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Author Topic: Privacy in Bitcoin  (Read 679 times)
o_e_l_e_o
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April 07, 2020, 01:36:15 PM
 #61

If you think that in the modern world it is possible to remain anonymous 100%, then you are greatly mistaken.
I never said it was. If some three letter agency with a budget of billions of dollars is coming after you, then yes, it's going to be very hard to remain anonymous. That's hardly an argument for just throwing your hands up in despair and giving up on privacy, though. There is a big difference between being a focused target of a state-level agency and willingly handing over all your details to the complete strangers behind some two-bit web wallet and the third party ad companies who pay them.

At the moment, CoinsBank suits me and for 3 years they didn’t give me reason to doubt, transactions take place without delays, I am satisfied
Transactions taking place without delays is really the bare minimum metric to measure a wallet by. You are completely ignoring the massive invasion of your privacy as I outlined above, and the massive risk to your coins you are taking by holding them in a third party custodial wallet. Using a custodial wallet means you could lose access to your coins, or have them stolen, at any time for a myriad of reasons you can do nothing about.

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April 08, 2020, 06:46:53 PM
 #62

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 .
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 .
Yes some wallets are exceptions like the hardwares , paper wallets and other wallets which does not require KYC but that does not stand for most of the people out there.

Unfortunately, that's the harsh truth Bitcoin is facing today. It was once thought to be private, only to be discovered that anyone can link your identity with any given address' transactions on the public blockchain network. I believe that most people had the misconception of Bitcoin being private in its early days since there were little to none block explorers across the web. Despite Bitcoin's transparency, it's still possible to perform private transactions on the BTC blockchain by relying on diverse solutions within the crypto space. You can use a new BTC address for each transaction you're going to perform on the network, use a wallet with a built-in mixer (like Wasabi Wallet or Samourai), or even use a Bitcoin mixer service online. Additionally, is possible to send BTC to many addresses at once on a single transaction to save both on fees (Batch Transactions) and even increase your privacy.

If you're still not comfortable enough in using Bitcoin privately with the aforementioned solutions, there's always the choice of using a privacy-oriented coin for your utmost sensitive transactions. Both Monero and Grin fit the bill nicely as they're private by default. You'd simply send "x" amount of coins on the Blockchain without having to recur to a separate solution. The process is simple enough for anyone to understand. Under the hood, privacy coins like Monero and Grin obfuscate your transactions making it nearly impossible for governments or other third-parties to track & trace your activity on-chain. It's said that Bitcoin has some sort of privacy within the Lightning Network, since transactions are performed in an off-chain manner.

Nonetheless, the decentralized nature of crypto allows you to circumvent KYC whenever it's necessary. If you want convenience over censorship-resistance, then verifying your ID would be the best path to take. But if you care about privacy, then I'd suggest you either trade your Bitcoin personally to Fiat or use one of the aforementioned solutions/methods to remain as anonymous as possible. Most people don't know that Bitcoin is not private by default, leading them to believe that their identity is safe from "prying eyes". With proper education, people will be encouraged to preserve their privacy on the Blockchain whenever it is necessary. Just my thoughts Grin

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April 08, 2020, 06:54:52 PM
 #63

All people can track bitcoin transaction, even if you need to make a transaction anynomously I'll suggest to choose money fiat to do it, I mean using money paper not digital money like in your bank account. There is missconception against bitcoin anynomity. Because in the fact, there are a lot poeple who consider that transaction using bitcoin is can't be tracked by people and it was wrong unless you use bitcoin mixer (although there is many cases where bitcoin mixing service failed to do that).


What you are trying to say is that, bitcoin transaction can be tracked obviously because blockchain adds it up to the chain that can be viewed publicly however the sender and receiver's data is completely anonymous even the place of transaction that has been made is completely unknown. That is why bitcoin is also used for illegal activities like money laundering coz some people found bitcoin doing best at this  thing.

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April 10, 2020, 06:15:41 PM
 #64

What you are trying to say is that, bitcoin transaction can be tracked obviously because blockchain adds it up to the chain that can be viewed publicly however the sender and receiver's data is completely anonymous even the place of transaction that has been made is completely unknown. That is why bitcoin is also used for illegal activities like money laundering coz some people found bitcoin doing best at this  thing.

Bitcoin is rather pseudonymous than anything else, because your transactions are entirely public on the Blockchain. Of course, no one can tell who you are by directly looking at addresses and transaction hashes on-chain. Still, it's possible that the government manages to link your identity with an specific transaction or Bitcoin public address. That's because the blockchain ledger is open for anyone to explore at will. With privacy coins like Monero and Grin, it's nearly impossible for anyone to lookup an specific address or transaction hash using a block explorer of their preference. In the case of Monero, for someone to be able to explore all of your transactions you'd need to share your "view key" with that person. Without it, there's no way to tell how many coins you have or which transactions have been sent/received across the Blockchain.

Nonetheless, Bitcoin still enables you to perform private transactions either on-chain or off-chain. You'd need to have some knowledge on the different privacy solutions available within the Bitcoin ecosystem in order to obfuscate transactions from the general public as much as possible. For on-chain transactions, you can use Wasabi Wallet, the Samourai Wallet, or even Bitcoin mixers. Transactions performed in an off-chain manner using the Lightning Network or offline, are private by design. As long as you rely these workarounds, you'll be able to achieve privacy on Bitcoin without having to recur to another cryptocurrency. There's the always the choice of exchanging Bitcoin to a privacy coin like Monero or Grin, if that's not enough for you. Whichever way it is, Bitcoin is as private as you want it to be. Just my thoughts Grin

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April 11, 2020, 12:28:11 AM
 #65

sender and receiver's data is completely anonymous even the place of transaction that has been made is completely unknown.
Not necessarily. There are many ways that the sender of a bitcoin transaction could be de-anonymized. The IP address that broadcast the transaction, for example, or if you have made the transaction from any of the multitude of exchanges, web wallets, or other online custodial services.

That is why bitcoin is also used for illegal activities like money laundering coz some people found bitcoin doing best at this  thing.
This is often repeated, but has very little truth behind it. Studies have shown that less than 8% of bitcoin sent to mixers to be anonymized are from illegal or criminal activities, meaning that of the much larger pool of bitcoin in general circulation, only a tiny percentage is being used for money laundering. This is exactly because of the public nature of the blockchain. Using a currency which has a publicly viewable record of every transaction isn't exactly a great choice if you are trying to launder money. Cash remains king for criminals.

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April 11, 2020, 12:35:18 AM
 #66

I think BTC's  main policy is anonymous transaction, i like it and some how good for me for invest. I really don’t want to share who sent me that's my privacy           

Bit the thing here is that bitcoin is not really anonymous, it is pseudo-anonymous. Decentralization is the main reason why bitcoin is created, faster transactions and lower transaction fees. Another thing is that, if people know your bitcoin address, they would be able to track the transactions you have just by searching your address in the blockchain.
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April 12, 2020, 06:32:55 PM
 #67

Its not just about privacy but also security for you money. For those looking for the most secure Bitcoin wallet for Iphone Coinbase keeps 98 percent of customer funds in cold storage. What this means is that funds are kept offline so that know one can hack or get your money. They also distribute Bitcoin geographically in safe deposit boxes and vaults around the world. As a precaution they even insure each user up to 250k. They also make you use 2 step verification on all accounts using your mobile phone. Bottom line your money is secure. On a side note I have been using Coinbase now for the last 5 plus years. You can learn more about them here https://fliptroniks.com/most-secure-bitcoin-wallet-for-iphone/.
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April 12, 2020, 08:34:31 PM
 #68

Ummm.... Seems like you're kinda mixing up the words.... I wont point at all of them but this one
Quote
We Are and must fight against financial freedom
Seems to be odd. We aren't fighting against financial freedom 🤷🏽‍♂. We're meant to fight for it, win it, and enjoy it.

Get a wallet and move some BTCs, here's mine: [12GZz7hegu8VCkJYHSuP3WTXg7LGXgL1vT]
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April 12, 2020, 10:59:18 PM
 #69

This is the advantage of bitcoin that I like is privacy, which is not owned by fiat currency. Although cryptocurrency maintains privacy,
but transparent too. Because every transaction can be seen on the blockchain network, this is what we must fight for now. So if
the government legalizing bitcoin will create a healthy economy. Because bitcoin besides being used as payment, it is very good for
investment too.

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April 12, 2020, 11:22:09 PM
 #70

-snip-
Coinbase is a custodial wallet, which means that you do not control you own private keys, and instead Coinbase have completely control over your keys and therefore your coins. You do not own any coins that are in your Coinbase wallet. Coinbase own them, and simply "promise" that they will let you withdraw them when you ask. Except sometimes they decide not to. Sometimes they decide they want you do undergo more invasive KYC, or submit more documents. Or sometimes they don't like where your coins came from, or where you want to send them. Or sometimes they freeze your account. Or sometimes they shut down your account completely.

Further, Coinbase's insurance only protects you if their servers themselves are hacked, which makes up a tiny minority of successful hacks on web wallets and exchanges. The vast majority of attacks are by attackers breaking in to individual accounts, either by guessing or resetting your passwords, breaking in to your associated email accounts, installing keyloggers, redirecting you to phishing sites, and so on. If your coins are stolen this way, Coinbase will not refund them.

The bottom line is that the least secure way to store bitcoin is with a third party. If you want security for your coins, then store them yourself in either an airgapped or a hardware wallet.

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April 12, 2020, 11:45:21 PM
 #71

Well, bitcoin does offer freedom, but breaking the rules and fighting against the government is not part of that freedom. We must be wise in addressing this matter, the government set rules there must be a purpose. Understand the rules well, then take advantage of the opportunities given or allowed, so that we can still earn money from crypto and become good citizens by obeying the laws and regulations Smiley

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April 13, 2020, 12:59:53 AM
 #72

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

do you know? the difference between a fool and a smart person

only stupid people who want to do KYC,
they are people stupid giving data like ID cards, passports, home addresses and other complete data.

Smart people will protect their data from anything
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April 13, 2020, 01:50:09 PM
 #73

Some of OPs point doesn't add up. There's no privacy in because of it's blockchain and it isn't necessary to know who owns the wallet address because they don't have name a tag but just some alphanumeric characters. The blockchain just serve as a chain where all transactions are stored and can be tracked without losing them or deleting them.
We all that already into the tech already know how it's benefits and must fight for financial freedom and not against it.

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April 14, 2020, 06:47:42 PM
 #74

Not necessarily. There are many ways that the sender of a bitcoin transaction could be de-anonymized. The IP address that broadcast the transaction, for example, or if you have made the transaction from any of the multitude of exchanges, web wallets, or other online custodial services.

The real obstacles for privacy are centralized exchanges which require you to submitting personally identifiable documents. You may try any of the workaround available across the web to achieve privacy on Bitcoin, but if you go through a centralized exchange, your efforts will be in vain. For those that are paranoid on achieving full privacy, it's best to rely on a decentralized exchange for crypto-to-crypto trades. Only use a centralized exchange if you feel the need to cash out your coins into Fiat (or trade crypto to Fiat in a P2P manner if you want to maintain your anonymity).

For direct Bitcoin transactions, there are many solutions available which allow you to achieve privacy on Bitcoin (like the ones I've mentioned previously). But if that's too complicated for you, I'd recommend you use coins which are private by default (such as Monero and Grin). As for me, Bitcoin is all I need to achieve censorship-resistant transactions in the most private way possible. With crypto's recent developments, it's now possible to do many of the things you do on altcoins right on the Bitcoin blockchain itself. Privacy, smart contracts, and instant payments can be achieved on the main Bitcoin blockchain without the need to use another cryptocurrency.

If you're serious about privacy, just connect to a VPN, use Wasabi wallet or Samourai wallet (using the "Whirlpool: feature), and you're good to go. There's no such thing as 100% anonymity since nothing it's perfect. But it's better something than nothing. Smiley

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April 14, 2020, 07:05:06 PM
 #75

Only use a centralized exchange if you feel the need to cash out your coins into Fiat
This is the worst possible use for a centralized exchange. It is impossible to use a centralized exchange to cash out fiat without at the very least linking a bank account, which gives the exchange your real name and bank details. The vast majority of exchanges will ask for far more than that and want full KYC. You've now linked your real identity to any bitcoin addresses you used to deposit to that exchange, and any addresses which are obviously linked to those one. Decentralized peer-to-peer trading is most useful for trading fiat.

If you're serious about privacy, just connect to a VPN
VPNs do not ensure privacy. If you are serious about privacy, you should be using Tor.

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April 15, 2020, 04:17:39 AM
 #76

Privacy in Bitcoin is good and amazing . If you don't share any information of your Wallet then this is looking impossible to hack blockchain technology.
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April 15, 2020, 04:43:49 AM
 #77

You can always use a mixer to increase privacy. Use your bitcoin addresses only once too.

Privacy is essential in many aspects, always keep your privacy and never let anyone to have access with that. It is never easy to retrieve an account if it gets hacked and those information are the most important thing because it includes your identity. If you're a bitcoin holder, you must take care of your account. Every wallet is essential and it contains a lot of money and information and we should take responsibility of what we have in our wallet. Bitcoin is not easy to manipulate and to acquire so that we must think before we do some actions that will put your account wallet at risk. Increasing privacy in our account will help us to become more comfortable and confident with our bitcoin wallet.
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April 15, 2020, 05:44:41 AM
 #78

what the government dislikes bitcoin about is its anonymous nature, so the government made some policies like KYC so that it could erode the principles of the blockchain itself. however, the reason for that is money laundering and other crimes. Well, however, it's quite difficult to find fiat exchangers who don't do KYC, especially if it's in large quantities.

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April 15, 2020, 07:53:54 AM
 #79

Privacy is just a bonus but you can make it possible when using some mixer but you need some advanced knowledge to use it. Bitcoin was never been made to hide everything from the transactions to the amount of BTC you are receiving. nevertheless, as long as we used it on a legal way, there's nothing to worry about it since Bitcoin right now has been known as a top currency in the world.

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April 15, 2020, 08:49:50 AM
 #80

Anonymity was not the goal for bitcoin. The most important thing is that no one can control this system
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