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

Although Bitcoin is a milestone in the financial system, few people or governments will oppose it. But there is no problem with Bitcoin. Because Bitcoin is still not allowed in most of the countries of the world but still Bitcoin is running everywhere without hesitation. I think Bitcoin is getting more use where there are strict restrictions. Since no one can control it, it has no chance to do any harm.

A bitcoin holder must provide security for his bitcoins. Privacy is not to be taken lightly here. It is very common to lose wealth due to slight negligence in matters of one's security. If security keys and passphrases are kept safe and not shared with others then there is unlikely to be any problem.

Bitcoin is a symbol of freedom just as it is free in itself. Now it is our responsibility to maintain our freedom.

Regulating institutions by the government to regulate that country crypto market hampers the objective of cryptocurrencies. Although it's a universe just like dark web is so, I don't think so, it will create any significant impact.

Your concerns about the evolution of Bitcoin and its relationship with privacy and regulatory bodies are indeed very valid. Bitcoin, which started as a beacon of financial freedom and anonymity, has certainly attracted the attention of governments and financial institutions worldwide. This shift has led to a complex landscape where the ideals of decentralization and privacy are being challenged.

Regarding the privacy concerns you mentioned, it's true that Bitcoin's public ledger allows anyone with your public key to view your transaction history and balance. This transparency, while beneficial for accountability and traceability, does compromise privacy. However, this is a fundamental aspect of how Bitcoin operates, and changing it would require a fundamental shift in its protocol.

What do you mean by "too layed" ? Was it " too late " for a ban? But the word ban is negative. Although if a country bans cryptocurrency earlier, then it may not take a long time for them to accept it again. Maybe that is what you are trying to say there? But, I think it's clear to me that the ban in your country was only partial since you also said that it has been lifted already. That's great, and there is a chance that the governments there are going to accept it 100% later on.

For now, you guys should read their terms carefully and follow it strictly, so that you will be aware about the do's & don'ts, and no problems are going to be faced later on.

I know that, if that did not get fixed, it will result in a bloody mess .  Bitcoin has undergone significant changes, transitioning from a symbol of freedom to a complex landscape involving institutions and regulatory frameworks.  Addressing wallet identification challenges proves to be a formidable task, tough but not impossible!

The op is worried about the lack of privacy with Bitcoin, but that's not how I see it. Banking is a total lack of privacy. You need a government-issued ID to open a bank account, and your cards are directly linked to your full name. Of course, your banking transactions aren't public, but the bank has them, and you can't really know who the bank shares them with. When it comes to Bitcoin, I think it's not a lack of privacy but a matter of transparency. With Bitcoin, one's transactions are transparent, available to others, while also not revealing one's read identity.

from what I read so far I don't think that is good to give someone your seed phrase because then come import their address to another system when you are not around is it freeze is the key that hold all your transactions he have address able to anyone myself before I join bitcoin talk I undergo so many tutorials online to read the concerning bitcoin and the its security so that is why I can never give up my bitcoin key to any person one

Exactly.  But thats a quiet shadow ban of what bitcoin meant to be.

For Bitcoin to be fully integrated into the mainstream, it has to go under regulations. It is impossible for governments to just allow Bitcoin absolute freedom. That simply cannot happen. So there will certainly be trade-offs. However, if you use Bitcoin away from centralized third-parties or regulated platforms, it's probably possible to minimize or even avoid certain rules or terms that are somehow intrusive, rules that are created and implemented in compliance with regulatory directions.

I am from one of the countries that has sometimes too layed Bitcoin and Cryptocurrencies in a general on a ban but it was effectively mandated on the government sectors not to accept any form of crytop transactions while individuals where permited to but on a little run the banned on the government was lifted

I don’t know but, you refer to Bitcoin as though it was some gender, using his and all in your topic creation. It doesn’t really seat well with me though.

Again, you having to talk about we (investors) getting to free Bitcoin, just how do you mean;
Is it in the context t of having it stay away from regulations, KYC and the government in general?

I don’t think Bitcoin needs anyone yo defend it rather than it’s continued usage. It’s gained widespread over the years by the persistent of it’s investors and the critics from the anti Bitcoin and government agencies whom are often out there to get it.

Talking about public key and it’s level of transparency, that’s exactly what Bitcoin addresses was meant to be about but, it allows you the leverage of using multiple addresses and with that, there isn’t exactly a reason why you must use a single address or wallet yo store your entire fortune.

It was evitable that as more people got into the industry that some centralization was going to be introduced. It started with CEX dominating the markets to constodial wallet providers and now we have a centralized market (Bitcoin ETF) that's been controlled by the government. The steps the industry has been taken mightn't have been the steps it took in the past but they're needed to get Bitcoin it's global acceptance. You can still use your Bitcoin in a decentralized way as all that's happening hasn't changed Bitcoin nature.


You don't have to send the address that you're using to hodl your bitcoin to others when receiving Bitcoin. You can own multiple Bitcoin address for various reasons and that's on important features of Bitcoin. There also options to generate a new Bitcoin address each time you want to receive a deposit so having to use one address isn't something that's encouraged as it reduces your privacy. There are also various ways you can use to increase your privacy and a simple googling with get you that since some types of recommendations has been prohibited on the forum.

I totally agree with what you said, in fact when reading i reminded the famous Voltaire's quote.

“It is dangerous to be right in matters on which the established authorities are wrong.”

Thats my main idea what i wanted to spread, integration will mean some changes in bitcoin....

Bitcoin's changed a lot and it's a mixed bag with governments and rules. It used to be all about freedom, but now institutions are in the mix. Privacy's another worry because suddenly your financial life's an open book. Finding a solution to wallet identification issues is a tough one.

Different governments have diverse views about Bitcoin and they express these ideologies by the policies they enact. Last year we saw a few nations making more Bitcoin-friendly policies and hopefully, this year will be better. Last year also attracted more institutional investors to the Bitcoin space which has attracted more investors and more funds. But sadly everything that has advantages also has disadvantages. These investors are in the Bitcoin space to promote centralization, which is against the natural design of Bitcoin. Recently Gary Gensler recognised that the approval of ETF is a win for centralisation because it is against Satoshi Nakamoto's decentralization. (Gensler sees bitcoin ETF irony in light of Satoshi's mission)


You have a choice between decentralization and centralization and nobody is forcing you to make a decision. We still have the opportunity to enjoy privacy and freedom if we avoid centralised platforms. Bitcoin has not deviated from Satoshi's original plan because there are still diverse ways to keep our keys and enjoy pseudonymity/anonymity. We cannot stop these institutional investors from joining the Bitcoin system but we choose to be free by choosing only decentralised platforms. We can also spread the message of decentralisation if we have the opportunity.

A Bitcoin user can keep all his information private if he wants. Now some important exchanges have facilitated p2p transactions so now there is ample opportunity to buy and sell all currencies including Bitcoin without any third party intervention. Transactions that are completed without the intervention of third parties are much more secure and privacy is maintained in those transactions. Not only P2P transactions but there are many other such confidential sites where a user can do Bitcoin transactions keeping all the information transaction hash secret. There is no need to give your private key to anyone in the transaction, then your private key will become public, which will never give us security. From this kind of thinking we can always think of alternatives to keep our wallet safe as well as doing other things including Bitcoin transactions with our own privacy.

As long as you pay taxes, you will never be completely free. The gov owns everyone’s ass. Either accept it and move on, or fight it and lose like every other loser in the books of history. Bitcoin gives you an illusion of privacy. It is like having a bath behind frosted glass. Everyone can sense there is a naked person having a bath there but nobody can tell her identity. When somebody (you may call it the police or whatever you like) with a big bad hammer smashes the glass, then all the privacy goes away. Bitcoin gives you a frosted glass like privacy till the gov smashes it.

the institutions won't sit back and allow a system function independent of their control. As long as bitcoin continues to get the public backing, the government and her institutions will continue to make attempt in regulating it.

Because of cryptocurrencies’ nature of decentralization it has made it hard for the government to actually track and identify the users of cryptocurrency unless you have outright and publicly endorsed cryptocurrency with your identity associated with it then there is little to none possible way for the government to reach you

If we are talking about decentralized wallets of course because using exchanges with KYC features might be needing a different conversation

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.''