Okay ill be honest what's the point of coinjoins? I'm a stupid pleb that has a hard time understanding concepts.....what is the use case for coinjoins??
Discussion
Your usage of bitcoin is publicly viewable. If you have a bitcoin address attached to your identity, such as if you bought from a KYC exchange, then the Feds and anybody else can and do see the contents of your wallet and all of your spends. They actively look for it, trying to attach this information to your identity.
Conjoins break the links so they can't trace your bitcoin back to you.
Okay see put this way it makes sense why people would use coinjoins. You don't need uncle sam looking over your shoulder all the time. I like this. Thanks nick
1) Privacy for future payments. If u dont coinjoin your btc, especially if you bought from an exchange, its clear who is using the bitcoin.
2) if u dont coinjoin and make a purchase with your btc and its all in one utxo...then someone can see all your past payments and how much btc you have. Coinjoining rids this paper trail.
Thanks Brian that makes alot of sense actually.
Gratitude from a fellow stupid pleb 😆 for asking the question!
😂 I was always told there aren't stupid questions just stupid people...I'm willing to take one for the team.