Privateness and Anonymity in Bitcoin


Slides of my presentation:

Privateness: Issues that an individual does not wish to share with everybody

Anonymity: Share issues with everybody however not be related to you IRL

When contemplating Bitcoin Protocol or Chain, these phrases are complicated or used at lot of locations with out mentioning the distinction. To realize anonymity in bitcoin transactions (Actual id shouldn’t be linked with bitcoin transactions), customers ought to comply with greatest practices and nonetheless think about that no know-how may also help in 100% anonymity. Privateness is concerned at totally different ranges whereas utilizing Bitcoin. If contemplating full node, lot of knowledge is concerned that you just may not wish to share with different nodes or not use others nodes and use your personal node. Working node over Tor or i2p additionally helps in avoiding actual IP being linked with any transaction. As soon as transaction is confirmed and even within the mempool, everybody can have a look at the tackle, quantity and different particulars which can sound much less personal however this data just isn’t actually useful for any spy till it’s related to actual id or any KYC change and so forth. Final however not least, by no means share details about your transaction on social media.

Issues go flawed when you do not comply with the very best practices. Examples are many however one:

Basic items:

  1. Use your full node

  2. Don’t re-use addresses

  3. Use coinjoin and payjoin when required

  4. Don’t share details about transaction on social media

  5. Use non-KYC exchanges like Bisq for buying and selling

Bitcoin blockchain is like individuals sharing their nudes, everybody can see them, they’re all blurred, few have details about actual face and so forth.

Transactions being public does not make Bitcoin much less anon or personal. Privateness and Anonymity will depend on the person, system and their interplay. There’s at all times scope for enchancment.

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