Topic: Safety of Btc ussage - page 3. (Read 512 times)

Several people have suggested options to protect your bitcoin assets and now it is your own responsibility to put in the required effort. Security is something that is quite important in bitcoin investment especially because it involves a large capital that we put in and will be quite detrimental when security is not considered properly. As far as I know Monero cannot be traced easily but transactions are recorded on the blockchain and you need to know that so that you can run it properly and not make mistakes.

If you intend to maintain privacy then you need to find a match according to your needs because security and privacy are two different things. I think there are many previous suggestions that you can learn so that it will provide much better security to use.

Agreed.
If you don't have something to hide from the world that would hurt you and others in perspective - then BTC as it is, with augmentations (sorta) in the form of cold storage and so on, would be totally enough to stay on the bright sight.

The yin and yang from both worlds - a good option indeed.
I do hear that Monero was gotten rid of on Kraken and so on - in some other places, too.
But I think on a scale of a person with not that big bags, an ordinary enthusiast, in fact - using cold storage, different wallets, and so on, would be enough.

monero is just for extra privacy but personally i find no use for it

bitcoin’s transaction can be tracked because it is seen on the blockchain but unless you are using a kyc platform to make that transaction no one is going to know who you are or why are you making that transaction so calm down

i get that it’s for extra privacy but you seem panicked over the thought of bitcoins being tracked… are you perhaps hiding something?  jk but it depends on you and what you need

If you do this, that sounds a good strategy, you will have to use no KYC exchanges to covert Monero to Bitcoin and Bitcoin to Monero, before you cash out. The cash out must be on no KYC Peer to Peer platforms too.

https://kycnot.me/?t=exchange&q=&xmr=on&btc=on&cash=on

If a centralized exchange does not list Bitcoin, it's a scam exchange, because Bitcoin with a highest trading volume in cryptocurrency market, must be the first coin to be listed, free listing too.

Centralized exchanges get income and profit from trading fee and withdrawal fee, and Bitcoin can provide these fees for them. In cryptocurrency market, if Bitcoin is banned, it's the end.

I would choose to use a combination of Bitcoin and Monero.

Use Monero to hide the source, use Bitcoin when you want to cash out.

My speculation is, when you use Monero to cash out, it would be more raise a suspicion because Monero has been delisted on many exchanges. While Bitcoin, I don't think there's a centralized exchange that banned Bitcoin.

As clearly said above XMR is a privacy coin but that doesn’t mean bitcoin which its transactions are publicly stored cannot be used as such too. Bitcoin is regarded as a pseudonymous coin which can be used just the way you like it. For privacy sake you can actually do the things stated above or simply do the following too.

1. Run your own node; running your own node actually gives you the ability to validate transactions yourself and also remaining anonymous by not exposing your IP to a public node you’re connected to if you don’t run your own node (but even with connecting to public nodes you can hide your IP by using TOR/VPN)

2. Using different addresses for different transactions, as we all know all the transactions are recorded publicly but the only way to link them to someone is if the addresses are link through transactions and are also linked to a KYC platform. But avoiding any of these makes you stay anonymous

Depends on what you mean by "tracked", and it probably also depends on how you use your btc...

A little bit of context that might even be more confusing than the original question:

all transactions use unspent outputs as an input, and each transaction creates new unspent outputs, these unspent outputs fund addresses of whoever you're paying and usually a transaction also creates an unspent output funding your own change address.
All transactions are stored on a public ledger, so if your friends defenition of being "tracked" means that everybody can see the transaction you created on the public ledger, he is right. If he means a seller actually knows which change address you own, and which unspent outputs you used, he is also right.

If he means that anybody knows your identity, your location,... based on the blockchain, he's *probably* wrong. Transactions are stored on the public ledger, but they're just that: transactions. If you don't post your addresses on public fora, only people that either funded your address, or got an address funded by you will know part of the addresses you own (and part of the unspent outputs you controll). With some data mining, they might discover some more addresses controlled by you, especially if you re-use addresses.

I used the word *probably* because a lot of people actually use exchanges or online wallets instead of using software wallet, hardware wallets or airgapped wallets. If you give complete controll to a thirth party, they'll know quite a bit about you (amongst other things, they probably know your ip, which addresses you generated, which unspent outputs you controll). If you completed a KYC procedure, they'll even know a lot more. If you use a software wallet, this is less of an issue... But even with software wallets, there's a difference... If you run a full node, you'll broadcast transactions trough your own node, and your own node will broadcast them further, but the peers of your own node will not know the transaction was created by you or if you merely rebroadcast a transaction you yourself received. An SPV wallet does require you to connect to an SPV server, and they might know a bit about you.

Personally, i would not advice somebody to start using XMR. There's enough scrutiny for bitcoin users as it is, XMR has a much lower market cap, way less hashrate, way less nodes, way less users, way less people accept XMR, and it has a much worse rep than bitcoin. Don't get me wrong: my advice is just a personal opinion, i have no problems with people using XMR!

If you're worried about your anonimity and/or safety, i'd probably advise you to look at your OPSEC. Don't use exchanges or online wallets, keep your own keys on your own devices. Make sure your keys are safe (use airgapped or hardware wallets), don't post personal details, stay away from KYC, use tor,... Also, don't re-use addresses, and make sure you're in controll of your unspent outputs.

Safety and privacy are different.

Monero can not easily be traced but bitcoin transactions are recorded on blockchain. You need extra knowledge to have privacy while using bitcoin.

But what is your goal? If it is safety, bitcoin blockchain is very safe. Also what that matters at your end is to protect your wallet. You can use cold wallet instead. Or get yourself a reputed hardware wallet.

There is no coin that is comparable with bitcoin. It is the most adopted coin.

I have been using bitcoin successfully, and NO issues...Recently a friend of mine that it is not safe because it can be tracked. My friend
said that I should use MXR instead.  Someone please provide some clarification. If I should convert to XMR or isthis guy exaggerating?!?