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Cryptocurrency for Beginners

Is Bitcoin UNTRACEABLE OR TRACEABLE? [SOLVED✅]

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Bitcoin is uses a public ledger technology called blockchain.This works like public spreadsheet with a complete record of all the transactions.

Is Bitcoin Untraceable or Traceable?

Bitcoin is a currency, a bank, a payment gate and also A DATABASE.

Each and every transfer of Bitcoin is recorded on the Blockchain which works like a spreadsheet.

None of the entries can be modified.

 

Is Bitcoin Untraceable?

No, Bitcoin is not untraceable if you buy them of an centralized cryptocurrency exchange such as Binance or Coinbase.

ALL Bitcoins are traceable thanks to the blockchain Bitcoin runs on.

The Bitcoin Blockchain is like a spreadsheet that everyone can see and most importantly, EVERYONE CAN ACCESS.

Anyone can easily view all the wallet addresses a Bitcoin (or pieces of Bitcoin) have been transferred to from the moment the Bitcoin has been mined.

 

 

How are Bitcoins traceable

Bitcoin uses a public ledger technology called blockchain.

This works like public spreadsheet with a complete record of all the transactions.

All records of Bitcoin transactions from one Bitcoin wallet to another is recorded in this spreadsheet.

Anyone can log in and view all the Bitcoin transactions without special permission.

The only way for Bitcoin been traced to a person is if the wallet is registered to a person.

 

Is Bitcoin NOT being Untraceable A BAD Thing?

Yes, Bitcoin not being untraceable is a very bad thing for privacy.

It means that any body can enter your Bitcoin wallet and see how many Bitcoins you own as well as which wallets they were transferred to.

So, imagine making a bank transfer to a store and that store could see how much money you have and also see the balance of the person who gave you that money.

 

Bitcoin has zero privacy, so now what?

Altcoins where created with the purpose of improving Bitcoin’s shortcomings.

For example, privacy coins such as monero and ultra-note were created as privacy solutions.

Erc-20 tokens (Ethereum tokens) were created because many argue that Bitcoin mining consumes too much energy and bad for the environment.

The problem with Altcoins however is that they don’t have the early miner cushion like Bitcoin and can easily lose97% of their value.

Bitcoin still remains King

Despite all of its flaws Bitcoin still has the first player advantage and the biggest player in the cryptocurrency market.

As investors enter the decentralized cryptocurrency rabbit hole, they eventually understand why governments are creating their own Digital Currencies.

While Bitcoin is an interesting investment because of its volatility, true adoption could potential result in a sacrifice in privacy.

 

 

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