Downside of Bitcoin's Anonymity

[PsylockReborn]

Hope you guys read the article first before commenting for you to be able to reply to the topic appropriately.

[Impulseboy]

Although bitcoin is the best cryptocurrency out there, it also has its flaws. Even with blockchain technology, there will still be hackers and scammers that will exist. Then again, we have to keep in mind that this happens in traditional banking, as well. All we have to do is be careful so we will not fall into one of their traps.

[randall_boss]

The media will always find the 1 negative situation in 100 positive scenarios, as for whatever reason people reactive when they see negative news

[giantrobot]

We have to accept this when Bitcoin has an anonymous function. Certainly there will be bad guys taking advantage of the lure or money laundering. Therefore, it hates Bitcoin and does not legitimize it. I think if Bitcoin wants to exist legally, it must be disabled anonymously. A public transaction requires the face of two partners. This will make Bitcoin clean.

[Zrs]

Bitcoin is getting popular as it not controlled by any third party like  government. But every technology has both positive and negative sides. We need to use technology for the betterment of world instead of scamming.

[goodluck0319]

cryptocurrency provides great opportunities, but as in any other technology can not drive out of it those people. who want to cheat

[zwiggel]

The downside of bitcoin anonymity is that you do not know what you are dealing with. Maybe big companies or maybe criminals. This is a chance for the bad guys to launder money. Many mafia organizations participate in bitcoin to make a profit. Anonymous bitcoins will be the chance for bad guys to get rich.

[sehoon]

There is always a positive and negative side of Bitcoin's anonymity. And if the cryptocurrency transactions or bitcoin transactions will also be like the transactions in fiat money, it is just going to be the same. There is a lot of money in bitcoin, but still, because there is no regulation in some parts of the globe, you have to be really careful on which address you send your tokens.

[Kencha77]

Bitcoin is not compeletely focused on anonymity, it can be traced when it is converted to fiat with the help of regulations. It may serve as a tool for cybercriminals but they will have a problem spending it as regulations are already being arranged.

[Indrawan77]

Well the hacking incidents really make bitcoin reputation go red, alot of people become misunderstood bitcoin after it keep on being used for bad things, but it is not bitcoin fault at all, the regulation won't stop hacker from doing their things, even fiat that centralised still being used for ransom, bitcoin is not completely anonymous, but its harder to track compare to fiat

[Baofeng]

[.. snip .. ]

These kinds of acts are giving bitcoin a bad name. We are moving forward to a digital world and whether we like it or not, we'll be using crypto as means of payment when doing transactions online in the near future.

Well we should blame the people who are taking advantage of the situation and not the technology. But yeah, bitcoin was designed to be a micro-payment scheme and soon we might see its usage in the foreseeable future.

Will hacking incidents increase as well as we progress with this digital currency? Is there a way that we can catch these guys given the anonymity of bitcoin? Do regulations solve this kinds of issues of anonymity? Share me your thoughts!

Definitely, hacking will increased as we move forwards. Hackers or criminals will always be ahead of the game. They can be tracked thru blockchain but its going to be difficult if they use tumbling services. But we have companies like https://www.chainalysis.com/ to help us out (but with a fee of course).

[pedangrusak]

for me it's not just crypto and bitcoin that are criminal activities, before the emergence of crypro all currencies have done that and made a ransom for extortion, money laundering and more.
this is exposure to excessive media and we think positively and optimistically in crypto to give more benefits and benefits to everyone

[coinwizard_]

Bitcoin is not really anonymous, it needs to be cashed out somewhere and the blockchain is a public ledger. KYC is popping up everywhere, it is now difficult to buy btc without it. Who knows if it will be required globally, but i doubt it

[Al-e_x]

you can not call that a downside in my opinion. as others said bitcoin is Pseudoanonymous but even if it was 100% not anonymous then it still would have happened the same way. the scammers will always find a way. how do you think they were scamming others all these years prior to bitcoin? they were using banks and other money transfer methods!

I agree with you. but it is a risk that cannot be controlled. scammer. criminals always find a better way to make destruction. but I want to know. how do you avoid scammers?

[Schirer]

There is very little anonymity on Btc and you should know that, it is posible to track transactions.
People have this misconception about btc and it is hurting btc.

[libert19]

Well, there should be a post saying, downside of cash. Because most illegal transactions happen with cash.

[Mr.Spreadthehamster]

bad guys will find a way to be invisible, with or without bitcoins. And anonymity will always be in demand among the bad guys and the good ones.

[dupee419]

I gotta admit that there really is a downside when having the ability to be anonymous when on making transactions in BTC, and this is why criminals and just simply bad people tend to settle their payments through BTC,  but these are all just negativities, what about tackling the positive things when you have anonymity, first of all is your protection, this is a major factor and I don't want those crybabies to be one-sided when we are talking about anonmyity in BITCOIN.