Bitcoin Forum

People have been talking about privacy being a very big deal in blockchain transactions. Can you help me understand how will privacy help ? Preferably give an examaple to explain better. Thanks

Let's say that I had the ability to watch every single one of your transactions, and know where your money is going and how much you're taking in as an income. Now let's say that I also know who you are, what you do, your spending habits, etc. Does that make you feel comfortable? Some random-ass dude on the internet having a complete set a vision of your financial situation?

Now let's say you do some... unsavory things with your financials. Do you want me to know about those? What would you do if someone either important or special to yourself also knew about those things?

Starting to make sense eh?

Privacy is very important and a big deal in block chain transaction because it will help you to secure your coins. For example you have an ethereum wallet then your wallet has a coins therefore to secure your coins you must keep your private key so that they will not going to steal your coins in your wallet. We must be careful because a lot of great scanners has been existed that's why we should keep well our privacy

I also heard about this case before, for some people, have privacy is very important for them but i dont know why?
Or maybe because they are not good people. Jist guess
However, for me privacy is not really important, i dont mind someone know me in this crypto world.

What kinda privacy do you mean? maybe privacy here is different according to its introduction. If the privacy is meant to protect ourselves from the others that we aren't known to transact with bitcoin, I think I don't really mind and not really important,  but if the privacy in question is about our investment in bitcoin it should be very important in my opinion.

Privacy is not that much important for the Normal users but for the big whales they don't want to het exposed how much their wealth is.So they are using blockchain transaction mostly.But is is beneficial for everyone too,no one can trace us and no threat for the big fund holders too.But if we hold the fiat currency in big amount there maybe a chance for getting hacked.

Privacy or anonymity just like how it is defined in dictionary dude. In blockchain transaction we are not required to provide our personal information enable to proceed with our transaction. Do you want your transaction be an open ledger to public?

I'll never understand why there are people that do not want privacy. Why in the world do you want the ability for people to peek in on your life whenever and glean a lot more knowledge than they ever would have before? Why do people need to have "something to hide" if they simply want to retain their privacy and not have people seeing what they're doing, governmental or otherwise.

I'm posing this as a serious question to everyone who thinks they don't want privacy. Why do you disregard something so important, really?

Privacy is the main factor as far as online transactions are concerned as it would be a serious security threat if anybody is able to know about our transactions. For example, if a third person knows about a person that he is having large number of bitcoins through his transactions, then it would also be a life threat to that person. That's why, many people chose bitcoin transactions as it is pseudo anonymous. Still  it's not fully anonymous and so they started to use some bitcoin mixer services to avoid their identity getting revealed. Some even started to use altcoins like monero, zcash as they provided full anonymity.

    Yes,it is verry important and a big deal to have privacy in every blockchain transaction. Privacy means secrecy or being apart from observation of others. It means nobody knows about your transaction,your password,private key  to keep it secure but only you.

I think privacy is very important in transactions, imagine that all of your transactions is open to public, and people will know how much you have in your account, you can become the target of criminal, and if you are doing business people will know how much you pay from your item and how much you sell it to your customer, its going to annoy everyone

Privacy will become more important, when it is taken away. A lot of governments are trying to infringe on their citizens privacy for their own hidden agendas. They target their own citizens, to keep them in power. <Examples : Stopping donations to WikiLeaks to prevent people from exposing government corruption>

Your financial privacy is also important, because the wealthy are targetted by hackers and these corrupt governments. <In some countries, wealthy people are even targetted by their own countries>  >:(

privacy is necessary by some people because they were too fear their personal informations will be misused by some people and blockchain technology could provide the particular transactions without give personal informations not just like bank and that's why some people too are being comfortable use bitcoin rather than other currencies because they can able to send their bitcoin for everywhere and world wide

Everyone needs a privacy. Not all places on earth are safe.  It is your defense against evil. If you expose yourself expect evil people will try to get you if you have much.

Privacy for transactions and as well as in personal life is quite important. Just imagine someone knows how much you earn, how much you spend and on what do you spend, or spend on something that is unsavoury would you feel comfortable with it because I wouldn't be comfortable with someone keeping a watch on my daily tasks. So privacy is very important. And crypto-currencies were made because to keep privacy of transactions

The solution to the privacy protection of bitcoin is to achieve the anonymous effect by separating the real identity of the transaction address and the address holder. So while you can see the sender and recipient address of each transfer record, you can't correspond to a specific person in the real world.

what might be called privacy is the security of transactions including the security of our account and wallet. whether that's what it meant. May need a clearer definition of the above question. about a blockchain transaction may not have anything to worry about. Because we are still protected from some security in our account. But if the question is our account and wallet finances that may be the point in question. All the most fundamental root in the transaction is the security of our account and wallet of course. now there are many security that protect our account, but whether the future is still safe? that's what needs to be upgraded at all times regarding the securit system.

Bitcoin is not anonymous, but rather pseudoanonymity. It is known to most people that use cryptocurrency. However, many don't know why the default Bitcoin is not anonymous, and what can be done to establish the identity of the user or, conversely, to increase your privacy

Unless you live in a transparent glass house and stand around naked all day, I think the original poster already understands privacy.   

Same concept, only it's with your money, not with your body.

actually there are multiple concepts which are very similar but differ in some aspects.
privacy, anonymity, confidentiality and security are the ones that I can think of. I could not possibly start to explain it in English lol but you can read articles online to understand the difference. like these for example: https://breakthroughanalysis.com/2017/04/14/privacy-vs-confidentiality-vs-anonymity-who-knows/
https://www.privateinternetaccess.com/blog/2013/10/how-does-privacy-differ-from-anonymity-and-why-are-both-important/

In our world there are many different events.
There are absolutely positive, from which you want to laugh and rejoice.
There are sad and sad events.
There are people who give it to people.
Digital technology brings us a new understanding of these events.
Confidiality is an opportunity to reduce the influence of the world on yourself. You are faceless. You are not seen by scammers, thieves and bandits. You do not see the tax service. You do not see girls who are greedy for money.
You can open yourself to the world as much as you want.

Privacy can help us and others in a lot of ways. Being private about something is giving someone that feeling of security over their personal information's. Personal information's needs to be kept in a safe storage where it will be not hacked or compromise. Privacy over our personal accounts matter because you can get hacked if you do not add additional security for different accounts that requires great security.

The privacy you are referring here may be different
Privacy is very useful, to secure data or messages between the sender and the recipient, so as not to be disturbed by 3rd parties
I think that's an easier explanation

With the privacy, your wife or girlfriend will never know that you've purchase porn or do gambling, but for some people, privacy is the most important even for no reason. I personally will protect my privacy I don't know I just feel like that I will not upload my details to the internet ( which is scary ) I'm sick of with those who are using our details to make money even a bigger company, that's why I choose crypto for any online transaction.

True privacy is a right of everyone to keep a personal problem that no one else can know about. why is it important, because with privacy we can protect our important data data so that can not be seen, read, or taken by others.

Blockchain transactions are very transparent, and it's very dangerous to me, because everyone can see the balance in our account, so that makes cyber criminals such as hackers more easily target their victims

I think sometimes privacy is wrongly associated with hiding what you want to do. Of course, those are the things that jump to mind regarding online privacy but the essence is really "what I do is my business and mine only". Privacy has quite a bit to do with the very ideals that accompanied Bitcoin. It meant to free people from the state, in terms of putting them in control of their money. But along with that, not having an intermediary control and monitor your funds, which is one of the key reasons users were advised never to use an address more than once.

Just because you don't want to share information about what you do with Bitcoin or how you use it, doesn't mean you're doing something illegal or deviant. It can be argued that privacy should be your duty, to limit power being concentrated in the hands of the few. Knowledge is power, after all. The more someone or something knows about you and others, the more power they have over you.

My words are echoed by many people, which I agree with Golos, with whom I meet and I agree with them are:
1.Privacy is the main factor as far as online transactions are concerned as it would be a serious security threat if anybody is able to know about our transactions. For example, if a third person knows about a person that he is having large number of bitcoins through his transactions, then it would also be a life threat to that person. That's why, many people chose bitcoin transactions as it is pseudo anonymous. Still  it's not fully anonymous and so they started to use some bitcoin mixer services to avoid their identity getting revealed. Some even started to use altcoins like monero, zcash as they provided full anonymity.
2.The solution to the privacy protection of bitcoin is to achieve the anonymous effect by separating the real identity of the transaction address and the address holder. So while you can see the sender and recipient address of each transfer record, you can't correspond to a specific person in the real world

Privacy in blockchain transactions is very important. Online transactions that use bitcoins as a mode of payment can be a subject of hackers as its value increases. We don’t what hackers are capable of. We don’t really know if they are watching us in every transactions we made. These hackers can steal your personal information and it can lead to exploitation, ransom, and stealing of bitcoins.

Currently, every government around the world is able to watch almost every transaction. That is why they are trying to convince people to use online banking. Banks have been giving information to the government whenever they wanted for quite a long time now. That is why we need cryptocurrencies. Unfortunately, Bitcoin is not anonymous at all. It is said that the governments have already developed tools which help them to track Bitcoin transactions. I heard about Confidential Transactions but it looks like the development team is now focused on implementing SegWit into their software.

Privacy is very important, especially your wallet address and private key and you can earn many tokens. It really matters and it will help you to protect your accounts from hackers.

Privacy is important and really a big deal not only in blockchain but also in all your accounts. Let say for example, your facebook or your email accounts. If someone knows your password, they may see everything about you an dyour transactions. So as in blockchain. For example, you have an ethereum account and it has 10eth and some coins in it. If someone knows your private key, all your balances including your coins will be stolen, if that person who knows your key is not trusted.

Keeping on your own, wanting a time or moment by yourself is what we call privacy.  Though we have true friends that we treasure there must be limitations of stories or secrets to tell. There must be a little percent   
self discipline in sharing others.

It's also like in blockchain transaction.

I can understand why privacy is not an issue for you,with the user name you have you might be from India and born on 1992,and since there are a billion people you might think that people does gets confused because there are a lot of people to find you.  :P :P,the aspect of privacy is not about boasting who you are in the crypto currency world,but to have a control over your life,your personal details,your financial details and your family details must be private,if these details falls in the wrong hands you will get into some real trouble that you cannot even imagine,like identity theft etc.

Do you think you would want anyone to have access on your earning or personal wallet? No. That's why security and privacy is very important. Once you are starting earning, you would now want anyone has access to it that why we are keeping our private key in safe and encrypted stuff on which no will never has access except you. It is like protecting your life or the most precious thing you could ever think, you don't want anyone to steal that from you will keep it away from other because it is very important to you. So you must protect it and ensure that no will ever disrespect your privacy.

Funny that you have said that - I bet you have a bank account opened in some bank - you know that other people have access to it?
Bank can monitor your account, or freeze your transaction or blacklist your fund - and people are totally OK with that.
I am afraid that we are going in the same direction with bitcoin - soon we will need to declare that we own BTC just be able to use it.

For the most part, those who have the time and energy , those involved in some shady deals or some form of tax evasion worry about privacy.

The average Joe just wants to do basic transactions, do some investment and make some profits. To them it's a lot of work keeping things private! That doesn't mean he doesn't demand privacy in some aspects of his life.

Generally speaking, people can infer many pieces of information about your life. They might know how much you earn and how much money you spend. Furthermore, they might know what do you buy and how often. There wouldn't be any activity with money you could do anonymously what can leads you to take leave of one's senses.

Privacy is very important because it helps individuals maintain their individuality. People keep identification and account numbers from the general public in order to protect their privacy and themselves in general.

Whereas one of Bitcoin's main aims has always been to provide anonymous transactions (likening it to cash), these days chain analysis companies are getting bigger and more efficient. If the police wants to track down someone who bought drugs off the darknet market then they can hire one of these firms to trace the coins from your Coinbase wallet, potentially through a tumbler and finally to the DNM. You may also be on the receiving end of tainted coins. All of these problems make Bitcoin less and less like cash, which is entirely fungible. This is where "privacy" coins come in, that have not nearly the same amount of reputation and/or network security, but they do conceal each and every transaction/address balance, making everything on the network truly anonymous.

I imagine that when you have a lot of money you do not like it to be visible to all, or criminals who want to launder their money

In real world we have Central bank and it's centralize. Our Government knows how to deal with our money if they impose tax it gets bigger if we going to save it in our banks, however bitcoin came in our life and the decentralization is what we wanted to have so government won't control us.

Privacy means the act of operating without any interference of anybody ,thing or system. Privacy in cryptocurrency is untraceable record of blockchain to anyone.

There are no "tainted coins" as far as I know. Somebody proposed that at some point but gained no support . If by tainted you mean coming from a crime then most of us probably own such coins. I don't really care if the money that ultimately end up in my hands had come from a hack that happened 3 or 4 years ago. Why should I?

yes, privacy is very important to keep your coin safe. I'm afraid if you do not use privacy, when you're sending coins to another account, then in the middle of the road hackers will take the opportunity to get into the wallet, and steal your wallet contents.
so you should pay attention to the security of your wallet. there are many people who ignore privacy, and ultimately they lose a lot more.

People dont want anyone tracking them or their transactions and blockchain does not allow that. No one can know who are you, who are you sending money to, they can only see the adresses, but no names and information.  And thats the beauty of Bitcoin, you cant track it unlike cash and credit card balance.

Will you feel safe if someone prevent you from your privacy ?, privacy is an important thing especially in blockchain transactions, without it your money, your transactions and even your life will be exposed to danger , for example if someone with bad intentions can easily detect how much money you own or how much money you've sent or recieved, you will be in a very risky situation.

Privacy is not to buy during the ICO but buy just after the tokens/coins are apppearing on the exchanges: they are always cheap and near the ICO price but in this case You still remain to keep Your privacy without having issues with the KYC/AML verifications. 

Privacy is very important otherwise everyone can find out your spending habits.

I don't know why you are asking this question because the answer seems to be pretty straightforward. All transactions are set in stone on the blockchain, so to speak. There is no way they can be extracted and forgotten, but the right to be forgotten looks and sounds like a new buzzword in the Western world today. Blockchain clearly deprives everyone of this right, hence the need for anonymity. Long story short, you should stay anonymous if you don't want to be remembered forever.

This is most important in every transactions the privacy wherein is not pinpoint where did you spend your money. It is very important were other users doesnt know our transaction daily. The freedom to use this blockchain technology is really matter that privacy is not invade.

Exactly, why are you questioning how important privacy is? Didnt think that its for your own sake too? Its for the safety of your bitcoin as well when it comes to your wallet. Nobody will feel good when everybody or someone was monitoring all your transaction that you are doing. Surely youll get irritated. Privacy serves as protection to you always remember that.

You have cases of people getting kidnapped due to bragging about their wealth, as occurred in Russia some time ago. Privacy prevents people from becoming targets of theft.

If you got a lot of investment and the profit you earn is way too high privacy matters if you don't want to pay your taxes in crypto because whales knows that since trading cryptocurrency is worldwide it's unfair for them that other whales don't need to pay taxes beacause some countries don't have tax imposed on cryptos plus the fact that it's too risky for someone to being known as whale due to some threat of getting hacked by someone.

Yes privacy is very important to us because is serve as protection to the security of our coins, because in the present day many scammers and hackers are scattered in the bitcoin world not all in this world are safe and lot all people in our sorrounding is trustworthy only yourself know your password, private key or important thing about in your life.

Privacy is very essential to someone and most of all in Bitcoin transactions. If one knew your transactions and everything you can easily be hacked by these people. If you don't secure your privacy you have the chance to lose everything you earned here, Privacy is needed in everything we do.

Privacy is being free from everyone else's attention or being anonymous. It is everyone's right to have their own privacy in order to live a peacefully.