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Bitcoin: anonymous digital encryption and the other view


Yes it is not new, Bitcoin does not offer anonymity. Recently, and following the closure of two large illegal markets in Dark Web, a new debate began on how bitterly Bitcoin is ultimately anonymous, and whether transactions are safe.

The way the Bitcoin network works is quite technical and has to do with terminologies found in encryption systems, where the key is the blocks, and the confirmation of transactions.Bitcoin

The anonymity of electronic wallets is what makes the anonymous owners of bitcoins, which seems to be the main reason they are undetectable. The system is designed so that each new block will corroborate both the authenticity and the previous block.

The process of confirming transactions through solving each block is called mining and the people involved with computational power are called miners.

According to the definition given by WikiPedia, Bitcoin is based on open source protocol software. Therefore, the source code of the software is public and available to anyone wishing to check the details of its operation. The above principle allows anyone to freely and freely copy and develop their own software based on the existing one.

To the benefits of digital coin, WikiPedia reports:

Transaction privacy: Each user can create, through the software, almost an unlimited number of addresses through which to execute his transactions. These addresses are pseudonymous, so they do not have any direct connection with the actual data or the user's location, although they have identifiable features to be identified by the network. In this way, the user can retain his privacy by dismantling his transactions from his personal data.

How secure is Bitcoin

This does not mean the definition of anonymous transactions as all transactions are published, and even if one transaction has a known (public) recipient, it may be possible to extrapolate from additional information or the identity of the user. This is also the main reason why the use of bitcoins is not appropriate for large-scale trading of illegal activities, as the trade trace not only does not disappear over time but remains available for consideration by everyone and forever .

A story from within:

BitMixer, the world's most popular Bitcoin blending service, announced last week's closing of the company.

Bitcoin blending is a process of getting money from an account and breaking the amounts into hundreds or even thousands of smaller transactions for transferring them to other accounts.

For years, they believed Bitcoin's mix is ​​a very safe way of transferring funds anonymously from one account to another, mainly because there was no technology to track all transactions and reveal the destination account.

BitMixer: Bitcoin has no anonymous design

In a statement, BitMixer owners said they stopped their service when they realized that Bitcoin was a "transparent, non-anonymous system by design".

In recent years, companies are investing large amounts of money in effectively tracking Bitcoin transactions through the blockchain.

For example, this week (not related to BitMixer's announcement) - h Google and the blockchain Chainalysis company have announced that they have watched all Bitcoin transactions made for ransomware payments, even when the amounts were split through BitMixer.

In fact, almost all scammers used BitMixer to rinse their money.
This week, the authorities also arrested BTC-e Bitcoin's trading platform owner for his money laundering from Bitcoin's various platforms. The authorities reportedly watched stolen funds in some of Bitcoin's wallets of its owner BTC-e, even when these funds were channeled through BitMixer.

BitMixer: Mix Bitcoins will become illegal

BitMixer was founded in 2011 and closed three days after the announcement of the closure of the two biggest illegal markets of Dark Web - AlphaBay and Hansa.

The owners of BitMixer knew very well that their service was using criminals. They reported it in their final statement, stating that the events in Dark Web influenced their decision to close their company.

"Blockchain is an open book, and we believe Bitcoin will have a great future without trading on dark markets. You can use Dash or Zerocoin if you want to buy grass, "said the BitMixer team.

"I hope that our decision will help make the Bitcoin ecosystem cleaner and more transparent, and we hope that our competitors will hear our message and close their services as soon as this type is considered illegal in more countries. "

The beginning of the charge for Bitcoin mixers

BitMixer's announcement does not surprise anyone who knows Bitcoin. Cryptocurrency enthusiasts are well aware of the fact that Bitcoin is not anonymous. That is why some have created new cryptic frequencies like this Monero and Zcash.

BitMixer's announcement and company shutdown are likely to be a cornerstone in Bitcoin's history, since it is the first messenger service that closes, realizing it is inefficient and in vain.

As the authorities broaden their administrative powers over Bitcoin, BitMixer's prediction that mixer services will soon be illegal can become a reality.



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