Your identity must be kept private. This is important for you.
There are so many hackers in the market. They are trading on the name. Sites with popular people are a more attractive place for hackers.
Privacy is everyone's right.
Topic: Should Bitcoin merchants help to keep our identity private? - page 2. (Read 212 times)
Merchants that do not use Payment processors, should regularly change their Bitcoin address for the following reason :
Let's say you are selling expensive items online and you are using a single Bitcoin address for the payment of these items by customers, then anyone can drop that Bitcoin address into a block explorer and determine what your sales have been and when you received the most money. < All sales figures are public and you can be targeted, when you have the most BTC on you >
If they were able to pinpoint your physical location, they could pay you a visit and rob you or abduct a child for ransom and then ask for the exact amount of money/BTC in that address.
It is just safe practice to change the receiving address or to use Payment processors if you have to as a last resort.
Let's say you are selling expensive items online and you are using a single Bitcoin address for the payment of these items by customers, then anyone can drop that Bitcoin address into a block explorer and determine what your sales have been and when you received the most money. < All sales figures are public and you can be targeted, when you have the most BTC on you >
If they were able to pinpoint your physical location, they could pay you a visit and rob you or abduct a child for ransom and then ask for the exact amount of money/BTC in that address.
It is just safe practice to change the receiving address or to use Payment processors if you have to as a last resort.
It's not the service itself that you should be afraid of, It's the payment processor (BitPay in this case) which is pretty much used everywhere now. You could read this about the privacy and security concerns: https://bitcoinmagazine.com/articles/wallet-developers-express-security-concerns-over-bitpays-payment-protocol-policy/
That’s right, it’s not the merchants. The weak link always has been and will continue to be exchanges.
If you’re the customer of a brothel where you routinely cheat on your wife and you pay the same receiving address in btc every time and the only thing they sell is sex then you’re in trouble. It’s going to be easy for your wife to look at your joint wallet and see you’ve been paying a brothel. You have two choices, stop cheating on your wife or start paying in cash.
However, if you are buying online at a marketplace that sells drugs, guns, knitting supplies and ceramic collectible figurines then their could be some doubt about what you purchased because all of those things are paid for into the same address.
OTOH, If you’re dealing with an exchange to buy btc or sell btc then you have to assume every government agent in the world was given all of that transaction info. Transacting at any exchange in the world eliminates, as you say, “any degree of financial privacy”.
I think changing the receiving address should be done frequently. That is what all the users need for their privacy and that's why bitcoin developers and other coins developers have made creating new addresses that easy.
It's not the service itself that you should be afraid of, It's the payment processor (BitPay in this case) which is pretty much used everywhere now. You could read this about the privacy and security concerns: https://bitcoinmagazine.com/articles/wallet-developers-express-security-concerns-over-bitpays-payment-protocol-policy/
I have watched some videos on Youtube today and they were speaking about Crypto currencies and ways to track Crypto
currency users, through services that they use. Is this the weak link in the privacy chain? Should we ask Crypto currency
merchants to "change" their receiving addresses more frequently to make it more difficult to pin a specific address to a
specific service? If these people want to track all our financial transactions, then we should give them some challenges in
doing this.
Obviously not all services will adhere to this call/request, but some of these merchants still support the bigger cause and the
reason why most of us use Crypto currencies. {Some degree of financial privacy}
currency users, through services that they use. Is this the weak link in the privacy chain? Should we ask Crypto currency
merchants to "change" their receiving addresses more frequently to make it more difficult to pin a specific address to a
specific service? If these people want to track all our financial transactions, then we should give them some challenges in
doing this.
Obviously not all services will adhere to this call/request, but some of these merchants still support the bigger cause and the
reason why most of us use Crypto currencies.
{Some degree of financial privacy} Jump to: