How Traceable Are Bitcoin Transactions?
Cryptocurrencies have continued to gain popularity because many do not have a link to national currencies. This provides a platform for everybody to become involved in global trade. Bitcoin has been in circulation since 2009, and it uses Blockchain to promote economic liberty of the user through high-tech security and anonymity.
The address of a bitcoin is the only information available that can define the location of your bitcoins and that of the bitcoin’s recipient or sender. All Bitcoin transactions are transparent and public meaning that anyone can trace all your transactions as well as see your bitcoin balance. In this light, how traceable are your bitcoin transactions?
According to the co-founder and CEO of SCORECHAIN, Pierre Gerard, bitcoin transactions are 100% traceable, and anyone can track all Bitcoin activities. With the creation of an address by a user’s wallet, anybody can make a connection of the transactions made through each address. If you are looking to remain anonymous with your bitcoins, the best thing to do is to use an address once and avoid publicly sharing it on any public platforms.
3 Ways to Make Your Transactions Untraceable
Use Multiple Wallets
By doing so, you will have isolated each of your transactions, and it will be difficult for anyone to link together your transactions. Individuals who send you payments will not be in a position to see any other addresses you own and in this way, no one can make the connection.
Keep Your Addresses Private
Avoid sharing your addresses on social media and websites unless you wish to receive public donations. In addition, ensure that you do not publish any information regarding your transactions that could link your addresses together. Many individuals have one public address for receiving payments then transfer the funds to other addresses. This is not enough to avoid traceability since your public address will show the transactions to your private addresses.
Use a Bitcoin Mixer
Bitcoin mixing is the process of using third party services to break connections between your address and the address of the sender or recipient. The process is also referred to as Bitcoin tumbling and works to mask where you send, receive or store your bitcoins. Bitcoin mixing is a simple process that takes only a few minutes, however, you must do it manually for every transaction.
In conclusion, bitcoins transactions are traceable, and if you do not wish to make your transactions public, you must know how to transact your bitcoins privately. To ensure the privacy of your bitcoins transactions, make sure you use the correct .onion links and the Tor browser in your preferred language.