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Author Topic: Privacy in Bitcoin  (Read 679 times)
o_e_l_e_o
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March 28, 2020, 08:31:22 PM
 #21

There was a time where  Bitcoins transactions were thought to be super private
No there wasn't. Bitcoin has never been anonymous.

One can actually trace the address and if a person uses the same address a lot of times it is really not hard at all to connect it to an identity because of the KYC that now every wallet needs .
Every wallet? What are you talking about? If your wallet requires you to complete KYC, then you are either using the worst-of-the-worst (and probably a scam), or you are not using a wallet at all. The only thing that requires KYC is an account on a centralized exchange, which is categorically not a wallet, and if you are storing your coins there long-term then you at high risk of losing them all. Any good hardware wallet, software wallet, paper wallet, mobile app, etc., does not require KYC or even an email address to use.

Further, any good hardware or software wallet will automatically generate a new address for each receiving transaction and a new address for each change output to prevent address reuse. If your wallet doesn't do this, again, you should change wallet.

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March 28, 2020, 08:56:47 PM
 #22

kyc is now implemented on this times and required to some service such as exchanges  , ico's investing  , etc but for sending btc and recieving this doesnt really require a kyc beause many wallets dont require it  .

and what you mean by freedom of speech ? i think that is different anymore   . we arent talking here but we are only paying or recivieving money however yes its true that bitcoin and cryptos are block or will require a kyc on some so its not possible that we can totally live anonymously using them  .

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March 28, 2020, 10:34:35 PM
 #23

There was a time where  Bitcoins transactions were thought to be super private but unfortunately one should understand that with the upcoming years with the advancing technologies people have identified it to be pseudo transparent .
Right from the get go, the thought of bitcoin to be super private was only the thought of newbies and inexperienced crypto user because it was stated before that bitcoin  procedure are run through an unprecedented range of transparency and all it transactions are publicly stored on the block chain.

One can actually trace the address and if a person uses the same address a lot of times
This are one of the precautions bitcoin user needs to stop doing but with the use of multiple wallet either some transaction which is hidden now can be unfold in the future and this is the reason why it good to use bitcoin mixer.

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March 29, 2020, 01:53:38 AM
 #24

Try to use monero if you want real privacy. And there are others privacy projects with better than btc privacy too

Also, you try to use ONION, better than Monero. I am sure the mods will delete this post for mentioning ONION. They did in another post already. I wonder why the post about Monero wasn't deleted yet.

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March 29, 2020, 05:17:04 AM
 #25

Also, you try to use ONION, better than Monero. I am sure the mods will delete this post for mentioning ONION. They did in another post already. I wonder why the post about Monero wasn't deleted yet.

You can ask in meta.

Right from the get go, the thought of bitcoin to be super private was only the thought of newbies and inexperienced crypto user because it was stated before that bitcoin  procedure are run through an unprecedented range of transparency and all it transactions are publicly stored on the block chain.

Finding the owner of an address is not as easy as it sounds though. What makes it easier to find who owns the address (identity, not some username in the internet) is either: it has lots of tx to an exchange address where the user has to undergo KYC, they use a payment processor that requires ID, etc.


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March 29, 2020, 05:56:19 AM
 #26

Isn't comparing freedom of speech to financial freedom kind of stupid? They argue about freedom, yes, but they have completely different notions if you think about it. Also, why the use of against? Idk if it was a grammar error but isn't it fight for it? Anyhow, just by using Bitcoin or crypto, you're already entitled to the privacy you want. The only issue that crops up with BTC usage is KYC, but there are still DEX's out there that you can try using. Not to mention the mixers that help in resetting the coins you currently own.

kyc is now implemented on this times and required to some service such as exchanges  , ico's investing  , etc but for sending btc and recieving this doesnt really require a kyc beause many wallets dont require it  .
Exchanges are platforms for you to buy and sell. You'd basically require KYC there. Wallets don't require KYC, yes, because you own those as a personal property. But if you were using an exchange to trade coins and fiat, you'd need to register up for KYC.

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March 29, 2020, 03:29:21 PM
 #27

Privacy is one of the reasons why Bitcoin is still in demand.
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March 29, 2020, 03:41:13 PM
 #28

Bitcoin transactions are transparent to all users while providing some sort of privacy because it's no easy to know which address belongs to who unless they let you know or that person involved in KYC which was not aimed. Blockchain aimed  to go anonymous so people would have freedom financially
Privacy provides freedom, but Countries citizen fight against freedom of speech and forgot that speech will not give wealth financially, We Are and must fight against financial freedom in a modern way as Blockchain do until we all involve in Bitcoin and general cryptocurrencies.
I think the main ideas have been mentioned in the thread already, but I will try to summarise:
Bitcoin never aimed at anonymity. If it did, there would not be a blockchain where every transaction is available to anyone, it just doesn't make sense. However, it does not mean Bitcoin has nothing to do with financial freedom, it's just that this freedom can be understood in a different way. Namely, financial freedom can be freedom from the authorities that centralize and regulate money. And this decentralization is definitely the goal of Bitcoin.

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March 29, 2020, 03:55:43 PM
 #29

Blockchain aimed  to go anonymous so people would have freedom financially

no, anonymity was never the goal. the main goal was to create a "decentralized" system that nobody can control so that they can not put their hands in your pocket and/or dictate how you use your own money. and that is how it gives you financial freedom.
Anonymity was never the intention of the creator to build but instead a decentralized network, have it a check okay , but inside that decentralization is the anonymity of the users coz you cannot just run above with those names. So to be anonymous was never the goal but it's part of achieving the goal, imagine if bitcoin privacy does not let anyone anonymous every person that will encounter it would just let it pass. For it does not define the financial freedom, it's not even free when you're spending it, so I guess it won't define that term.
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March 31, 2020, 07:47:43 AM
 #30

There are some portion that I believe that Bitcoin provides anonymity, but you can never know who holds the coin itself.
Decentralization isn't equal to anonymity.
Decentralization , as aimed towards Bitcoin, is simply for the freedom and power for people to keep their coins as much as they want to without worrying about the authorities that surely taxes us a lot.

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March 31, 2020, 12:46:11 PM
 #31

KYC is needed for additional protection of our funds from various unpleasant situations, personally I do not see any special threats for myself if I use this. On the contrary, it can save my money in case of some very big problems, which I hope will not happen.

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March 31, 2020, 03:10:42 PM
 #32

KYC is needed for additional protection of our funds from various unpleasant situations
From what situations? KYC doesn't protect your coins in any way shape or form. If you are holding your coins on a centralized exchange, then your risks are from someone compromising your account or from the exchange themselves. KYC doesn't add any more security to stopping your account from being hacked, being phished, your email being hacked and password reset, etc. KYC also doesn't stop the exchange from freezing your account, confiscating your coins, exit scamming, being hacked, etc.

KYC reduces risk from the exchange's point of view, but KYC only ever adds risk for the individual. It doesn't help protect your coins at all, and means that not only are you risking your coins but also risking your identity.

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March 31, 2020, 03:47:22 PM
 #33

I was shocked by the extent of where you will compare it.
Freedom of speech is way different than having a decentralized coin.

You said it already, it is transparent, there is record of every transaction that will happen.
Democracy is different, it is about people having more rights.
While in bitcoin, it is more like not having an owner (boss, whatever they call it) but for the people only or those who owns bitcoin themselves.
Manipulation is the only problem within it, since the rich could buy most of it by now. But of course there will be a solution for every problem.

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March 31, 2020, 03:57:55 PM
 #34

If you compare Bitcoin now with the time when it first appeared we can see that it has lost a great deal of privacy. Transactions have become more traceable.and users easier to identify, KYC has become the standard.
However, that doesn't mean that privacy is completely lost, it's still bigger than in dealing with fiat money but you can't stay completely anonimous anymore, there are ways and methods for identification, at least in one part.

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March 31, 2020, 03:58:36 PM
 #35

~~~~~ Blockchain aimed  to go anonymous so people would have freedom financially
Privacy provides freedom, but Countries citizen fight against freedom of speech and forgot that speech will not give wealth financially, We Are and must fight against financial freedom in a modern way as Blockchain do until we all involve in Bitcoin and general cryptocurrencies.

You missed this up comrade, Blockchain is the decentralization we talked about and not the anonymous which you refers here.  Blockchain being a decentralize technology doesn't allow anyone to control its data but always present transparency. My concerns to bitcoiners these days is, They prefer using KYC and not reason the negative impacts that will cause them in the future of their life if the data is hack. Say no to KYC today.

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March 31, 2020, 04:10:16 PM
 #36

KYC is needed for additional protection of our funds from various unpleasant situations, personally I do not see any special threats for myself if I use this. On the contrary, it can save my money in case of some very big problems, which I hope will not happen.

What exactly do you mean with "KYC help us keep our funds from unpleasant situations, please?", that's not correct. Let's imagine the said data you use for KYC then get hack from these exchanges and been used to commit crimes, then what do you think will be your fate then?. The negative impacts of KYC will always hurt but this many individuals never think of but its real, hacks have be going on and will still continue. Let's be more careful with our personal data, cryptocurrency was intended to be anonymous and not what we have seen with many today.

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April 03, 2020, 01:57:22 AM
 #37

Bitcoin transactions are transparent to all users while providing some sort of privacy because it's no easy to know which address belongs to who unless they let you know or that person involved in KYC which was not aimed. Blockchain aimed  to go anonymous so people would have freedom financially
Privacy provides freedom, but Countries citizen fight against freedom of speech and forgot that speech will not give wealth financially, We Are and must fight against financial freedom in a modern way as Blockchain do until we all involve in Bitcoin and general cryptocurrencies.

I’ve read somewhere in a certain discussion here in this forum as well that the UK wants to monitor the Bitcoin activities and the US is proposing that there is more transparency in Cryptocurrency. I think what their governments are trying to exercise is their governance in this type of industry at the same time protecting those who transact and who you will be transacting with. I think it’s important that as a user of bitcoins you are able to preserve your privacy at the same time, give just enough information so that activities will be monitored. In this case, one will avoid illegal transactions.
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April 03, 2020, 04:08:24 AM
 #38

Bitcoin transactions are transparent to all users while providing some sort of privacy because it's no easy to know which address belongs to who unless they let you know or that person involved in KYC which was not aimed. Blockchain aimed  to go anonymous so people would have freedom financially
Privacy provides freedom, but Countries citizen fight against freedom of speech and forgot that speech will not give wealth financially, We Are and must fight against financial freedom in a modern way as Blockchain do until we all involve in Bitcoin and general cryptocurrencies.
Well said mate, there is private thing about the bitcoin transactions because it is really essential thing and those essential things are meant to be secured so they put it in private transactions. It will also gives privacy to the person who has so big amount of money in his or her e-wallet because as we all know those rich people are hackers and scammers want. So if the transactions in bitcoin is not private then the hackers will know who the person behind the big transaction of money which is really dangerous for them. So basically it is a good idea that this thing made to be private.

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Privacy provides freedom, but Countries citizen fight against freedom of speech and forgot that speech will not give wealth financially, We Are and must fight against financial freedom in a modern way as Blockchain do until we all involve in Bitcoin and general cryptocurrencies.
Actually, freedom is really important in one country, freedom will make people not to fight against government, because those people who do not experience freedom are tend to think to fight against government.

Privacy is a human right and we should respect each and everyone's privacy. There is a law regarding it and it is what we called "Privacy Law" and it deals with the personal information of an individual, including financial and professional information, address, contact and etc. Every transaction using cryptocurrency must be private because scammers and hackers can use your identity if they enter and know your account's privacy. That's why we need to improve or enhance our security when we are managing our personal accounts. Freedom will make us comfortable and let us live our lives with the use of cryptocurrency. Freedom will give us power to make our own future and destination so that we will have no regrets during our cryptocurrency experience. The importance of privacy is that you will have your own identity and at the same time you can manipulate yourself.
No matter how much we would like to have complete financial freedom, we still won’t succeed. The interests of society and the state have always been above personal interests. In a civilized society, privacy is protected by law, but it does provide some exceptions. In society, there must always be a reasonable balance between the interests of states and the individual. The state provides for cases when it has the right to interfere in our privacy and intrude on our privacy and restrict it if it considers that individual citizens abuse their rights and have caused or may harm the interests of the state or individual citizen. Thus, a certain balance of our rights and obligations was and always will be.
States are unlikely to allow further confidentiality and especially complete anonymity of decentralized cryptocurrency in the future. Some states, primarily Japan loyal to cryptocurrency, have already banned the use of cryptocurrencies with a high level of confidentiality and anonymity, including Monero.
Bitcoin has a certain degree of confidentiality and relative anonymity.
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April 03, 2020, 05:18:54 AM
 #39

BTCitcoin allows you financial freedom.
I have been receiving payment in bitcoin and cryptos for three years because I was looking for a job. I am free to choose a Bitcoin wallet and receive my payments for an unemployed person who receives payments in Bitcoin is great.
When you can't find a position in the traditional job market and you decide to enjoy digital money for your daily needs, savings, and handle the volatility.
Bitcoin is made for you!
You decide what privacy to take with your Bitcoin activities; everything will depend on your environment.

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April 03, 2020, 05:48:32 AM
 #40

The decentralization that is handled in Bitcoin is unique, however many enemies of Bitcoin have tried to defeat it, 100% anonymity can not be achieved, even if you enter the DeepWeb from Exchanges from there there will always be traces so you go to Monero, privacy coins are not entirely anonymous, there will always be traces like this using Blockchain sidechains.


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