Bitcoin Forum

Hello everyone, I've been following posts on this forum for long and I've come up with this question, why are bitcoin transactions anonymous, this is causing a lot of problem for people with tons of it, cos your coins could be stolen and moved to another wallet without any way to trace

You coins can only be moved to any address if any individual has the access to your private keys. I think, bitcoins are safe enough to trust on even if they are annynomous. I feel safe in bitcoins as i know no one will hack my coins as they are in a small amount  :P
Also I don't know the reason behind why bitcoins are annynomous but i guess, they were made for transactions in the illegal side of the internet known as deep web as we can see that bitcoins are a major way of payment in the dark side of the internet commonly called as deep web.

first of all bitcoin is not anonymous.

secondly being anonymous or not being anonymous has nothing to do with your coins being stolen! someone who has a ton of it or even someone who has a little but values his money educates themselves on how to protect their money and it is easy, and as a result they don't lose it to want to worry about them being stolen.

I don't think it's that anonymous.   Bitcoin mixer services wouldn't exist if it is.   By the time you make a transfer from Coinbase or an exchange connected to your bank account.   That information can be tracked.

Well it's the rule of the crypto game, the anonymity is one of the most important aspects of cryptocurrencies for a lot of people. So you should be careful with your coins to make sure that they don't get stolen or moved out of your wallet. So I'm fine with the anonymity aspect of crypto.

First of all, as stated in some of the posts above, Bitcoin is not anonymous. By default transactions can be linked to private individuals as soon as they make a transaction with an entity that has their personal data -- eg. exchanges, merchants, etc. It only stays anonymous as long as it doesn't leave the crypto-ecosystem.

Secondly, even if you knew that some random guy in the depths of Russia stole your coins, what would you do then? The reality is that unless we're talking about major crimes you effectively have very little legal recourse when it comes to international prosecution. A foreign government is not going to extradite someone who scammed you for USD 50,- on the internet.

Thirdly, if you're one of the "people with tons of it", do you really want to paint a big red target on your back for both criminals and other organizations by having millions worth of bitcoins associated with you? In this case hackers would be the least of your worries.

Bitcoin itself is only pseudo anonymous, because you don't have any personal information tied to your wallet address unless you use a centralized wallet like Coinbase. Also, bitcoin transactions are NOT anonymous. You can freely see all transactions using a block explorer like https://blockchain.info.

With bitcoin, you are your own bank. So it's really really important to take security safety precautions since you have no one to contact if you lose your coins. Buy a hardware wallet.

If you do not disclose personal information or are attacked by hackers then you will not be able to lose Bitcoin. But for anonymous reasons, bitcoin is popular because you can not be taxed.

It is really so. All educated Bitcoiners know that, the same way as we all know which altcoins are really anonymous, it is Monero and ZCash.

Exposing your wallet through Internet connectivity can increase the risk of the coins from being stolen but as long as you implement some good security measures for your wallet, it is good to assume that it is safe from hacking activities, every medium of money have cons of risk from being stolen, transactions are not anonymous it is more on transparency, anonymity feature applies to the owner of the wallet/coin itself unless you're using an exchange or wallet that needs to disclose some personal information.