Is Bitcoin really anonymous?

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January 1, 2017
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January 5, 2017

Is Bitcoin really anonymous?

Maybe you already know but the answer is NO.

 

Why not? Because all Bitcoin transactions are stored on a public site known as the blockchain, people might be able to link your identity to a transaction over time. Some companies offer various tools such as Bitcoin mixers to help achieve greater privacy, but it takes a huge amount of effort to use Bitcoin anonymously. If you have doubts and you want to avoid trouble you may want to follow your country’s tax regulations regarding Bitcoin.

 

What can you do to be more anonymous?

Well, in your wallet app or site you might notice that it generates a new address each time you ask money to someone or you simply generate a new one, that feature may improve your privacy, but don’t guarantee complete anonymity.\r\n\r\nYou can also use tools like Multibit which allow you to manage several wallets from the same client or SharedCoin supplied by Blockchain that mixes your Bitcoins with other users coins so that it’s harder to analyze the history of the transactions.

Other less conventional methods include hiding your computer’s IP address and using mixing services which trade out your bitcoins for ones with a different history.

 

Partial source: bitcoinsimplified.org

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