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Author Topic: IF I SEND BTC TO A FRIEND/FAMILY, DOES IT MEAN THEY CAN KNOW MY WALLET BALANCE?  (Read 483 times)
Kakmakr
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December 10, 2021, 09:15:21 AM
 #41

Well, you should in theory have several different wallets for different purposes. So say that you have a hardware wallet for all of your Pornhub subscription payments (joke) ...then do not send any coins from that wallet to your friends and family. You can have an Electrum wallet for all the family and friends stuff... (with only a small amount of coins, if you want to fool them)

I push my coins through a popular Mixer services before I transfer it to one of my wallets.. so nobody can trace it back to my main hoard.  Wink Yea, you pay some fees for that, but it is totally worth it for your financial privacy.  Grin

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December 10, 2021, 09:45:52 AM
 #42

They will know for sure unless if they don't have knowledge on how to trace the transactions. And if they got the interest about your wallet and wanted to know how much inside.

But if you were sending it indirectly like using mixing services, that gonna be impossible. Well, I suggest you use that if you wanted to keep your wallet anonymous from your friends/family members. However, it wasn't a problem if they know, you should be proud of it and likely they give thanks to you back then.

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December 10, 2021, 11:45:59 AM
 #43

If I transfer BTC to a friend/family, they now know my wallet address, correct? Does this mean they can see all the transactions I have done from that wallet? It seems like wallet information is public except for identity, but that would be forfeited once I make a transfer, right?
Yes they will know your wallet address since you are the sender but if the receiver doesn't know anything crypto related then he will not know your address Cheesy.
Since there is a thing called "blockchain" which acts as an online ledger then they will see all of your transactions unless you will use mixers.
That is the reason why Bitcoin is pseudo-anonymous because they can still track the owner.

If you don't want to forfeit and want to make your identity to be private, just use another address to send money to them though they can still track you if they will try to track that address' transaction. Maybe just use mixers so that you can keep yourself private whenever you will send BTC to your family or friends.

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December 10, 2021, 03:32:10 PM
 #44

and to the extreme it is also possible to find the wallet ID and find all other addresses belongs to that wallet if I am not wrong.
There is no such thing as a "Wallet ID" when it comes to the bitcoin protocol. Any centralized service which provides you with a "Wallet ID" is simply using it to process logins to their website or system. It is not recorded anywhere on the blockchain. Further, knowing a single address from one wallet does not allow you to calculate any of the other addresses within that wallet. You might be able to work out (with some assumptions) other connected addresses by looking at different addresses being used as inputs together in the same transaction, but if someone is careful not to link addresses in this way, then you might not be able to tell anything at all.
Most people don't really give attention to the spend from one specific address and that is why the dust attacks are still happening to trace the wallet balance it can be only avoided by freezing the particular address if we are using the non custodial wallet. But still there is a possibility to trace if the inputs are coming from multiple addresses so we can assume that it belongs to same wallet, sorry if I am kind of messed with because whenever I am talking technically I get confused what I am really trying to say  Roll Eyes

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December 10, 2021, 11:23:07 PM
 #45

Most wallets are a collection of addresses. These addresses are not intrinsically linked to each other, and simply knowing one address in a wallet does not let someone deduce which other addresses belong to that wallet.
I've had a question in my mind for a long time: Can someone somehow figure out the other BTC or ETH addresses of a ledger wallet?

Let me explain: Imagine someone gets 10 addresses from his ledger nano S, and he uses some of those addresses. Now, if someone else knows that address 1 belongs to that guy, can he somehow figure out the other 9 addresses belong to him? Does ledger themselves know? Can the government know about it? Can a hacker or a skilled programmer figure it out somehow?

And obviously I don't mean the simple case where they share transactions. They don't have any common Tx'.
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December 10, 2021, 11:39:45 PM
 #46

If I transfer BTC to a friend/family, they now know my wallet address, correct? Does this mean they can see all the transactions I have done from that wallet? It seems like wallet information is public except for identity, but that would be forfeited once I make a transfer, right?
Yes, when you are sending on a wallet like Bitcoin core. Electrum and other non custodial but if you do sent out on an exchange address then it cant really be traced up.

Dont know what you do mean about forfeited because balances cant really be touched nor be stolen from you as long you do hold your own private key of the said wallet.

They could know the wallet balance of yours but they do know that you are the ones been holding into?

R


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December 11, 2021, 10:34:28 AM
Merited by Emperor of Man (1)
 #47

Well, you should in theory have several different wallets for different purposes. So say that you have a hardware wallet for all of your Pornhub subscription payments (joke) ...then do not send any coins from that wallet to your friends and family. You can have an Electrum wallet for all the family and friends stuff... (with only a small amount of coins, if you want to fool them)
Another way to do this would be to use a different passphrase but the same seed phrase for each different wallet. That way, you don't have to resort to hot wallets and can have all your coins protected by the security of your hardware wallet, while still keeping them in entirely separate wallets.

Let me explain: Imagine someone gets 10 addresses from his ledger nano S, and he uses some of those addresses. Now, if someone else knows that address 1 belongs to that guy, can he somehow figure out the other 9 addresses belong to him? Does ledger themselves know? Can the government know about it? Can a hacker or a skilled programmer figure it out somehow?
In order: No, maybe, yes, and yes.

If I know one of the addresses from your Ledger wallet, and you haven't linked that address with any other addresses in a common transaction, then there is no way to link that address to any of your other addresses only through blockchain evidence, block explorers, etc.

However, if you use Ledger Live, then you connect to Ledger's servers and you send their servers a list of all the addresses in your wallet to receive the transaction history and updated balance, so Ledger can easily see all the addresses in your wallet. You can avoid this if you don't use Ledger Live, but if you substitute it with Electrum, for example, then whoever is running the Electrum server(s) you connect to will now see all your addresses in the exact same way. If you want to avoid this altogether, then you need to run your own node/server and connect to that instead.

If you connect to a third party server as above, be that Ledger, Electrum, or someone else, then that data can absolutely be shared with the government or any other third party. Also, if someone has infected your computer with malware, then they could similarly link your addresses when you connect your wallet.
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December 11, 2021, 11:30:25 AM
 #48

If I transfer BTC to a friend/family, they now know my wallet address, correct? Does this mean they can see all the transactions I have done from that wallet? It seems like wallet information is public except for identity, but that would be forfeited once I make a transfer, right?

All the balances and transaction history are publicly available. Your identity, however, isn't. If the ones you sent your coins to knows you personally, they can associate the address from which the funds came from to you, and they can tell that to everyone else as well or keep it to themselves. If you trust the ones who you will send your money to, I think this should be a non issue anymore.

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omone1
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December 11, 2021, 05:42:19 PM
 #49

Sure bro, they can scan your wallet via explorer and see what you got. This was how my friend and I tracked down a scammer who assembled a failed bitcoin mining machine for us in 2017, he was suppose to refund our money, he complained of been bankrupt but we tracked his previous bitcoin wallet and he has done over 40 BTC transactions and was holding 23BTC, when we confronted him with this evidence, he went into hiding although we later go to know he was into heavy gambling.
kucritt
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December 12, 2021, 03:54:10 PM
 #50

sure, they can see your balance, your transaction, and all thing history from your wallet, because bitcoin running in blockchain, its mean we can see all the information about the wallet. but if you dont have the private key, you will never can access it. so if you dont want to makes your friend or family now about your balance, just use the exchanger to send to them

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