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> Bitcoin [..] an untraceable alternative to an official government-backed currency (the dollar). I know people even in tech aren't aware of this: Bitcoin is a
by rakoo 13y ago
> Bitcoin [..] an untraceable alternative to an official government-backed currency (the dollar).
I know people even in tech aren't aware of this: Bitcoin is actually the most traceable currency ever made by man.
Every single unit can be traced down to who generated it. If an account suddenly receives a lot of money, anybody can trace it back to who emitted the coins. And if you have special rights to know who's behind an IP (ie any police force in the world), then you know which individual is involved.
Bitcoin is the best way to keep a trace of all exchanges. Please don't spread the wrong assumption that you can hide with it.
- tinalumfoil 13y agoThe issue is, unlike a bank account, the bitcoin address is not attached to a person. If I'm using Tor, I can make it almost impossible to trace me. If I'm using a bank, the government won't even need to do anything, as the bank will contact the FBI for large transfers or give them information as needed.
- rakoo 13y agoYes, if you're using Tor. My point is: Bitcoin doesn't hide anything; Tor does, whether you're using it for paying hitmen with bitcoins or sexting with XMPP. It's the Tor part alone that does it all.