Perhaps the government can track BTC when banks use btc as proof of their transactions may be new government can track the existence of btc maybe that's the only way to be able to track the existence of btc
Topic: How can a goverment trace you have BTC? - page 22. (Read 4077 times)
How can the government discover I own BTC, let's say I'm from Venezuela where crypto is banned, what they can do to discover and arrest me?
The government may find about your identity from exchange. As long as you dont using exchange that required identity documents submission,
you are untraceable. That is the purpose of decentralized currency. But if you want more privacy, you can use private coin like Monero.
The various ways you can be traced by government are:
1. fiat to Bitcoin exchanges that requires KYC
2. Trading excahanges that require KYC
3. email registration required for some wallets
4. IP address
If the above identity pointers (among others) are accessible to the Government, the person may be traced. However, in my opinion, the main essence of Bitcoin, is to personally secure your funds without 3rd party interference. Complete anonymity can be achieved by using coins like Monero, Zcash, etc.
1. fiat to Bitcoin exchanges that requires KYC
2. Trading excahanges that require KYC
3. email registration required for some wallets
4. IP address
If the above identity pointers (among others) are accessible to the Government, the person may be traced. However, in my opinion, the main essence of Bitcoin, is to personally secure your funds without 3rd party interference. Complete anonymity can be achieved by using coins like Monero, Zcash, etc.
They can,if they have access to your information on exchanges,especially the ones that require you to pass KYC requirement
There is no identity on bitcoin and so no one would reveal its identity on bitcoin to make itself safe and secure but if you reveal your identity then the cyber crime officers would trace you and they have some special techniques for that to identify you.
That will be difficult for government to do, expect they will develop a new Blockchain technology that will be able to detect peoples asset in Bitcoin
How can the government discover I own BTC, let's say I'm from Venezuela where crypto is banned, what they can do to discover and arrest me?
The only way for the government to discover that you owe bitcoin is you will give them your wallet address or you will declare it that you own one. For as long as you will keep your mouth shut about it then no one knows that you are a bitcoin holder.
The exchange of bitcoins using reliable sources ensures the anonymity of transactions, as long as you carefully use Bitcoin there is a really small and dubious probability that the government or other state-owned organization will be able to sue you for it. It all depends on responsible and clever use of this cryptocurrency which ensures us security and continuous and undeniable anonymity.
I think government can't trace you because bitcoin designed to protect privacy it nonetheless generates abundant public data. Many Investigators try to connect the transactions publicly recorded but they didn't connect.
In fact, if you are very careful, it is almost impossible to understand that you own bitcoins. But it only works for someone who regularly takes all the necessary precautions - uses bitcoin mixers and stuff. Those who talk about their crypto-currency assets to their friends - risk too much.
This. Bitcoin gives you the possibility of being virtually untraceable, with that, even where such things are prohibited I strong disbelieve the government have the sufficient power to keep the population in check or in track, unless you live in North Korea... That's another dimension.
Bitcoin transactions are nameless. however most exchanges these days requires a verification of your records with the intention to alternate Bitcoin to fiat. So it is miles viable most effective the exchanges.
How can the government discover I own BTC, let's say I'm from Venezuela where crypto is banned, what they can do to discover and arrest me?
If you registered on any exchange platform with your government id proofs then they can easily trake your all transactions. Due to you pay tax for your all transactions they can easily see the amount of coin. If you country banned bitcoin then you can do transaction in international markets. By this method no one can track that how much btc you have.so there is no chances of arrest you.
If they close a bitcoin exchange place in your country and have an official state ban that bitcoin simply can not or live in your country.
in my opinion, you can stay in safe condition because maybe the official ban is not yet in your country.
in my opinion, you can stay in safe condition because maybe the official ban is not yet in your country.
How can the government discover I own BTC, let's say I'm from Venezuela where crypto is banned, what they can do to discover and arrest me?
Bitcoin transactions are anonymous. i dont think the government could trace you that easy. because the anonymously of bitcoin, some people use it to money laundrying
In fact, if you are very careful, it is almost impossible to understand that you own bitcoins. But it only works for someone who regularly takes all the necessary precautions - uses bitcoin mixers and stuff. Those who talk about their crypto-currency assets to their friends - risk too much.
I am from India and here crypto has banned. Government has full eye through bank. For purchase and sale need bank account. By bank account government can track easily. Exchange counter is also a way for government. I know only this. There may be another ways.
To find you, it is really hard. Government won't be able to find you without exact information. If you use kyc in every sector, then they will be able to find you. Otherwise, as a decentralized, no one can track properly.
Since most of the exchange right now requires KYC that is why it is not possible for our government to trace whether we have bitcoin or not, they can easily detect it if they really want to, they can get the data from exchanges and in that way they can trace who are the people of each country who are earning bitcoin, and who are not paying tax for it.
true so they may know have some chances to see of who are the person that are owning some bitcoin yet better security are the best on it we should be able to make this for us to be safe on.
Since most of the exchange right now requires KYC that is why it is not possible for our government to trace whether we have bitcoin or not, they can easily detect it if they really want to, they can get the data from exchanges and in that way they can trace who are the people of each country who are earning bitcoin, and who are not paying tax for it.
I know bitcoin or distributing bitcoin requires blockchain in which it is difficult for even most advanced GPU to make. The only way for government track your bitcoin is maybe through your transactions when you reveal your identity or by ip addresses
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