Cryptocurrencies aren't anonymous anymore

[cloudproject]

It is no surprise that anonymity has been leaving bitcoin. Bitcoin is not as anonymous as it used to be.

Monero the more anonymous bitcoin has been getting a lot of news as it is being used for many illegal purposes such as drugs and money laundering.

South Korea today, however, is increasing regulation on all cryptocurrency exchanges as reported by https://revoltmedia.org/south-korean-new-rules-on-cryptocurrency/.

South Korean laws passed this morning are now only letting South Korean exchanges accept users if the user has real-name bank accounts connected.

Regulations like this are the first of many soon to come that will try to take anonymity from cryptocurrency.

The South Korean government reasoning was to prevent money laundering and other illegal activities.

sometimes it needs a little regulation for bitcoin in some country, bitcoin is not fully anonymous it can still be tracked but the goverment just preventing for someone in the goverment or people  not using for corruption or covering from the tax

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[doge_shit666]

Well today the Crypto market is not anonymous anymore. But still some people have fake identification papers to declare when KYC. But anyway, there are some who have made clear the information, and Crypto is trying to promote transparency and clarity. So we can not say Crypto is anonymous anymore.

[mOgliE]

Hi,

This changes nothing. Well, it may oblige people to go through several accounts/wallets before being able to make any transactions. But that is definitely not a huge change.

And: this is only for South Korea. Ok, the bitcoin community is huge there but still... That's only one country. Reading your title, I though the topic would be about a technical change. No a simple regulation...

[fritzbird]

That's the price to pay when it becomes so popular and governments take notice. The bigger demand and
supply creates a new condition that draws interest and notice. Regulations bring about the beginning of
anonymity's end, It's the required change that is inevitably forthcoming to take cryptocurrency to the next
height in the financial market. We should study and learn to adapt, because it will come. But with this
new added feature, it's likely insured that cryptocurrency will survive and be more productive in the future.

[Ahiaba]

Adoption of crypto currency by the government is very important and at the same time it come with its own challenges like the one you just mentioned. In addition to that connection with the bank account in the in which government will be able identify every owners of crypto currency to make sure every crypto currency earners pay their tax.

[wxa7115]

Hi,

This changes nothing. Well, it may oblige people to go through several accounts/wallets before being able to make any transactions. But that is definitely not a huge change.

And: this is only for South Korea. Ok, the bitcoin community is huge there but still... That's only one country. Reading your title, I though the topic would be about a technical change. No a simple regulation...

Exactly it is not like we are forced to use exchanges, if you care about your anonymity you could sell and buy your coins in localbitcoins using face to face trades it is risky but if you care that much about not revealing your details to some other people then that is something that you should do, so it doesn't matter how many regulations they put in place there are always going to be ways around them.

[pleght]

I agree with what you say absolutely.The anonymity in the market has diminished.Stock exchanges and icolar are demanding kyc for entry.

[jerry3k5jamiso1]

I agree with what you say absolutely.The anonymity in the market has diminished.Stock exchanges and icolar are demanding kyc for entry.

Anonymity in cryptocurrency is still highly appreciated. Some ICO projects have recently asked KYC to verify the identity of the investor, which is a good way to limit the fraud and speculation of large investors who want to dominate a particular crypto. For long-term and sustainable development, I think that cryptocurrency will also be gradually recognized and managed to limit risk to investors.

[k00d8]

I have always wondered about this anonymity question. I guess there is still a great deal of anonymity but it is not absolute. Indeed because many times you are asked to provide ID. But in any case, I have some questions about anonymity in the context of claims regarding transparency - don't the two contradict themselves?

[p i e c e]

The question of the anonymity of cryptocurrency is a question of the degree of their anonymity. It seems to me that the full anonymity of cryptocurrencies is more a dream than a reality.

[Dragon5]

As soon as most of the considerable platforms are owned by bankers, there's no other way. We know Binance has accepted an offer from Malta to base there. But Malta is run by the biggest banking companies, which are already occupying crypto trading platforms.

[ROB18]

I don't think bitcoin or any cryptocurrency is anonymous in the first place. Imagine the way blockchain was working. It can track down all the transaction with reference to the particular contract address or wallet. Blockchain was done this way for the transaction to be made public but no one can have control over it aside from the user itself you have the private keys and password access. At some point, address information can be learn who owns it.

[jeremypwr]

Very true statement.  People tend to associate btc and other crypto currencies with being a way to hide money to do anonymity, which couldn't be further from the truth.

[Indrawan77]

Yeah everything has been change, but from the beginning bitcoin not totally anonymous, all the transaction still could be tracked but it's harder to track, and now with the reason of people using crypto for illegal  activities the government has been created regulations to control the crypto usage, I cant blame the government to create this regulation because it means to protect the country from harm

[nur rochid]

I don't think bitcoin or any cryptocurrency is anonymous in the first place. Imagine the way blockchain was working. It can track down all the transaction with reference to the particular contract address or wallet. Blockchain was done this way for the transaction to be made public but no one can have control over it aside from the user itself you have the private keys and password access. At some point, address information can be learn who owns it.

i think for the full identity of wallet holder can not be known, because blockchain is anonymous, whereas we can only see other people's transactions in the form of wallet address

[Burogh]

It is no surprise that anonymity has been leaving bitcoin. Bitcoin is not as anonymous as it used to be.

Monero the more anonymous bitcoin has been getting a lot of news as it is being used for many illegal purposes such as drugs and money laundering.

South Korea today, however, is increasing regulation on all cryptocurrency exchanges as reported by https://revoltmedia.org/south-korean-new-rules-on-cryptocurrency/.

South Korean laws passed this morning are now only letting South Korean exchanges accept users if the user has real-name bank accounts connected.

Regulations like this are the first of many soon to come that will try to take anonymity from cryptocurrency.

The South Korean government reasoning was to prevent money laundering and other illegal activities.

Bitcoin for transaction still anonymous if we store it on bitcoin wallet. Exchanger need legal document because government regulation. I think its very different between storing our bitcoin on exchanger and storing our bitcoin on our cold wallet.

[ivanst776]

This is due to KYC "know your customer" process of many ICO. this is really a threat to security and identification of any person who joined the ICO, but this is the way that ICO to know the customer where from. As we see U.S.A and other countries are not eligible anymore to participate on an ICO. some exchanges have KYC too which the founder and creator of BITCOIN never wanted. he created bitcoin a cryptocurrency to make people transact and earn anonymously.

[Daveeoff]

I never saw it as anonumous currency. That was just a marketing trick. There will be some actually anonymous crypto currencies in the future tho.