Topic: Bitcoin and his steps in nowadays integration. - page 2. (Read 313 times)

Why must you give someone your wallet personal details, even in the fiat money, once you give someone your bank account password in that particular account, he or she can empty your money because you have given he or she access to your privacy. In the aspect of Bitcoin, if you can be able to keep your personal details well from scammers, I don't think anybody will know your balance in your wallet, even your wife and children will not know what you have in your wallet till kingdom come unless you show them your keys to your Bitcoin wallet before they can have access to your bitcoins in your wallet. Bitcoin was made for our freedom and we are enjoying it the way it was created to eliminated delay in our transaction and also eliminate unemployment from the world, which people can see the evidence in some countries that adopted it.

Why do you need to give someone your public key? You need to send him your Bitcoin address. There are ways to enhance privacy, either by using coinjoin or mixers or P2P and converting it to Monero and many methods that enhance your privacy and make the possibility of tracking you impossible, as well as without you submitting your data to CEX or using Google services and other services that spy on you make it difficult to determine your identity.

That feature is actually available but only on Blockchain.info wallet as I know about but very little people use blockchain.info wallet, hence, not so much knows about the wallet address changing upon every transaction that occurs in it. Other wallets like trust and exchanger wallets don't have such features. More reason why people worry about their balances being known.

You can also decide to have multiple wallet accounts to avert the idea of someone seeing your balance through your wallet address.

The issue of giving someone your public address and they are able to know your balance, I don't think that's really a big issue, because there are ways you can avoid that. Take for example there are wallets that allows you to generate as many addresses as you want, that way you can maintain your privacy a lot better.

It is indeed unfortunate that Bitcoin, a tech deployed to act as a rescuer of the corruption that goes with central control system, especially in the financial sector has now become the same messenger that needs to be freed. We have allowed institutions to barricade the very access through which we gained financial freedom. Now we are pushing back, a narrative which was never expected to be in existence at all.

But that’s doesn’t happen as you make it sound. By merely sending someone you publicKey, they know who you are? If you posted your publicKey right now, would I know who you are? For most people that have more than one wallet address. There’s one they are more cautious with and another they can use for almost anything.

Also, getting your info can happen with exchanges but that depends though. Isn’t of explaining I’d just say that you can avoid it by using Decentralized exchanges instead. There are Decentralized exchanges that do not require the KYC which we all fear.

I don't see what the issue with pubkey though, don't reuse any of your address simply as that. And if you are doing nothing wrong then why you being concern about your slip up? It seems that you have describe what this criminals or supposedly if you want to hide something thru BTC.

I do agree though that it gave us freedom, but there could be governments around that don't want to give that to their people.

On the contrary, it's only a government that it authoritative, those freedom loving governments are allowing it legally or at least in the gray area.


 

If that is the case, seems we oughta use different pubkeys for each new transaction instead of reusing them.  What is the issue there?

Yes, the bitcoin transactions can be traced on the blockchain, but it doesnt automatically mean someones gonna find out all your wallet addresses straight away with a single shared pubkey alone.  Not if you know what you are doing anyhow.

I am from one of those countries that had initially placed a ban on crypto-currency but I call it a pseudo Ban because this ban never really existed even during the ban period there were many activities carried out using Crypto-currency. Truth be told it would be hard for any government to full carry out a plan to place a ban on Crypto-currency.

Well Bitcoin network may be anonymous but other aspects like the centralised exchanges aren't and still people make use of the centralised system meaning they still find Bitcoin useful even if requires giving out some of their information out.

We can discuss about anonymity,im talking about wallet anonymity, because if bitcoin is implemented as an international currency in the end your ''anonymous'' wallet will have nothing anonymous, it will be much more traceable, it will result in extortions to people who have more bitcoin etc...because if we use it every day, to pay services etc. we are talking about receipts addressed to the ur name,and link you to your wallet pubkey.

I am making a point of what side effects could happen in case that pubkeys still quite transparent when it comes to bitcoin worlwide currency, you will be in danger trust me!!

We need to find a way, to put much less opacity into our pubkeys.

Bitcoin already had been noised abroad and there's nothing the government or any centralized body can do to hinder it from progressing, we have seen the tremendous achievement in it despite their numerous attacks and the regulations made couldn't stand because the people have their say over what they want concerning financial economy.


It's a pity that not all will be free with it and they will only appear as if they are still using banks under the fiat system when they don't recognized how to be free with bitcoin completely from centralized institutions.

Yes many countries banned the uses of Bitcoin at first but seeing the potential nature of the digital currency, some of the governments ask their financial institutions to unban and accept the uses of Bitcoin in their countries. Though we all know that there must be a strict regulation for the centralized exchanges and from the exchanges, the individual users will face the rest with strict KYC. The main Bitcoin network is still anonymous. If someone send you coins , they can only trace the address but the owner is unknown unless you have used the address here and people have seen it, then we will know that you are the owner of the coin if not then nobody will no the owner. And that is the highest privacy and decentralized nature of Bitcoin. Because nobody can control your coins from you unless you have out your seed phrase to someone and the person use it to login to your wallet. Then at that moment you not the owner of the coins but the person that own the key. Bitcoin is to liberate the bondage the capitalist shackle the citizens in the world. Bitcoin has come to stay and nobody can remove it again. When you can't beat it you join. My country banned Bitcoin but now they, the government have accepted it to be used in the country, SEC was on the bottleneck of Bitcoin but finally they have approved Bitcoin ETF. Gradually Bitcoin will be used as the world digital currency.

Bitcoin BTC changed drasticly ,governments and regulatory bodies around the globe have varied approaches to cryptocurrency regulation. Some are supportive, while others have imposed strict regulations or outright bans, creating uncertainty for users and businesses. The idea of what bitcoin was back then (freedom without any laces to the institutions) , is completely differnet nowadays, i mean for one side its acceptable that the world is getting into bitcoin ,but that lead into the attention of the institutions.

Other thing that concern me its the lack of privacy, you can be targeted easily , just by giving someone your pubkey, they will know how much is your balance or what exchange your movements or even the exchange what you are using .To be concise, you cant choose if you want to be fully transparent about your movements/balance or stay anonymous and protect your privacy, beacuse we all know about bitcoin and the fungibility problems(this it will be discussed in other thread).

Picture this, you gave ur pubkey, they sent you some btc for xyz reason, those btc are dirty or its a high amount ,guess what!! some shadow law enforcements have a full bureau just for you my dear friend, just waiting to catch you slip up or using some exchange wallet to identify you or use extorsion beacuse they know with who they dealing with.
Anyone think about if its posible to get any solution of the wallet identifacations problems that we may face?

That is all what i wanted to say its my honest opinion about all whats going on  nowadays ,kycs problems etc..

I will end up this thread with a quote that means a lot for me:

''Bitcoin was made for our freedom and now we have to free it.''