Coinkite is a company well-known among Bitcoin enthusiasts worldwide, as the company offers a perfect point-of-sale solution for any retailers who want to start accepting bitcoin payments. On top of that, their POS terminals can even print receipts for tax purposes. But did you know that Coinkite has a Bitcoin API which now works via the Tor network?
Tor – The Extra Layer of Privacy Protection
User anonymity and privacy protection means a great deal to a lot of the cryptocurrency enthusiasts out there. In fact, most of these people label themselves as “crypto anarchists”, who strongly feel that the current financial infrastructure should burn in hell and everyone associated with it should be fired on the spot.
This is why several altcoins – all of which focus on providing some form of user anonymity or transaction obfuscation – have proven to be so incredibly popular. Not because people want to buy things with it per sé, but just because they believe in these technological advancements which – according to them – will hopefully make their way to the Bitcoin Core client in the future.
Several Bitcoin-related companies also take notice of this desire for additional anonymity and privacy protection, and act accordingly. In regards to Coinkite, they have opened up their Bitcoin API – called BitKit – to work over the Tor network. This allows users to manage their Coinkite funds by using an additional layer of privacy protection.
In order to use this service, all you need to do is enable the Tor API access in your Coinkite account. Which also brings us to the most interesting part about this new feature; Coinkite acknowledges that, while there is a great demand for more privacy, not everyone will want to make use of the Tor network. So they made this an opt-in feature, which is the best solution for the time being. Furthermore, Coinkite users can effectively block Tor access by updating their account’s security preferences.
Do We Really Need This?
Just because there seems to be an obvious demand for this feature doesn’t mean we actually need it per se. But in order to satisfy all of your customers, you have to call it right down the middle and at least give everyone the option to use the Tor network. Whether or not the Tor network is bringing any added value to Bitcoin or other digital currencies in general remains to be seen, as the opinions are divided on that front.
Coinkite states that, while the company is mostly not looking to facilitate any illegal operations, they see the need for privacy protection when conducting online business. Tor is a fascinating technology – even though it is not without its flaws – which opens a new kind of Internet that puts the “free” back in “freedom”.
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