If you think the consideration if running a full node will be challenging due to the space required and the technical skills as well after considering the cost also, you can go for a hardware wallet https://bitcointalksearch.org/topic/bitcoin-multisig-hardware-wallet-comparison-5229081 there are some which are affordable and using them could provide you with much safety as wanted, you can also make use of electrum wallet https://bitcointalksearch.org/topic/electrum-wallet-update-safely-and-avoid-phishing-wallets-5178675 which are all cold storage wallet, gone are the days of using centralized exchanges.
Topic: Is Bitcoin private enough for freedom financially?? - page 2. (Read 294 times)
Downloading the blockchain and running your own node helps privacy if using it with Tor.
But you can be anonymous if you use Tor to connect with your SPV wallet. This way, you depend on central server which can link your wallet addresses together and also with the IP address that you are using with the wallet. But if you use Tor with it, the addresses can still be linked together, but no linked to the real owner of the addresses.
Other privacy means like making use of coin control appropriately can help.
You are right, but people have more followed centralized exchangee. There are decentralized ones like Bisq which is better, but people prefer going the other side. This makes me not to be surprised anymore when people are falling victims of scammers that want to pay 10x or more profit within just a month and they fall for it.
But you can be anonymous if you use Tor to connect with your SPV wallet. This way, you depend on central server which can link your wallet addresses together and also with the IP address that you are using with the wallet. But if you use Tor with it, the addresses can still be linked together, but no linked to the real owner of the addresses.
Other privacy means like making use of coin control appropriately can help.
You are right, but people have more followed centralized exchangee. There are decentralized ones like Bisq which is better, but people prefer going the other side. This makes me not to be surprised anymore when people are falling victims of scammers that want to pay 10x or more profit within just a month and they fall for it.
Seeing as BTC is fully decentralized and free of censorship, why do bitcoiners need to pay a little attention to it? Here's why.
Since BTC is not private by default and as such every transaction conducted is recorded on the Blockchain and as such one has to provide personal information to exchanges like Binance, FTX and Coinbase when purchasing Bitcoin, it invariably means your real identity is revealed and leaves you open to issues like this;
= Personal information on the exchange's centralized database is prone to data leakages and hack. Info can be shared with the government on request and this leaves you a vulnerable target for an EO 6102 attack
= These exchanges become a choke hold for enforcing regulatory actions like OFAC sanctions and they are left with no choice but to oblige. To cite an instance, is the Tornado Cash mixer issue on Aug 8th. 2022.
= There's a loss of financial privacy as your transactions can be tracked without limit by the exchange even when the owner of the coins wants to make a withdrawal.
How then can one be free from these setbacks?
- To stay anonymous, you run your own node, you conduct your transaction yourself and also verify it. How is this done?
You first download a Bitcoin Core software and allow it copy the entire Blockchain from other nodes. Nodes validate and
broadcast transaction to network, and once the transaction is validated the nodes add the new block to the previous series of blocks.
- You employ the coin join method
A coin join helps for privacy as it achieved when two or more parties batch their transaction into one single transaction. This obscures who owns which coin and a coin join forward severs the historical links and data watchers can't be able to trace the origin.
- To be safe from these regulatory bodies, buying coins from centralized exchanges should be discontinued. https://bitcoinmagazine.com/technical/is-bitcoin-private-enough-for-freedom
Since BTC is not private by default and as such every transaction conducted is recorded on the Blockchain and as such one has to provide personal information to exchanges like Binance, FTX and Coinbase when purchasing Bitcoin, it invariably means your real identity is revealed and leaves you open to issues like this;
= Personal information on the exchange's centralized database is prone to data leakages and hack. Info can be shared with the government on request and this leaves you a vulnerable target for an EO 6102 attack
= These exchanges become a choke hold for enforcing regulatory actions like OFAC sanctions and they are left with no choice but to oblige. To cite an instance, is the Tornado Cash mixer issue on Aug 8th. 2022.
= There's a loss of financial privacy as your transactions can be tracked without limit by the exchange even when the owner of the coins wants to make a withdrawal.
How then can one be free from these setbacks?
- To stay anonymous, you run your own node, you conduct your transaction yourself and also verify it. How is this done?
You first download a Bitcoin Core software and allow it copy the entire Blockchain from other nodes. Nodes validate and
broadcast transaction to network, and once the transaction is validated the nodes add the new block to the previous series of blocks.
- You employ the coin join method
A coin join helps for privacy as it achieved when two or more parties batch their transaction into one single transaction. This obscures who owns which coin and a coin join forward severs the historical links and data watchers can't be able to trace the origin.
- To be safe from these regulatory bodies, buying coins from centralized exchanges should be discontinued. https://bitcoinmagazine.com/technical/is-bitcoin-private-enough-for-freedom
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