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Monero’s privacy is preferred by users, claims John McAfee

Shirly McCoy

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Users prefer Monero's privacy over government-issued cryptocurrency, claims John McAfee
Credit: Needpix


Running parallel to the crypto adoption predicament is the need to redefine privacy in finance. Tech juggernaut John McAfee strongly believes this as the main reason why government-built crypto assets are destined to fail. In a recent interview, McAfee echoed a similar sentiment while stating that “any government’s attempt to create their own crypto is going to fail” because it will be controlled and monitored by the government. While discarding the possibility of enforcing government-owned crypto, he said,

“You (the government) have to have a policeman in every home in America to prevent us from choosing something else like Monero, which gives me ultimate privacy and anonymity.”

McAfee also called out Indian government’s move to even consider a permanent ban and imprison its citizens for crypto trading and usage. The seasoned entrepreneur further displayed support for the privacy coins’ ecosystem while highlighting Bitcoin, Ethereum and every ERC-20 coin’s open nature that allows users to track other wallets. Additionally, he argued,

“If you get into the realm of privacy coins, it doesn’t matter. You (government/individuals) are not going to be able to isolate a Monero transaction on the Internet among the other flow of traffic.”

Although McAfee has not given his opinion on Monero’s trading value, his stand on privacy coins is mainly regarding taking away complete financial control from the government. It will be interesting to find out the adoption rate of government-issued cryptocurrencies as compared to the ones issued by crypto businesses.

Shirly is a full-time member of the Editorial team of AMBCrypto. She is a Finance major and understands that blockchain is the key to a decentralized and equal market. Her previous work can be found on Medium, Blogger and Steemit. She held value in Bitcoin and Ether prior to being a writer here to "understand the FOMO" in the retail cryptocurrency space. Shirly is available at shirly@ambcrypto.com.

1 Comment

1 Comment

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    James Doyle

    August 9, 2019 at 8:51 pm

    Governments Worldwide are scared stiff their fiat paper money ponzi scheme is collapsing despite interest rates at zero or minius, and the printing of Trillions of fiat money out of thin air.Crypto is the future

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