their transactions private. This privacy mechanism works by mixing BTC funds from multiple users to make it difficult to trace and track their origin and destination.
Although many think that coinjoins are tools used only to hide illicit funds with Bitcoin, on the social network X (formerly Twitter), Marechal explained that it is only a tool that complements Bitcoin as digital money.
Coinjoins help ensure the privacy of Bitcoin users, protect their identities, and also help maintain the fungibility of the cryptocurrency.
The importance of privacy in Bitcoin
Bitcoin was designed by Satoshi Nakamoto as a form of pseudo-anonymous digital money, so it is not really anonymous or private.
Marechal and Flores explain that while Bitcoin can provide privacy if used carefully, the fact is that being a public and open-source network, it offers a high level of transparency, allowing anyone to verify transactions stored on the blockchain. This feature of Bitcoin is neither good nor bad, but there is currently an entire surveillance industry dedicated to blockchain analysis that has put users' privacy at risk.
“What if strangers knew how much money you make per month or saved in a year?”, is one of the questions that the maintainers of CoinJoins.org ask themselves to highlight the importance of maintaining privacy in Bitcoin and to protect the identity of its users.
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