#asknostr
#btc peepz. noob here. I saw few people mentioning that everything is traceable on the blockchain. btc is traceable.
But...
Am I right saying that people will ony put two and two together if you disclose your btc wallet? Is this a correct assumption? Btw this is in the assumption that you use nokyc.😉
please help? ta! ☺️
Yes, every transaction is on the blockchain so it is traceable. Blockchain Explorer is a good way to look at it https://www.blockchain.com/explorer/blocks/btc/864544
And yes, it’s only traceable if someone knows the wallet owner. There are forensic accountants who can figure out who owns the wallet even if it’s nokyc. They can trace things like spending habits on the wallet, addresses, and if the government is involved the physical hardware.
Now I understand why the appeal of Monero as a privacy transaction. 🤔
It makes sense! 💯
Yeah, that’s definitely a benefit to Monero! Also why mixers are popular because it’s a lot harder to trace a Bitcoin transaction when it’s been mixed through different cryptos and back to Bitcoin.
oh I see. this is very insightful! A lot to think about. ☺️👌🤔💭
Without #privacy the payment use case is hard to make. Would you accept all your bank accounts and financial transactions to be known to each person you pay with a credit card? Probably not, and there is no reason as to why this would be more desirable when using #crypto. #Monero fixes this.
Use lightning if you have to use BTC, more private than base layer, harder to trace.
ta! ✌️💯
With the proper knowledge, time, and money you can remain anonymous on Bitcoins blockchain. But you can *never* be private because everything is visible to everyone in the world even if they don't necessarily know who you are.
Yes, ideally you would buy no-KYC and Coinjoin often (but that will be relatively expensive and time-consuming). Most transactions are naively traceable because hardly anyone Coinjoins.
If you want anonymity *and* privacy, the future ultimately boils down to making your transactions on a second/offchain layer (ecash, lightning, drivechain, zkrollups, etc), or a privacy-focused blockchain (Monero, LitecoinMWEB, etc). Each thing has it's own advantages.
very insightful. is there a no-kyc ecash? Most of them ask for a long list of data about you. 😔 Or the one that works in Europe! ☺️
Really? I actually don't know of any ecash right now that requires KYC 😅 and the protocols are permissionless so anyone can spin up a mint that doesn't require it.
Ecash provides very strong privacy and anonymity within the mint (even from the mint itself), but one big caveat: It requires some trust since they are custodians. They can steal your Bitcoin or issue unbacked tokens (fractional reserve).
I sent you some ecash in a message you can claim and play around with
You can use a VPN to get around any geoblocking. I use Minibits but here are a few that don't require KYC:
ta will look into it! Haven't seen these ecash before so much appreciated! 👌💯👏
ENuts!!
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