bitcoin one of the world’s leading names cryptocurrency Entrepreneur Roger Ver claimed that BTC has lost a revolutionary feature created by Satoshi Nakamoto.
“BTC Loses a Critical Feature as Users Keep Bitcoins in Exchange Accounts”
Bitcoin Cash (BCH) Known as its supporter, Ver said that a critical feature that revolutionized BTC will be lost as all regular users begin to keep their cryptocurrencies in custodial wallets such as exchanges instead of their own standalone wallets.
If regular people are all using custodial wallets, Bitcoin will have lost a key property that made it so revolutionary.
— Roger Ver (@rogerkver) April 28, 2022
Custodial wallets violate the privacy principle contained in Bitcoin’s white paper. In this document, which is the manifest of BTC, it is stated that BTC transactions were carried out transparently on the Blockchain, but only the amount data sent with the recipient and sender wallets are kept as data.
“Identities of Cryptocurrency Users Are No Longer Anonymous”
With the authentication of users by cryptocurrency wallets, the anonymity of the sender and receiver of BTC transfer transactions will be lost. Many centralized cryptocurrency exchanges require their users to verify their identities.
The ability for users to remain anonymous while sending money to each other was designed by Satoshi Nakamoto in 2009 and was the main element that distinguishes BTC from banks. In this way, each Bitcoin user becomes their own digital bank and can store and spend their cryptocurrencies as they see fit.
Roger Ver said that more and more users are starting to keep their BTC in their exchange accounts, and that is why one of the main features that BTC has is about to disappear.
*Not investment advice.