Bitcoin’s (BTC) journey from a cypherpunk experiment to a regulated financial asset has delivered institutional legitimacy at scale.
Exchange traded funds sovereign interest and deeper integration into traditional finance have transformed Bitcoin into a macro asset rather than an outsider technology.
That transformation has also surfaced a contradiction.
The transparency that enabled Bitcoin’s institutional adoption may limit its usefulness for individuals who require genuine financial privacy.
As Bitcoin becomes system money attention is returning to privacy focused cryptocurrencies once considered niche with Zcash emerging as a notable example.
Keberhasilan Institusional dan Biaya Transparansi
An analysis from Delphi Digital argues that Bitcoin’s absorption into regulated markets has effectively closed the door on native privacy.
Every transaction and balance remains permanently visible on a public ledger a design that has supported the growth of blockchain analytics and compliance tooling.
As Bitcoin interacts more closely with custodians exchanges and exchange traded products pseudonymity becomes increasingly fragile.
Also Read: What Happens When Random Users Receive 2,000 Bitcoin Instead Of A $2 Reward From A Major Exchange
Transparansi meyakinkan regulator dan institusi namun melemahkan kelayakan Bitcoin bagi pengguna yang model ancamannya mencakup pengawasan, sensor, atau pemantauan finansial.
Zcash dan Jalur yang Tidak Diambil Bitcoin
Zcash menelusuri asal-usulnya ke sebuah proposal privasi yang ditolak Bitcoin pada 2013.
Proposal itu kemudian berkembang menjadi sistem zero knowledge proof yang mampu memvalidasi transaksi tanpa mengungkap pengirim, penerima, atau jumlah.
Ketika Zcash diluncurkan pada 2016, kriptografinya sudah berfungsi, tetapi kegunaannya masih tertinggal.
Kesenjangan itu menyempit dalam beberapa tahun terakhir.
Pengenalan Halo menghilangkan kebutuhan akan trusted setup sementara peningkatan dompet membuat transaksi terlindung menjadi praktis pada perangkat konsumen.
Menurut data yang dikutip oleh Delphi Digital, porsi ZEC yang disimpan di alamat terlindung meningkat secara berarti pada 2025, menunjukkan bahwa fitur privasi kini benar-benar digunakan dan bukan diabaikan.
Read Next: After Losing Billions In 24 Hours Crypto Markets Are Now Flashing The Rarest Buy Signal Since 2020