Bitcoin

Deanonymizing bitcoin value

On Fungibility, Bitcoin, Monero and why ZCash is a bad idea. We Use Deanonymizing bitcoin value » On Fungibility, Bitcoin, Monero and why ZCash is a bad idea.

When bitcoin launched, a lot of people thought they finally had decentralised digital cash. We saw people using bitcoins for ideological reasons, but also for the presumed anonymous properties. You didn’t need to provide any identity information to create a wallet or send a transaction. Over the years, it became more clear that bitcoin isn’t anonymous at all.

All transactions can be traced on the blockchain. If you transact with a stranger at a bitcoin meetup, he could start guessing your total bitcoin balance in your wallet. When you interact with regulated bitcoin businesses, you are required to provide ID information. And you can be sure that this company will couple your customer data to your blockchain fingerprint.

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