Does Bitcoin is less privacy protected,( Query being a new member)

24Kt

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Quote from: Pahom on January 05, 2022, 10:15:05 AM

Quote from: rid0052 on January 04, 2022, 09:41:23 AM

I'm here new have lot of queries regarding bitcoins, one of the main concern does bitcoin is privacy protected or not. As per my search bitcoin have less privacy. Each transaction is recorded on a distributed public ledger, i.e., on the blockchain, making users switch from bitcoin to other cryptocurrencies. People trust bitcoin because they have heard of a misconception that says bitcoin is a private system. But the reality is completely different, and users must understand that the bitcoin network is anonymous but not completely private.

This is just based on my search what does your experience said. Specially requested to senior members to elaborate this and help me out if I have mistaken.

That's right, Bitcoin is not private, everyone who monitors the blockchain can track your transactions. Every centralized exchange looks after its users so as to ban transactions if they are performing using dirty Bitcoin and to provide the government with the information in case they require. But actually, if you use mixers, you can become private.

Using the services of mixer can really give you the privacy that you need. But there are indeed other ways how to preserve such anonymous transactions. Like for example, use reputable exchanges that don't require KYC like kucoin. Once your funds got out from the exchange, they don't know who owns that address. I believe, it is only a matter of how you do your transactions here. Also, even if you are using different btc addresses, people will only know that its yours if you publicly tell that it is yours.

kryptqnick

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Bitcoin's goal is transparency and direct exchange of money, not anonymity. Of course, if people use Bitcoin in order to hide their identity these days, they might be disappointed (although it's worth noting that Bitcoin is still the top choice on the Darknet, apparently, along with Monero).
So Bitcoin does offer some privacy, but of course a private blockchain offers more. That being said, I don't think it's the desire of privacy that gets Bitcoin the majority of its users. Some seek a way of owning some money that no government can control, others merely seek profits, but privacy is only somewhat achievable and desirable when it comes to Bitcoin.

Pahom

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Quote from: rid0052 on January 04, 2022, 09:41:23 AM

I'm here new have lot of queries regarding bitcoins, one of the main concern does bitcoin is privacy protected or not. As per my search bitcoin have less privacy. Each transaction is recorded on a distributed public ledger, i.e., on the blockchain, making users switch from bitcoin to other cryptocurrencies. People trust bitcoin because they have heard of a misconception that says bitcoin is a private system. But the reality is completely different, and users must understand that the bitcoin network is anonymous but not completely private.

This is just based on my search what does your experience said. Specially requested to senior members to elaborate this and help me out if I have mistaken.

That's right, Bitcoin is not private, everyone who monitors the blockchain can track your transactions. Every centralized exchange looks after its users so as to ban transactions if they are performing using dirty Bitcoin and to provide the government with the information in case they require. But actually, if you use mixers, you can become private.

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Quote from: rid0052 on January 04, 2022, 09:41:23 AM

I'm here new have lot of queries regarding bitcoins, one of the main concern does bitcoin is privacy protected or not. As per my search bitcoin have less privacy. Each transaction is recorded on a distributed public ledger, i.e., on the blockchain, making users switch from bitcoin to other cryptocurrencies. People trust bitcoin because they have heard of a misconception that says bitcoin is a private system. But the reality is completely different, and users must understand that the bitcoin network is anonymous but not completely private.

This is just based on my search what does your experience said. Specially requested to senior members to elaborate this and help me out if I have mistaken.

First, I don't like it if you only specify senior members to answer. We are open here to anyone, you can become a member in abwha, we understand more about these kinds of things. Because of Bitcoin privacy system, there must have been a lot to learn about it. So anyone can comment to provide their respective responses.

Second, in terms of privacy, there are several categories that cannot be generalized, namely that each transaction block cannot know who and where the owner of the wallet is. Just because it's clearly visible in the ledger doesn't mean you know who owns it. Furthermore, by privacy, I mean the clarity of transactions, not between owners. So as long as and not saying that this address has a real name, it will keep its identity.

ChiBitCTy

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The thing is that if bitcoin were to be a completely anonymous currency like Monero for example, then it would 100% absolutely kill it future of becoming a worlds currency. Governments are not going to allow that. I feel like a lot of people simply don’t realize this. So this is a good thing, if not ideal.

Ararbermas

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It depends actually where do you want to store it or to use it. Indeed when it comes holding no need to worry about the wallet if you want to keep your private information safe because there are some digital wallet that you don't need kyc and etc wherein only 2fA is enough for example trust wallet which is so far still secured. And also platform the accept p2p without any specific information but i suggest make sure to choose which is legitimate to assure your money is safe on the transaction.. There's so many ways actually and it depends if you're interested to such thing.

yazher

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Looks like you are missing some basic information about it and you need to have someplace where you will get everything you need to know. I think this site will be sufficient for you in case you haven't know the other basic stuff about bitcoin and you will find the answer to most of your questions here.

Bitcoin Questions and Answers

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Quote from: rid0052 on January 04, 2022, 09:41:23 AM

People trust bitcoin because they have heard of a misconception that says bitcoin is a private system.

The private thing is a misconception because Bitcoin is not private by default, but it's a lot more that people "trust" Bitcoin simply due to the fact that you don't actually need to trust anyone. All you need to know that the software works, the fact that no one can confiscate your bitcoin(unless you're careless, see here[1]), and that the supply inflation is stable and predictable.

[1] https://cryptosec.info/wrench-attack/

witcher_sense

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Quote from: rid0052 on January 04, 2022, 09:41:23 AM

I'm here new have lot of queries regarding bitcoins, one of the main concern does bitcoin is privacy protected or not. As per my search bitcoin have less privacy. Each transaction is recorded on a distributed public ledger, i.e., on the blockchain, making users switch from bitcoin to other cryptocurrencies. People trust bitcoin because they have heard of a misconception that says bitcoin is a private system. But the reality is completely different, and users must understand that the bitcoin network is anonymous but not completely private.

This is just based on my search what does your experience said. Specially requested to senior members to elaborate this and help me out if I have mistaken.

Perhaps, back in the day when there were no surveillance companies that currently are known for profiting off by selling their subjective interpretation of who sends a transaction to who, and when there was no complete understanding of how blockchain works, some people had misconceptions about bitcoin being an anonymous currency. The reality, however, is slightly different because bitcoin is by default a transparent ledger, which keeps a permanent, unchangeable history of everything that occurred over the years of people making their transactions.

Today people have become more knowledgeable about the true nature and purpose of bitcoin, no one considers bitcoin an anonymous currency anymore. If you want to make anonymous transactions, use physical cash, but not a transparent and verifiable system with permissionless access for everyone, including those having nefarious agendas. If you have no other option but to use bitcoin, you need to make certain efforts and learn some techniques in order to make your transactions less obvious for outside observers.

Leviathan.007

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Bitcoin can offer you privacy services and help you with protecting your own privacy if you know how to use it for example the first thing is to make sure about your end you will need to use an os like tails and use tor network with a VPN to make sure about changing your IP address, but still, after doing any bitcoin transaction, anyone can see your address transactions and any input or output from it also this can be traced by using some bots, here you can use mixer service you have your coins mixed so this will be much harder to track your transactions.

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Bitcoin is actually a cryptocurrency digital currency. It has its risks in a virtual currency.It is prone to hacking. Since online transactions have to be done, if you make a little mistake here, there will be huge loss. There are big risks involved in transactions.So I think this bitcoin is not an easy transaction.

Understanding how exactly it works and how to safely navigate transactions should be a priority before owning bitcoins. For one, If you keep your private keys on an air gapped device, then you would not need to directly transact online;
• Create the raw transaction on an online device,
• Copy the raw tx into the air-gapped device and sign it,
• Copy the signed tx back into the online device and broadcast

Bitcoin is not prone to hacking, careless use of your device is likely going to put you at risk in virtual currency or your local bank account.

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Quote from: fiulpro on January 04, 2022, 10:34:29 AM

Quote from: jackg on January 04, 2022, 09:58:56 AM

Bitcoin is known as being pseudononymous because of this.

Essentially it offers anonymity as far as the user is willing to go and as much as they want to look into (up to a certain hard limit). Everything's stored on the blockchain too as you said so some traces are harder to remove (eg sending large or specific values).

That's exactly why people try and change their bitcoin address every transaction as well, this way you won't be tracked to an extent. Your transaction ID is also something very easily trackable so is your address and anyone who types it in can see the wallet it went to, if you used it or no. Therefore it's not a anonymous currency at all but people still go through certain blenders to make it harder to pin point the sender and recipient.
Some people even sell the virgin coins at much higher price, these are the coins which are just mined and thus have no history, so you can't really trace them. A lot of facts! Am still learning something new everyday as well..

It is very important to always use a new bitcoin address or change bitcoin address every transaction, and never link your bitcoin address, so many wallets will help you with that.
It's getting harder and harder to hide your tracks on the blockchain, but there are still some great private wallets out there.

NeuroticFish

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As said, bitcoin is pseudoanonymous. One can see the content of each and every address. One can see all the transactions each and every address has done.
From this point on it's up to the user to protect his anonymity if he wants to by being careful with what addresses from his wallet are tied to his name and which aren't
* by not spending together unnecessarily inputs from different addresses
* by not reusing addresses
* by using own stand alone wallet
* by avoiding KYC exchanges and services or mixing coins
* by avoiding public servers and services (from Electrum servers to block explorers) by installing your own

fiulpro

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Quote from: jackg on January 04, 2022, 09:58:56 AM

Bitcoin is known as being pseudononymous because of this.

Essentially it offers anonymity as far as the user is willing to go and as much as they want to look into (up to a certain hard limit). Everything's stored on the blockchain too as you said so some traces are harder to remove (eg sending large or specific values).

That's exactly why people try and change their bitcoin address every transaction as well, this way you won't be tracked to an extent. Your transaction ID is also something very easily trackable so is your address and anyone who types it in can see the wallet it went to, if you used it or no. Therefore it's not a anonymous currency at all but people still go through certain blenders to make it harder to pin point the sender and recipient.
Some people even sell the virgin coins at much higher price, these are the coins which are just mined and thus have no history, so you can't really trace them. A lot of facts! Am still learning something new everyday as well..

goldkingcoiner

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Bitcoin has never really been what you should call a "privacy coin" nor has it ever truley been private. It can always be traced back to you as long as you connect it somehow to your name. For example, you buy bitcoin through a kyc exchange: they know how much you bought and which coins are yours in which wallets. Or you got bitcoin as a gift so you did not buy them. They stay anonymous and private unless you buy amazon gift cards and spend them in your name.

jackg

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Bitcoin is known as being pseudononymous because of this.

Essentially it offers anonymity as far as the user is willing to go and as much as they want to look into (up to a certain hard limit). Everything's stored on the blockchain too as you said so some traces are harder to remove (eg sending large or specific values).

BlackHatCoiner

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Yes, bitcoin isn't a so private currency, definitely not like physical cash. When you make a transaction, the payee knows where your change have been sent and can try tracing you. However, there are ways to protect yourself such as to not reuse addresses, not spend UTXOs from many addresses at once, use mixer, coinjoin etc.

To protect your anonymity simply run your own full node or/and use Tor for your financial activities. Some may not allow you visit them via Tor. Well, I'll just recommend to not deal with services that don't respect that very right.

rid0052

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I'm here new have lot of queries regarding bitcoins, one of the main concern does bitcoin is privacy protected or not. As per my search bitcoin have less privacy. Each transaction is recorded on a distributed public ledger, i.e., on the blockchain, making users switch from bitcoin to other cryptocurrencies. People trust bitcoin because they have heard of a misconception that says bitcoin is a private system. But the reality is completely different, and users must understand that the bitcoin network is anonymous but not completely private.

This is just based on my search what does your experience said. Specially requested to senior members to elaborate this and help me out if I have mistaken.

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