Topic: IF I SEND BTC TO A FRIEND/FAMILY, DOES IT MEAN THEY CAN KNOW MY WALLET BALANCE? - page 2. (Read 523 times)
December 08, 2021, 04:35:34 PM
Yes, if you send it directly from your wallet it is traceable. That is what differentiate financial transactions done using blockchain technology and traditional banking system.
December 07, 2021, 03:01:55 PM
This can be because when you are making use of a wallet that has different addresses, then nobody would know the actual amount that is in your wallet. So, I would suggest you to make use of a wallet that would change your address anytime you’re about to make a transaction.
Avoiding address reuse is necessary for your privacy, but it is not sufficient. Equally important is paying attention to change and choosing which inputs you use in a transaction. There is no point using coins from 5 different addresses for 5 different transactions, if you later make a consolidation transaction which includes all of the change outputs from those 5 transactions, since that can easily be detected and will therefore link the 5 original addresses together. For this reason when need to send any assets from my wallet to my friend wallet, then i create a temporary wallet then sent my fund from my wallet to my friend wallet.
Using a single intermediary address between your main wallet and your friend's wallet does almost nothing to protect your privacy. If you want to move coins from one place to another while obscuring the history, then you should do so via a mixer. Further, using a "temporary wallet" is a terrible idea. What if your friend decides to send some coins back to your address, only for you to find you no longer have access to that address because it was part of your "temporary wallet" which you have since deleted? December 07, 2021, 01:06:50 PM
If you transfer anything with anyone else your wallet address will show to the reciver and then he can scan your address on scan websites and recievr can know your balance easily.
December 07, 2021, 12:37:15 PM
The issue here in you particular context of your case, bitcoin ceases to be anonymous when someone knows that it is you. It is very obvious, but that does not mean that the transactions are anonymous for third parties.
Bitcoin is a great public ledger, where all transactions can be reviewed. So, although it is true that all transactions are there, each address is associated with individuals, companies and exchanges, depending on where you manage your addresses, your family members could eventually know your balance.
Now, in this particular case you are interested in the right to keep your information private, there can be several simple ways but in some cases you have to give information to third parties and you would also lose your anonymity with them but you would give zero information of what your funds are to those who know you or know that that address belongs to you.
Bitcoin is a great public ledger, where all transactions can be reviewed. So, although it is true that all transactions are there, each address is associated with individuals, companies and exchanges, depending on where you manage your addresses, your family members could eventually know your balance.
Now, in this particular case you are interested in the right to keep your information private, there can be several simple ways but in some cases you have to give information to third parties and you would also lose your anonymity with them but you would give zero information of what your funds are to those who know you or know that that address belongs to you.
December 07, 2021, 11:53:06 AM
If I transfer BTC to a friend/family, they now know my wallet address, correct? Does this mean they can see all the transactions I have done from that wallet? It seems like wallet information is public except for identity, but that would be forfeited once I make a transfer, right?
Off course yes, if you send any fund from your wallet to other person wallet then he can see your all transaction and balance of your wallet. For this reason when need to send any assets from my wallet to my friend wallet, then i create a temporary wallet then sent my fund from my wallet to my friend wallet. 
December 07, 2021, 11:50:02 AM
If I transfer BTC to a friend/family, they now know my wallet address, correct? Does this mean they can see all the transactions I have done from that wallet? It seems like wallet information is public except for identity, but that would be forfeited once I make a transfer, right?
yes, the bitcoin recipient can check your transactions and they can also see the balance in your wallet.
If you don't want other people to see your balance then use another wallet as a backup wallet so that the balance in your main wallet is not seen by other people or your family.
December 07, 2021, 11:28:28 AM
One of the ways this issue can be solved is probably by sending via a Private Address that doesn't reveal the contents of the wallet to recipient of fund. The private address could only be known to recipients also. Guess this can be implemented on Bitcoin without a hardfork
December 07, 2021, 10:16:46 AM
If I transfer BTC to a friend/family, they now know my wallet address, correct? Does this mean they can see all the transactions I have done from that wallet? It seems like wallet information is public except for identity, but that would be forfeited once I make a transfer, right?
Off course yes, if you send any fund from your wallet to other person wallet then he can see your all transaction and balance of your wallet. For this reason when need to send any assets from my wallet to my friend wallet, then i create a temporary wallet then sent my fund from my wallet to my friend wallet. December 07, 2021, 01:56:34 AM
If I transfer BTC to a friend/family, they now know my wallet address, correct? Does this mean they can see all the transactions I have done from that wallet? It seems like wallet information is public except for identity, but that would be forfeited once I make a transfer, right?
That depends. Are you making use of one address for all your transactions? If you have been making use of just one address for all the transaction you have been doing, then they will be able to see all the transactions that you have done so far: which includes all the money that you have received and also the ones you have sent. So, that’s for sure that they would see your transactions, And possibly know the balance that you have on that address. Now if you have noticed, what I was saying here is address, and not wallet: I am using the word address because your address doesn’t necessarily mean that what is stored there is what is originally stored in your wallet.This can be because when you are making use of a wallet that has different addresses, then nobody would know the actual amount that is in your wallet. So, I would suggest you to make use of a wallet that would change your address anytime you’re about to make a transaction. That way you wouldn’t have to be repeating the same address all the time.
December 06, 2021, 10:43:42 AM
If I transfer BTC to a friend/family, they now know my wallet address, correct? Does this mean they can see all the transactions I have done from that wallet? It seems like wallet information is public except for identity, but that would be forfeited once I make a transfer, right?
If you send Bitcoin directly form your wallet then receiver will be able to know exact amount of coins you have on your address or addresses.Good address management can reduce this, and you can also use coinjoin or mixers like ChipMixer to remove connection with your original address.
Sending coins form your exchange account is also an option, but much more risky because they can lock your account and freeze your coins at any time and for any reason.
December 06, 2021, 04:37:24 AM
Because it is transparent, of course they will be able to see the balance and all transactions at that address. If you want to be anonymous, you can use methods such as using some mixers or sending them through an exchange.
December 06, 2021, 01:02:27 AM
of course they will know the amount of assets you have and also your transactions because the bitcoin blockchain is an open book, very transparent.
and why do you want to hide how many bitcoins you have? you don't trust the person you are sending bitcoins? if you don't trust it then use some mixer that will have more anonymity. although I would advise you not to be hard on people in your family unless they are criminals or liars or dangerous people
i also think the same as you, why does op ask like that or does he/she have other intentions or goals "lol". December 05, 2021, 05:52:29 PM
OP has to follow above directions because that's what's best for him ,actually the wallet market is also good ,but maybe later there other questions from your family and might think that "ownership of address exchange wallet is your wallet"
social jealousy in the family !
and why do you want to hide how many bitcoins you have? you don't trust the person you are sending bitcoins? if you don't trust it then use some mixer that will have more anonymity. although I would advise you not to be hard on people in your family unless they are criminals or liars or dangerous people
may it could be that OP wants to hide his assets because "sorry" family usually borrows money or something else social jealousy in the family ! 
December 05, 2021, 03:44:16 PM
and why do you want to hide how many bitcoins you have? you don't trust the person you are sending bitcoins? if you don't trust it then use some mixer that will have more anonymity. although I would advise you not to be hard on people in your family unless they are criminals or liars or dangerous people
December 05, 2021, 03:30:51 PM
The problem of course with this is the custodial platform can see every coin you own and every transaction you make using their platform. You might be able to hide all your other transactions from a cursory look by your family member as in OP's example, but you have zero privacy overall.
Indeed, I was focused on OP problem and I didn't mention this important detail. Thanks for doing so.
I think if you just want to hide your balance from a family member who isn't a tech guy, you can just transfer a small amount to another address and then make a second transaction to the family member.
I did think on this "method", but I decided to not tell it because if somebody learns to look onto block explorer, it may get (rather fast) to understand such an easy move and get to follow OP funds (of course, depending on how good OP uses different addresses for different purposes - but I expect the worse in this, privacy wise).
December 05, 2021, 06:47:44 AM
If I transfer BTC to a friend/family, they now know my wallet address, correct? Does this mean they can see all the transactions I have done from that wallet? It seems like wallet information is public except for identity, but that would be forfeited once I make a transfer, right?
Of course as the blockchain itself of BTC is a distributed public ledger that is tamper-proof that can be seen by anyone, especially your close family members and friends once you have sent them some BTC or any other cryptocurrency. They can check the history of your transactions from the very beginning. That’s what crypto transactions are.
Unless you don’t want them to see your main wallet, you can simply create another Bitcoin wallet and deposit some BTC. But make sure the sender is not from your main wallet, but from an exchange. Or much better if you knew someone who do P2P transactions.
December 05, 2021, 06:15:35 AM
If it is an exchange wallet, it will be difficult to track your transaction on that wallet. Based on my experience, the deposit transaction from another wallet to our wallet in an exchange cannot be checked. This can be safe for you if you don't want your friends or your family to know your wallet balance. But if you use Metamask or MEW wallet, your transaction can be tracked.
It didn't came to my mind the same concern as OP's concern because if we were going to talk about exchange wallet if someone or some of my relatives wanted to track down my crypto asset they would only going to see an specific amount and specific transaction I have don e but if I have disseminate my asset into different asset they woul not going to track it down. So far this I haven't take this as a primary concern because none of my relatives are being curious about tracking it down.
December 05, 2021, 04:34:18 AM
If you use an online wallet, it basically depends on how it's done. The custodian wallets are basically accounts on a platform and you don't really know where the funds are sent from when you make a transaction (may be or may not be that much related to you).
The problem of course with this is the custodial platform can see every coin you own and every transaction you make using their platform. You might be able to hide all your other transactions from a cursory look by your family member as in OP's example, but you have zero privacy overall.I think if you just want to hide your balance from a family member who isn't a tech guy, you can just transfer a small amount to another address and then make a second transaction to the family member.
I really wouldn't recommend this. If you are looking to hide your balance from a close family member, then likelihood is OP has a good reason for wanting to do so. A single intermediate address is trivial to see past for even a complete newbie with 10 minutes of time to read about how transactions work.Seriously I also worry but it looks like they are yet not interested in such things as checking out how much BTC I have in my wallet or what transactions I do with the wallet I have.
Maybe they are not yet, but what about in the future. Everything you do with bitcoin is an immutable record. If you compromise your privacy now, then you will find it very difficult if not impossible to reclaim it in the future. 
December 05, 2021, 02:20:52 AM
If I transfer BTC to a friend/family, they now know my wallet address, correct? Does this mean they can see all the transactions I have done from that wallet? It seems like wallet information is public except for identity, but that would be forfeited once I make a transfer, right?
You wouldn't be so alarmed if you just didn't do any transactions to a porn site.
Yes they may see all the transactions but you can always reason. Seriously I also worry but it looks like they are yet not interested in such things as checking out how much BTC I have in my wallet or what transactions I do with the wallet I have.
Spreading out your BTC to a different wallet or just send altcoins to them. I do trade which is why I just send from an exchange wallet whether BTC or altcoin. If they check that wallet out, they'd really assume I'm the richest.
December 05, 2021, 01:29:19 AM
- Protect your privacy
- Privacy-o-meter
- Change address
- Address reuse
- Enhanced privacy with Wasabi / Samourai wallet
Practically, to protect your privacy, you should avoid to reuse address. You should use change address and Coin Join transaction. With Wasabi wallet, you have both Coin Join transaction and Tor.
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