How is a privacy wallet any different from a regular one?

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

Quote from: Upgrade00 on April 16, 2021, 09:05:20 PM

Quote from: yat97 on April 16, 2021, 07:23:53 PM

Exodus for example, I dont think they collect your info. Let's say a government wanted to give a warrant for them to look into some random dudes wallet. Would they hand the info over or something or what?

If they do not collect info, then they technically cannot link an address to a random dude. Exchanges which requires users to pass KYC process are platforms bitcoin holders should avoid, as they request for vital personal information.

But they can still hand over the IP addresses that were used to access the wallet. I am not sure if they store the IP addresses but they would certainly be having the logs somewhere.
IP addresses are sufficient to get the locality of the person unless he had been using a VPN or something.

Pmalek

legendary

Activity: 2730

Merit: 7065

Quote from: khaled0111 on April 18, 2021, 02:27:08 PM

Also, you should save your coins on your own non-custodial wallets an opt for privacy coins like Monero, Dash, Grin..

Dash should no longer be in the same group as Monero when it comes to privacy and anonymity. I remember reading about this a while ago where it was explained that Dash relies on a network of masternodes. These masternodes know the origin of the coins that get mixed in Dash's CoinJoin mixer (let's call it that). Whoever runs the masternodes knows exactly what you are mixing and with who. Imagine if some of them were operated by your government or spy agencies?

When Bittrex delisted a bunch of privacy coins at the beginning of 2021, Dash was one of those that got removed from the exchange. In a PR stunt, the developers of the coin tried to explain to the exchange that they are not a privacy coin and shouldn't be affected by the delisting process.

khaled0111

legendary

Activity: 2702

Merit: 3045

Top Crypto Casino

I am not aware of any regulated exchange that don't collect users information.
If you value your privacy then you should avoid using centralized exchanges as much and possible. Also, you should save your coins on your own non-custodial wallets an opt for privacy coins like Monero, Dash, Grin..
Whenver you doubt your identity can be linked to one of your addresses then you should use a mixer to break the link between that address and the rest of your other addresses.

Welsh

staff

Activity: 3304

Merit: 4115

mk4 nailed it. As an example, take a privacy focused VPN as an example. They don't store personal data, instead they store connection data. So, they do store when a VPN was connected too, but they generally don't store in depth logs which could expose personal data. Therefore, if the authorities ever did want to take a look at their logs, they would still provide them, but because they aren't collecting the indepth logs that other companies do, the authorities won't find anything particularly useful. You can use some of the data, alongside other data to establish a connection, or link, but its very wishy washy.

So, privacy wallets tend to do the same. They don't store any personal data which can be used to link a wallet to an identity, and therefore if they were requested access from the authorities or through the freedom of information act, they would still provide it, but it doesn't have any sensitive data.

Pmalek

legendary

Activity: 2730

Merit: 7065

Quote from: yat97 on April 17, 2021, 10:44:21 PM

Which ones support swapping Monaro for example?

dkbit98 mentioned Monero and Changelly and he is right. You can do that exchange through Coinomi. Except for the things dkbit98 pointed out, you should know that instant exchanged (like Changelly) are quite expensive as well. And we are talking about one more service where you have to undergo KYC.

Just do a search on site:bitcointalk.org changelly.
You will see plenty of threads and posts by users who got scammed or lied to. This one, for example.

dkbit98

legendary

Activity: 2212

Merit: 7064

Quote from: yat97 on April 17, 2021, 10:44:21 PM

Yeah I mean like which has the most tokens supported? Like Exodus has a bunch. Trezor for example I hear doesn't support XLM.

I don't think you really need all those altcoins in one wallet and Trezor hardware wallet is supporting XLM Stellar in combination with Exodus or Stellar Account Viewer wallet.
You can check all supported coins on their website:

https://trezor.io/coins/

Quote from: yat97 on April 17, 2021, 10:44:21 PM

Which ones support swapping Monaro for example?

This swapping exchanges inside wallets are centralized and you depend fully on some third party service provider like changelly or something like that.
I think that both Exodus and Coinomi wallet are supporting Monero for swapping, or you can use open source Cake Wallet for smartphones that has this feature.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: yat97 on April 17, 2021, 10:44:21 PM

Yeah I mean like which has the most tokens supported? Like Exodus has a bunch. Trezor for example I hear doesn't support XLM. Which ones support swapping Monaro for example?

If I am not wrong, Coinomi supports more than 100 coins and over 1500 tokens on their platform and it is much better than Exodus and one of the good multi crypto wallet to have.

yat97

member

Activity: 173

Merit: 20

Quote from: Findingnemo on April 17, 2021, 12:06:17 PM

Quote from: yat97 on April 16, 2021, 07:23:53 PM

What's the best privacy wallet that has the most amounts of token coins n stuff?

It is impossible to answer this question because wallets doesn't store the bitcoin, they are just a tool.to access network and private keys help other people from accessing your funds.

Yeah I mean like which has the most tokens supported? Like Exodus has a bunch. Trezor for example I hear doesn't support XLM. Which ones support swapping Monaro for example?

vintages

full member

Activity: 966

Merit: 153

Quote from: yat97 on April 16, 2021, 07:23:53 PM

Exodus for example, I dont think they collect your info. Let's say a government wanted to give a warrant for them to look into some random dudes wallet. Would they hand the info over or something or what?

If something like this happens, I believe Exodus will hand over only your wallet transaction history since they don't collect the emails, personal questions or any form of information during sign up.

Since the owner of the wallet is the only one with access to the wallet private key. If the government is lucky enough to get the owner of the account, he only can give the out the private key.

Stanlo

full member

Activity: 952

Merit: 110

100% privacy? Damn this is a tough question by the way, the only thing that come to my mind right now is the difference between open source wallet and closed source, I think that open source wallets are more transparency than closed source, any wallets that don't give users private keys means they are centralised wallets and they should be stay away from, privacy? I don't think so

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: yat97 on April 16, 2021, 07:23:53 PM

What's the best privacy wallet that has the most amounts of token coins n stuff?

It is impossible to answer this question because wallets doesn't store the bitcoin, they are just a tool.to access network and private keys help other people from accessing your funds.

nakamura12

hero member

Activity: 2268

Merit: 669

Bitcoin Casino Est. 2013

It's not about privacy alone. They also want to keep their project secured so privacy is not what you should focus alone. Project owners are forced to give the information that the government needed or else the owner will face consequences for not giving the info but if the one who ask for the info is not the government then they will not give the info.

dkbit98

legendary

Activity: 2212

Merit: 7064

Quote from: yat97 on April 16, 2021, 07:23:53 PM

Exodus for example, I dont think they collect your info. Let's say a government wanted to give a warrant for them to look into some random dudes wallet. Would they hand the info over or something or what?

Exodus wallet is closed source so we don't really know what they collect from users but one thing is sure that they collect IP addresses you used, used coin address and transactions.
Wasabi is open source software, you can confirm their code on github and they have TOR enabled so nobody knows IP addresses you used and you can even mix your coins to improve your privacy.

Quote from: yat97 on April 16, 2021, 07:23:53 PM

What's the best privacy wallet that has the most amounts of token coins n stuff?

Best thing you can use for this purpose is Trezor Suite with their Trezor hardware wallet.
Trezor Suite is open source software, they have the option to enable TOR and they are working on mixing coins similar like in Wasabi, plus you can use Bitcoin and other coins.
Turn off Usage Data collection in settings if you don't want Trezor to know it:

Upgrade00

legendary

Activity: 2114

Merit: 2248

Playgram - The Telegram Casino

Quote from: BitKongy on April 17, 2021, 02:03:05 AM

There are a number of ways by which one can blur the chain of transactions on a public blockchain, you do not necessarily need to use a private coin to retain your pseudo anonymity;
• Do not reuse addresses,
• Use coin joining or mixing services,
• Avoid KYC platforms,
• Do not post your public address on the internet.

BitKongy

member

Activity: 405

Merit: 19

Privacy isn't about the wallet itself but the project itself, what good is privacy wallet if the coins you send within them can be trace or track? So instead of looking for privacy wallet I'd rather look for privacy crypto projects like apollo currency

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: yat97 on April 16, 2021, 07:23:53 PM

Exodus for example, I dont think they collect your info. Let's say a government wanted to give a warrant for them to look into some random dudes wallet. Would they hand the info over or something or what?

If they have the info, they have no choice but to hand it over or else their business might get shut down or worse, they might end up behind bars. On the other hand of course, if they don't have the info in the first place, then they have nothing to hand over.

Upgrade00

legendary

Activity: 2114

Merit: 2248

Playgram - The Telegram Casino

How is a privacy wallet any different from a regular one?
Most people assume Bitcoin transactions are anonymous, but in real sense they are not and anyone who knows how to look around can link balances to addresses and also link multiple addresses to one identity. Privacy centered wallets help to prevent this and maintain the pseudo anonymity of a Bitcoin user. They use features like coinmixing or joining, Tor, etc, to protect user's privacy.

Quote from: yat97 on April 16, 2021, 07:23:53 PM

Exodus for example, I dont think they collect your info. Let's say a government wanted to give a warrant for them to look into some random dudes wallet. Would they hand the info over or something or what?

If they do not collect info, then they technically cannot link an address to a random dude. Exchanges which requires users to pass KYC process are platforms bitcoin holders should avoid, as they request for vital personal information.

yat97

member

Activity: 173

Merit: 20

Like for example say exodus vs wasabi?

Exodus for example, I dont think they collect your info. Let's say a government wanted to give a warrant for them to look into some random dudes wallet. Would they hand the info over or something or what?

What's the best privacy wallet that has the most amounts of token coins n stuff?

Topic: How is a privacy wallet any different from a regular one? (Read 205 times)