[2017-02-09] BS: New system makes it harder to track Bitcoin transactions

[polynesia]

New system makes it harder to track Bitcoin transactions

http://www.business-standard.com/article/pti-stories/new-system-makes-it-harder-to-track-bitcoin-transactions-117020900374_1.html

Researchers have developed a Bitcoin-compatible system that could make it significantly more difficult for observers to identify or track the parties involved in any given transaction of the cryptocurrency.

Bitcoin was initially conceived as a way for people to exchange money anonymously. However, it was discovered that anyone could track all Bitcoin transactions and often identify the parties involved, researchers said.

Bitcoin operates by giving each user a unique public key, which is a string of numbers. Users can transmit money in the form of digital bitcoins from one public key to another.

[susila_bai]

That is why Bitcoin is gaining popularity due to non traceable transaction which most of them who are in gambling and other illegal field wanted it so they are the main users who are using bitcoin, this was the situation in the starting phase but now Bitcoin is used by almost everyone like gamblers, online job earners and traders.

[polynesia]

Covered by other publications as well...

http://economictimes.indiatimes.com/magazines/panache/new-system-makes-it-harder-to-track-bitcoin-transactions/articleshow/57058539.cms
http://indiatoday.intoday.in/story/new-system-makes-it-harder-to-track-bitcoin-transactions/1/878577.html
http://www.dnaindia.com/scitech/report-new-system-makes-it-harder-to-track-bitcoin-transactions-2317255
http://indianexpress.com/article/technology/tech-news-technology/tumblebit-makes-it-significantly-harder-to-track-bitcoin-transactions-4517314/

[epitome]

Looks like a new system but in the feature is clearly stated the critical flaw that if an outside observer can compromise the tumbler, it could figure out who was paying whom.Hope they will fix the issue .lets see what the future holds.

[bitcoinisbest]

If it becomes harder then its more the difficult for bitcoins in globe, because as it could be used for illegal activities and no government will allow such things to keep on happening. So let us wait and watch.