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> because it's a method of anonymous payments Clarification: Bitcoin is not anonymous. It would be better to call it pseudonomous. The blockchain remembers tr
by thephyber 4y ago
> because it's a method of anonymous payments
Clarification: Bitcoin is not anonymous. It would be better to call it pseudonomous.
The blockchain remembers transactions and transactions on the main chain are public. Once an investigator gets access to a BTC wallet, they can understand where all of the inflows and outflows went. Even without access to the wallet, some of that can be pieced together from public blockchain data (assuming a single wallet is used).
My understanding is that other cryptocurrencies like Monero are far closer to anonymous.
Also worth mentioning that cash is anonymous (to the extent that your counterparties don’t track every bill’s serial number).
BTC’s value prop over cash is that it can be sent across distance/borders faster than cash can travel and ownership can be maintained with as little as knowledge of a few words.