How anonymous is bitcoin?

yoda55 · January 1st, 2017, 12:14 AM

Hi,
How anonymous is bitcoin?
I used to use pay-safe, but bitcoin is a lot more common on file storage sites.
However, I'm a little concerned about privacy.
Any help would be great.
Thanks

**CARLTON BROWN** · January 1st, 2017, 12:21 AM

It seems to work well enough for the kind of people you'd never want to meet face-to-face!

yoda55 · January 1st, 2017, 01:42 AM

That's what bothers me. I don't want to use a crooked currency.

However lots of legitimate sites accept bitcoin, so I'm a little confused.

All I want is a little anonymity and security.

Thanks

The Unknown Libertarian · January 1st, 2017, 02:24 AM

Quote:

Originally Posted by yoda55

That's what bothers me. I don't want to use a crooked currency.

However lots of legitimate sites accept bitcoin, so I'm a little confused.

Then you'd better stop using US dollars.

Bill derBerg · January 1st, 2017, 09:54 PM

Bitcoin transaction are generally considered to be near totally anonymous.
You are known only by your public key.

Where I feel bitcoin stumbles is in its valuation and security.
As it is not a traditional currency backed by gold reserves or GDP its value can seem almost arbitrary.
For example the Bitstamp Price Index (BPI) posts bitcoin at $998 while Chinese traders have pegged it at $1,022. Coinbase has it at $1,003 and Bitfinex $1,005. So who do you believe?

There have been several thefts of bitcoin from traders many of those thefts by insiders. Crypto-currencies operate in a non-jurisdictional legal grey area, the servers can be in Taiwan, the employees in Brazil and the owners in Iceland each claiming they didn't know what the other was doing. Good luck if you have a problem.

I'm not trying to talk you out of using bitcoin just be sure you go into it with your eyes wide open because those waters are shark infested.

**rotobott** · January 1st, 2017, 10:08 PM

I presume at some point you have to buy bitcoin, so unless you were computer savvy enough to stay anonymous at this juncture, it would be pretty pointless

**JeffSav** · January 2nd, 2017, 09:44 AM

There was a report in a UK newspaper of a person who had his bank account closed by his bank. They wouldn't tell him why they did it, but he concluded that it might have been because he'd made a few bitcoin purchases through it. There wasn't any more detail in the story.

Bill derBerg · January 5th, 2017, 05:26 PM

Quote:

Originally Posted by rotobott

I presume at some point you have to buy bitcoin, so unless you were computer savvy enough to stay anonymous at this juncture, it would be pretty pointless

Account setup is similar to joining VEF or many other bulletin boards. A message can be sent to an e-mail address, some sites will also make a phone call. Neither of these is definitive proof of your identity. Payment can be made using prepaid cards further protecting your privacy. Ironically, you can also use PayPal.

Traders and customers place their trust in the personal and public key issued to each member and the blockchain recording of all transactions. Transactions are completed by miners who collect a fee for most but not all transactions. The personal key is something you guard with your life because it is what is needed to spend out of your account. The public key is knowable to all but still does not give away your identity. The blockchain is a hashed linked list of transactions stored in a decentralized database. Its structure ensures anonymity of the transactions as the data in each block depends on the information that precedes and succeeds it.

The biggest weakness to Bitcoin is the robustness of the traders web site and the honesty of the owners. Mt. Gox was one of the largest Bitcoin traders on the web. Founded in 2010 it at one time had over 500 million on deposit, however, its web security was a joke and hackers wiped out over 460 million in holdings. The owner of the site is currently on trial, his defense seems to be incompetence as he claims he wasn't involved. It remains to be seen whether or not he took part, but why he did nothing to close the security flaws is highly suspicious.

Trader Bitfinix brags up its security but were hacked to the tune of 65 million. To regain the loss they devalued every account by 36%. How they were allowed to do this is beyond my legal understanding. They manage the web site and the accounts but when something goes wrong everyone pays, more than a few people began screaming collusion.

Bitcoin may one day take over as the dominant currency but for now its the wild west of investments.

Crazy4theBrat · October 21st, 2017, 04:30 PM

The price of Bitcoin just went over $6,000 per coin. This is amazing to watch unfold.

**nevermind** · November 29th, 2017, 07:25 PM

Quote:

Originally Posted by Crazy4theBrat

The price of Bitcoin just went over $6,000 per coin. This is amazing to watch unfold.

$10.000 and still counting................

January 1st, 2017, 12:14 AM	#1
yoda55 Junior Member Join Date: May 2007 Posts: 7 Thanks: 149 Thanked 31 Times in 7 Posts	How anonymous is bitcoin? Hi, How anonymous is bitcoin? I used to use pay-safe, but bitcoin is a lot more common on file storage sites. However, I'm a little concerned about privacy. Any help would be great. Thanks

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January 1st, 2017, 12:21 AM	#2
CARLTON BROWN Grand Vizier Join Date: Jul 2010 Location: Ruraltania Posts: 3,219 Thanks: 35,652 Thanked 35,617 Times in 3,211 Posts	It seems to work well enough for the kind of people you'd never want to meet face-to-face!

January 1st, 2017, 01:42 AM	#3
yoda55 Junior Member Join Date: May 2007 Posts: 7 Thanks: 149 Thanked 31 Times in 7 Posts	That's what bothers me. I don't want to use a crooked currency. However lots of legitimate sites accept bitcoin, so I'm a little confused. All I want is a little anonymity and security. Thanks

January 1st, 2017, 09:54 PM	#5
Bill derBerg Senior Member Join Date: Jun 2016 Location: My own little reality. Posts: 1,257 Thanks: 17,648 Thanked 18,325 Times in 1,256 Posts	Bitcoin transaction are generally considered to be near totally anonymous. You are known only by your public key. Where I feel bitcoin stumbles is in its valuation and security. As it is not a traditional currency backed by gold reserves or GDP its value can seem almost arbitrary. For example the Bitstamp Price Index (BPI) posts bitcoin at $998 while Chinese traders have pegged it at $1,022. Coinbase has it at $1,003 and Bitfinex $1,005. So who do you believe? There have been several thefts of bitcoin from traders many of those thefts by insiders. Crypto-currencies operate in a non-jurisdictional legal grey area, the servers can be in Taiwan, the employees in Brazil and the owners in Iceland each claiming they didn't know what the other was doing. Good luck if you have a problem. I'm not trying to talk you out of using bitcoin just be sure you go into it with your eyes wide open because those waters are shark infested.

January 1st, 2017, 10:08 PM	#6
rotobott Veteran Member Join Date: Jun 2008 Posts: 32,105 Thanks: 174,778 Thanked 634,568 Times in 31,426 Posts	I presume at some point you have to buy bitcoin, so unless you were computer savvy enough to stay anonymous at this juncture, it would be pretty pointless

January 2nd, 2017, 09:44 AM	#7
JeffSav Vintage Member Join Date: Oct 2015 Location: VPN dependent variable Posts: 634 Thanks: 5,166 Thanked 19,260 Times in 645 Posts	There was a report in a UK newspaper of a person who had his bank account closed by his bank. They wouldn't tell him why they did it, but he concluded that it might have been because he'd made a few bitcoin purchases through it. There wasn't any more detail in the story.

October 21st, 2017, 04:30 PM	#9
Crazy4theBrat Senior Member Join Date: Apr 2009 Posts: 230 Thanks: 5,301 Thanked 3,058 Times in 227 Posts	The price of Bitcoin just went over $6,000 per coin. This is amazing to watch unfold.