Topic: Bitcoin does not provide full anonymity (Read 553 times)
Do you mean weaknesses in private ownership and data transfer? Well, looking at the performance, all Bitcoin transactions are verified and recorded on the public blockchain, which means anyone in the world can see the user's balance and transaction data, but remember, whatever is used by others to manipulate it is not that easy OP, but all this data transparency is all there is to it and the best thing you can do to protect yourself is to always be careful about doing business with people or organizations you know and trust.
There isn't full Bitcoin anonymity. Crypto is only pseudonymous and needs to be handled carefully. Otherwise, there are many ways one can track your identity while transacting in Bitcoins.
https://pesasi.com/bitcoin-anonymity/
https://pesasi.com/bitcoin-anonymity/
Everyone on this forum already knows that Bitcoin is not a privacy coin, it will not be able to hide your transactions, unlike what other privacy coins do. But even so, Bitcoin is the best coin that people can use today and its adoption is much wider than other coins, so even though it is not anonymous, that does not mean that Bitcoin is not chosen by people for their transactions, because Bitcoin's credibility is much better and more reliable compared to other coins and even banking.
Bitcoin is commonly referred to as "pseudonymous" rather than fully anonymous. Although transactions are registered on the public blockchain, the connection between wallet addresses and individuals' identities isn't direct. Nevertheless, transactions are traceable and subject to analysis. Additional information can potentially link specific transactions to certain individuals or groups. It's worth mentioning that privacy-improving methods can heighten anonymity while utilizing Bitcoin, yet absolute anonymity isn't an inherent aspect of the protocol.
I think bitcoin is completely anonymous. What makes bitcoin not anonymous is that there is a source that can connect the owner with bitcoin, namely an exchange. On exchanges, all platforms require kyc, this is what makes bitcoin not completely anonymous. Exchanges are a source of problems that bridge between bitcoin and bitcoin owners. If I were a person who used bitcoin for transactions without using an exchange, then bitcoin's anonymity would be maintained
If all exchanges didn't require kyc then bitcoin would be anonymous forever.
I’ve argued for years that this is a actually a very good thing for bitcoin. Would I prefer that bitcoin become entirely anonymous, hell fckn yes I would, but the world governments would put a ban on bitcoin more than they already have, and I don’t want to give them more reasons to try and shut down a good thing. It’s frustrating but not being anonymous is what’s truly best for bitcoin in my humble opinion.
-snip-
I don't think there's just such thing as "perfect privacy" or "absolute anonymity" whenever you're in the internet.
The digital footprint will always exist and it becomes the source used to track everyone connected to the internet.I don't think there's just such thing as "perfect privacy" or "absolute anonymity" whenever you're in the internet.
Transactions made by someone in cryptocurrency are recorded on the blockchain in a transparent manner and can be accessed by anyone.
Even if they use a mixer platform there is always a way to track the transactions that end up on their own real account.
Absolute privacy is not really a given, governments have all access including to the networks we use every day.
There are many tools that can now be used to track user addresses, such as Arkham Intelligence which can be used to trace where assets end up and complete with the necessary image charts.
https://platform.arkhamintelligence.com/
Bitcoin is commonly referred to as "pseudonymous" rather than fully anonymous. Although transactions are registered on the public blockchain, the connection between wallet addresses and individuals' identities isn't direct. Nevertheless, transactions are traceable and subject to analysis. Additional information can potentially link specific transactions to certain individuals or groups. It's worth mentioning that privacy-improving methods can heighten anonymity while utilizing Bitcoin, yet absolute anonymity isn't an inherent aspect of the protocol.
I mean it was never meant to be "anonymous" in the first place. People around the internet would still trace the trails of the transactions through address to address. See how many alts in here still gets busted at the end of the day? Yeah it might not be that usual knowing who's behind the address, but that's why it is just how you defined it -- pseudonymous.I don't think there's just such thing as "perfect privacy" or "absolute anonymity" whenever you're in the internet.
None of the digital projects provide full anonymity, just take a look at the ads in the apps. All of them are based on the things someone looks for via search engines. Also, mic and camera help ad service. Usage of these tools in ad-creating services implies that it can be used not only for ads, but also for deanonymisation. So the anonymity of BTC accounts is easily surpassed with non-anonymity of Android and Ios systems, which know many things about any person saying or typing the word "bitcoin".
....and all of them are made by someone and that someone has the control inside the code to do whatever s/he wants. Speaking of mic and camera, yeah they're quite concerning knowing that our smartphones are listening to what we say. Last time I say donuts in front of my phone, ads about donuts just popped up in Facebook news feed. 
In the beginning days of Bitcoin, those in authorities were then so afraid that this new form of currency can be utilized by all the illegal activities around most especially drugs and similar transactions since the parties involved in the transactions are not named unlike when you do a banking transfer where records can easily be retrieved by the portal owner.
That is why bitcoin is a decentralized network, in such you could decide to have your privacy guaranteed, bitcoin is meant for us to achieve our wish or desires with financial system and management, blockchain being an open distributed ledger is never a lapse for anonymity to be achieved, there's already a provision for that if you can run a full node or maybe engage using a mixer to do that for you.
In case, one is looking for a 100% anonymity, then one has to use privacy coin and not Bitcoin.
Which one is a privacy coin again if not bitcoin, if you choose to allow all you do with your bitcoin transactions open then you are making such decision by yourself, the network has a way you can go on full privacy, talk about the privacy, security and lots more are all achievable only if you know how to get them.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
Bitcoin is commonly referred to as "pseudonymous" rather than fully anonymous. Although transactions are registered on the public blockchain, the connection between wallet addresses and individuals' identities isn't direct. Nevertheless, transactions are traceable and subject to analysis. Additional information can potentially link specific transactions to certain individuals or groups. It's worth mentioning that privacy-improving methods can heighten anonymity while utilizing Bitcoin, yet absolute anonymity isn't an inherent aspect of the protocol.
In the end, decentralization does not equal anonymity, this is one thing I believe a lot of us are understanding wrongly, many people understand bitcoin transactions to be untraceable because Bitcoin is decentralized, this understanding is born out of pure misconception, one and easy way to know this is for the fact that we have a lot of mixers, this is different companies providing Bitcoin mixing services to interested customers, if bitcoin transactions were anonymous, there won't be any need for this mixing services, so for the fact that this mixing services are available and have people patronizing them, should tell everyone of us that bitcoin transactions and not anonymous even though bitcoin itself is decentralized. ~Snip
The white paper is old and there are many new things that will help you to get that anonymity. Then again it also depends on the service provider. I am not saying this just because I am wearing a paid signature, no. It is a way to do it and it is reliable. I am talking about the Bitcoin mixture. It is a great way to put an end to your online footprint and start over. But that also depends on how you are using it.
There will be more advance ways to hide your track in the future for sure. But as long as we are in the present, we have to use what we have at our hand.
Each and everything you do on the internet leaves a footprint. So if you back track those footprints, you can track those and find the first wallet. But... here's the question. You can not get information about someone just by a public wallet address. Your privacy is how you keep it. Your way of making transactions will determine your privacy level.
To me, I still think that Bitcoin is anonymous to some extent, but not totally. When you are using Bitcoin for service, you are leaving some sort of information out there. Which can be track back to you. But if you avoid such services and keep your Bitcoin to your private wallet, you are anonymous.
There is no way we can be fully anonymous in the market no matter the coin that we are buying or holding, there is always a footprint in the cloud that can lead to a trace. This is why even the Crypto scammers that have hacked different projects are always being apprended because there is always a trace to monitor anybody's activities. Just like the white paper says, Bitcoin is a decentralized currency even though it's not fully decentralized but we can still appreciate compared to our normal fiat currency that always create a bond between the government which regulate the bank and us. To me, I still think that Bitcoin is anonymous to some extent, but not totally. When you are using Bitcoin for service, you are leaving some sort of information out there. Which can be track back to you. But if you avoid such services and keep your Bitcoin to your private wallet, you are anonymous.
Bitcoin is commonly referred to as "pseudonymous" rather than fully anonymous. Although transactions are registered on the public blockchain, the connection between wallet addresses and individuals' identities isn't direct. Nevertheless, transactions are traceable and subject to analysis. Additional information can potentially link specific transactions to certain individuals or groups. It's worth mentioning that privacy-improving methods can heighten anonymity while utilizing Bitcoin, yet absolute anonymity isn't an inherent aspect of the protocol.
None of the digital projects provide full anonymity, just take a look at the ads in the apps. All of them are based on the things someone looks for via search engines. Also, mic and camera help ad service. Usage of these tools in ad-creating services implies that it can be used not only for ads, but also for deanonymisation. So the anonymity of BTC accounts is easily surpassed with non-anonymity of Android and Ios systems, which know many things about any person saying or typing the word "bitcoin".
Each and everything you do on the internet leaves a footprint. So if you back track those footprints, you can track those and find the first wallet. But... here's the question. You can not get information about someone just by a public wallet address. Your privacy is how you keep it. Your way of making transactions will determine your privacy level.
To me, I still think that Bitcoin is anonymous to some extent, but not totally. When you are using Bitcoin for service, you are leaving some sort of information out there. Which can be track back to you. But if you avoid such services and keep your Bitcoin to your private wallet, you are anonymous.
To me, I still think that Bitcoin is anonymous to some extent, but not totally. When you are using Bitcoin for service, you are leaving some sort of information out there. Which can be track back to you. But if you avoid such services and keep your Bitcoin to your private wallet, you are anonymous.
It is not recommended to store all assets in CEX as it is dangerous, Learn from the FTX incident that made all users lose.
I only trade on Binance and deposit a certain amount of assets for trading capital, and it is also limited, only for a few trading assets.
When the trade is completed, take the rest and some profits made.
You also need to emphasize how to secure your personal wallet.
Secure the Private key, and make sure it is not hacked or exposed to malware.
Everything will be at risk if users do not provide more security to any storage.
You are right and the incident that happened to FTX should be an important lesson for anyone in saving the assets they own, so that when the exchange has a problem we don't lose assets there too. I am also a user who trades on binance and whenever I make a profit I will transfer it to a secure repository like Electrum and I will leave enough left over to trade again. Even though it is a little more complicated, at least the assets we have are not at risk of loss caused by a problematic exchange or hacking.I only trade on Binance and deposit a certain amount of assets for trading capital, and it is also limited, only for a few trading assets.
When the trade is completed, take the rest and some profits made.
You also need to emphasize how to secure your personal wallet.
Secure the Private key, and make sure it is not hacked or exposed to malware.
Everything will be at risk if users do not provide more security to any storage.
I think this is a basic consideration that needs to be made by everyone who holds assets in the long term and must also be selective in choosing a wallet that has a much better level of security. If it is not of particular concern then we are worried that we will lose the asset/bitcoin we have collected and in the end it would seem a waste if it befalls us.
Storing all your money in Binance or any centralized exchange is too risky, exchanges are not for storing funds and you can lose your money there if the exchange collapses, just like ftx, Celcius, Three Arrows Capital and others that have bitten the dust did. If the exchange doesn't collapse, they can as well confiscate your money if they have any suspicion about you, or if they think you have just deposited "naughty" coins. Store your coins only in your self cusody wallet like Electrum, Sparrow, etc and own the keys to your money.
It is not recommended to store all assets in CEX as it is dangerous, Learn from the FTX incident that made all users lose. I only trade on Binance and deposit a certain amount of assets for trading capital, and it is also limited, only for a few trading assets.
When the trade is completed, take the rest and some profits made.
You also need to emphasize how to secure your personal wallet.
Secure the Private key, and make sure it is not hacked or exposed to malware.
Everything will be at risk if users do not provide more security to any storage.
I have all my money in my binance account that I did KYC for and nothing has happened to me, before that I was at poloniex, before that it was cryptsy as well, and none of them were neither scammed me (got out before cryptsy end up going down) and none of them gave my information to anywhere that used it against me.
Storing all your money in Binance or any centralized exchange is too risky, exchanges are not for storing funds and you can lose your money there if the exchange collapses, just like ftx, Celcius, Three Arrows Capital and others that have bitten the dust did. If the exchange doesn't collapse, they can as well confiscate your money if they have any suspicion about you, or if they think you have just deposited "naughty" coins. Store your coins only in your self cusody wallet like Electrum, Sparrow, etc and own the keys to your money. 
It was never meant to be in a such manner that it provides complete anonymous transactions as you can see all the records on blockchain for every address although with mixing services you can get privacy to full levels but not with the Bitcoin as it provides decentralization not being anonymous.
One reason why the government of many countries is fighting so hard to regulate BTC is so as to totally remove the blanket which makes BTC or crypto decentralized fully.
With KYC verification first of all, what should make one assume that they are still anonymous?
I really think the decentralized nature of BTC is to protect the user or investors coins/funds from being particularly quantified. Besides this, any other transactions one intends to do on the network can be tracked unless tools like mixers are used.
For countries where BTC/crypto is banned, digital footprint like emails or sms notifications, icon/logos of exchanges or wallets on the device has done well to reduce any chance of anonymity there may have been.
With KYC verification first of all, what should make one assume that they are still anonymous?
I really think the decentralized nature of BTC is to protect the user or investors coins/funds from being particularly quantified. Besides this, any other transactions one intends to do on the network can be tracked unless tools like mixers are used.
For countries where BTC/crypto is banned, digital footprint like emails or sms notifications, icon/logos of exchanges or wallets on the device has done well to reduce any chance of anonymity there may have been.
Bitcoin is anonymous in the sense that transaction do not include real names, as with banking transactions. They carry however another fingerprint. Inputs. When spending ten inputs all at once, it is the same as broadcasting to everyone that one person owned those. That is the basis of bitcoin's lack of anonymity. The other part is that you can trace coins, but that is not solid evidence of ownership.
Bitcoin is commonly referred to as "pseudonymous" rather than fully anonymous. Although transactions are registered on the public blockchain, the connection between wallet addresses and individuals' identities isn't direct. Nevertheless, transactions are traceable and subject to analysis. Additional information can potentially link specific transactions to certain individuals or groups. It's worth mentioning that privacy-improving methods can heighten anonymity while utilizing Bitcoin, yet absolute anonymity isn't an inherent aspect of the protocol.
I believe and I can even assure you that anonymity is not completely true in any system, they may have implemented such an imposing security that it can be seen in this way and many people are confused as they are new to this digital world, but that does not mean that what think, be it true, as many have mentioned, everyone who uses bitcoin is publicly encrypted in the chain of blocks, a kind of book where records are kept, so the addresses and amounts that are within them, can be seen by anyone and starting from there it can be proven that it is not what you think, another important aspect is that, despite the fact that there are other ways to increase the risk of not being discovered by having this coin in your possession to stay safe from those malicious who want to harm you.. for example, not using real personal data.. You have to be clear about the initial purpose for which it was created, and that is that Satoshi did not want people to remain anonymous, if not his approach was it was aimed at innovating a new transaction type that was free from manipulation by third parties.
Jump to: