Bitcoin and Privacy Issues.

[Etini]

Bitcoin is the pioneer Cryptocurrency that ever existed. One of the major selling points on Bitcoin is it's privacy and security. In this post, I am going to take a closer look if privacy and security are truly guaranteed with Bitcoin transactions.

First of all, I I have to state that with Bitcoin, you don't need to reveal your identity. This means that you can send money to someone and the person cannot trace who sent the funds if you don't tell them. Secondly, the Bitcoin blockchain which is a public ledge that records all Bitcoin transactions only shows a uniqie identifier known as Bitcoin address.

Also a user can use multiple addresses. This is in a bid to further boost their privacy. They spread the balance of their Bitcoin across multiple addresses. There are other services on the Bitcoin network that helps with privacy concerns. Typical examples of these services are mixers. This works by pooling transactions from multiple users together. This makes it very difficult to be able to trace any individual transactions on the blockchain.

I personally believe that privacy is prioritised within the Bitcoin network. You can stay anonymous while making transactions on the Bitcoin network.

 

[Suba]

In general, privacy and security are needed in every cryptocurrency transaction, especially Bitcoin. Some Altcoins already have privacy features that can hide their transactions, such as Monero (XMR), Dash (DASH), PIVX (PIVX), Zcash (ZEC) etc. Meanwhile, to be able to hide Bitcoin transactions or be more private so that it is difficult for hackers to track them on the blockchain, we can use a Bitcoin mixer platform such as the Wasabi wallet, Unijoin, Sinbad.io etc. Whereas if you want a high level of security you can use a crypto wallet that supports multisig like Bitcoinarmory.com, Whalesheaven.comm Electrum.org etc.