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> In some cases Some might prefer to keep their bank from knowing exactly what theyre spending money on even tho it’s perfectly legal e.g. paying for porn, supp
by mywittyname 6y ago
> In some cases Some might prefer to keep their bank from knowing exactly what theyre spending money on even tho it’s perfectly legal e.g. paying for porn, supporting a political dissident etc.
Wait, wouldn't everyone who has your wallet id know what you spend your money on if you use crypto? It is a public ledger. I mean, you could go through the effort of trying to hide it by using various wallets, but that only adds plausible deniability.
If someone at your work or bank decide to track the BTC they give you, I'm pretty sure they will start picking up on spending patterns.
- ibeckermayer 6y agoI’m not a crypto expert, but I’ve researched this some myself and believe that’s all true. There are “privacy-coins” like Monero which obfuscate this, however afaict KYC laws make it impossible to use legally for commercial purposes.
- iorrus 6y agoI was more thinking along the lines of what’s this PayPal deposit to “furry art 4 u” (not my thing btw) or “Free Ross Ulbrict” with the mortgage advisor rather than anything requiring block chain analysis. How would anyone at work know your block chain wallet hash? It’s a cryptographically generated hash not linked to any personal ID. People can see that money is moving around to different address and if law enforcement or mortgage advisor requested the exchange account details they could see you deposited this money in this address and then it moved to this address etc, but it’s not trivial to identify who owns any of those address once it’s left the exchange wallet. If I was dealing with work people and trying to isolate them from other transactions, I’d just generate a separate wallet address for them which is trivial.