Topic: Downside of Bitcoin's Anonymity (Read 470 times)
I gotta admit that there really is a downside when having the ability to be anonymous when on making transactions in BTC, and this is why criminals and just simply bad people tend to settle their payments through BTC, but these are all just negativities, what about tackling the positive things when you have anonymity, first of all is your protection, this is a major factor and I don't want those crybabies to be one-sided when we are talking about anonmyity in BITCOIN.
bad guys will find a way to be invisible, with or without bitcoins. And anonymity will always be in demand among the bad guys and the good ones.
Well, there should be a post saying, downside of cash. Because most illegal transactions happen with cash.
There is very little anonymity on Btc and you should know that, it is posible to track transactions.
People have this misconception about btc and it is hurting btc.
People have this misconception about btc and it is hurting btc.
you can not call that a downside in my opinion. as others said bitcoin is Pseudoanonymous but even if it was 100% not anonymous then it still would have happened the same way. the scammers will always find a way. how do you think they were scamming others all these years prior to bitcoin? they were using banks and other money transfer methods!
I agree with you. but it is a risk that cannot be controlled. scammer. criminals always find a better way to make destruction. but I want to know. how do you avoid scammers?
Bitcoin is not really anonymous, it needs to be cashed out somewhere and the blockchain is a public ledger. KYC is popping up everywhere, it is now difficult to buy btc without it. Who knows if it will be required globally, but i doubt it
for me it's not just crypto and bitcoin that are criminal activities, before the emergence of crypro all currencies have done that and made a ransom for extortion, money laundering and more.
this is exposure to excessive media and we think positively and optimistically in crypto to give more benefits and benefits to everyone
this is exposure to excessive media and we think positively and optimistically in crypto to give more benefits and benefits to everyone
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These kinds of acts are giving bitcoin a bad name. We are moving forward to a digital world and whether we like it or not, we'll be using crypto as means of payment when doing transactions online in the near future.
These kinds of acts are giving bitcoin a bad name. We are moving forward to a digital world and whether we like it or not, we'll be using crypto as means of payment when doing transactions online in the near future.
Well we should blame the people who are taking advantage of the situation and not the technology. But yeah, bitcoin was designed to be a micro-payment scheme and soon we might see its usage in the foreseeable future.
Will hacking incidents increase as well as we progress with this digital currency? Is there a way that we can catch these guys given the anonymity of bitcoin? Do regulations solve this kinds of issues of anonymity? Share me your thoughts!
Definitely, hacking will increased as we move forwards. Hackers or criminals will always be ahead of the game. They can be tracked thru blockchain but its going to be difficult if they use tumbling services. But we have companies like https://www.chainalysis.com/ to help us out (but with a fee of course).
Well the hacking incidents really make bitcoin reputation go red, alot of people become misunderstood bitcoin after it keep on being used for bad things, but it is not bitcoin fault at all, the regulation won't stop hacker from doing their things, even fiat that centralised still being used for ransom, bitcoin is not completely anonymous, but its harder to track compare to fiat
Bitcoin is not compeletely focused on anonymity, it can be traced when it is converted to fiat with the help of regulations. It may serve as a tool for cybercriminals but they will have a problem spending it as regulations are already being arranged.
There is always a positive and negative side of Bitcoin's anonymity. And if the cryptocurrency transactions or bitcoin transactions will also be like the transactions in fiat money, it is just going to be the same. There is a lot of money in bitcoin, but still, because there is no regulation in some parts of the globe, you have to be really careful on which address you send your tokens.
The downside of bitcoin anonymity is that you do not know what you are dealing with. Maybe big companies or maybe criminals. This is a chance for the bad guys to launder money. Many mafia organizations participate in bitcoin to make a profit. Anonymous bitcoins will be the chance for bad guys to get rich.
cryptocurrency provides great opportunities, but as in any other technology can not drive out of it those people. who want to cheat
Bitcoin is getting popular as it not controlled by any third party like government. But every technology has both positive and negative sides. We need to use technology for the betterment of world instead of scamming.
We have to accept this when Bitcoin has an anonymous function. Certainly there will be bad guys taking advantage of the lure or money laundering. Therefore, it hates Bitcoin and does not legitimize it. I think if Bitcoin wants to exist legally, it must be disabled anonymously. A public transaction requires the face of two partners. This will make Bitcoin clean.
The media will always find the 1 negative situation in 100 positive scenarios, as for whatever reason people reactive when they see negative news
Although bitcoin is the best cryptocurrency out there, it also has its flaws. Even with blockchain technology, there will still be hackers and scammers that will exist. Then again, we have to keep in mind that this happens in traditional banking, as well. All we have to do is be careful so we will not fall into one of their traps.
Hope you guys read the article first before commenting for you to be able to reply to the topic appropriately.
I do not think it is a downside of bitcoin. I think it is the advantage of bitcoin. This would allow bitcoin to grow without government control and imposing taxes.
Bitcoin isn't as anonymous as most people think that it is, that's why there are a lot of people and companies who are currently offering the likes of bitcoin mixing services so that no one would be able to track their transactions. well bitcoin is no anonymous! and whoever says it is, they are very misled.
As long as you're not providing any personal identifying information then its totally anonymous. You may know the address but the people behind holding that particular address is totally unknown.
If a good mixing service is used then the BTC would be totally untraceable.
as for this news, why are you focusing on the negative?
Sorry if you find it negative, I don't intend to spread such negativity in the forum. Peace!
I know that the bitcoin holder is anonymous, but I think that is why many people are using KYC system for them to identify the user of bitcoin. This is one of the ways to identify the user identity.
But of course, we can't really detect it if they use a coin shuffle website. And I really discouraged this kind of website because if we get hack we have no way of finding who is was.
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