I stumbled on this:
For me, this is beyond bitcoin. It’s a consistent pattern and sub-text expressed by leaders towards unconventional events.
What do you think?
Nigerian government is the most comical government on earth. lol
So how will they stop me from using Bitcoins? Idiots
Hmmmmm. So this is FAKE NEWS!?
Lmao Bitcoin is unbannable and untraceable. That’s the whole point
Thanks for this
It’s not “untraceable”.
There are 3 ways to get bitcoins:
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By Mining. - If you mine bitcoins, you will be doing so from a computer, and your computer is definitely traceable.
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By Buying - if you buy bitcoins using a credit/debit card, then it is definitely traceable, as your card transaction can be traced and tied to the bitcoins you bought.
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By Receiving from someone else - If you receive bitcoins from someone else as a payment or gift, then that person would have gotten it by one of the above listed methods, and those are traceable anyway.
The genius of bitcoin is not in its “un-traceability or anonymity” far from it. Every techie knows that it is traceable. The genius of bitcoin lies in its underpinning technology (blockchain) which so beautifully and elegantly solves a century old mathematical/IT problem known as the Byzantine Generals’ Problem (or the Two Generals’ Problem). Blockchain is the first time in Mathematics/Computer Science where information can be transmitted from one party to another, and validated satisfactorily by all side without the need for a third party or central authority.
ELI5: Bitcoin (through the blockchain technology) eliminates the need for a central authority as the validator of a transaction. Bye bye Central Banks, bye bye SWIFT, bye bye Western Union, bye bye Central Servers, bye bye Central Registries, bye bye to all middle-men. That’s the genius of bitcoins (Blockchain). Little wonder why Central banks all over the world are scared of it.
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Please tell me how Bitcoin is traceable? Especially when I am switching addresses every time.
It’s traceable. Taint analysis
You can buy Bitcoin with cash at a Bitcoin ATM.
From there you can launder and relaunder any funds by making legitimate transactions with Bitcoin such as paying a friend in Bitcoins to transfer the cash equivalent to you. Totally legitimate transaction impossible to pin to anything.
Bitcoin is untraceable.
When you buy the bitcoins, where you will store it?
You will store it in a wallet, no? The “wallet” is an account tied to a larger company in the cloud (like your gmail account), or a standalone wallet on your own computer (with mac address and ip address). And when you spend it, you will get goods or services in return - goods will be mailed to a physical address maybe, and services can still lead to you providing some basic form of your details.
Long story short - bitcoins are 100% traceable. Traceability is actually the main feature of bitcoin, as explained above (blockchain).
What @kananga said.
Plus:
Exchange companies nowadays (especially those affiliated with the U.S.) are bound by KYC policies to identify their customers against money laundering. That is why most exchange houses and ATMs require you to submit a form of identification (passport, fingerprint, face capture etc) before carrying out huge transactions.
Another reason is, If a wallet address is involved in a major heist or an offence large enough to get the attention of the Government, a taint analysis of the public ledger (blockchain) could easily be traced back to the wallet provider and Voila! There you are.
There are services already that offer Blockchain analysis like https://www.chainalysis.com/ and I believe that Coinbase uses their services to identify “blacklisted” addresses. I’ve read somewhere that you can’t use coins bought from coinbase on Gambling websites, your account would be blocked instantly.
On another note, there are mixers (most likely scams); They claim to offer services that shuffle coins gotten from other users and send to you thereby warding off traceabilty but how do you confirm that they do not have records of your new addresses in their private records and would not pass on to the U.S Government when they come calling?
The thing is, while Bitcoin promotes anonymity, it is possible that you may have given yourself out at some point (maybe point of entry) and traceability is just a piece of cake.
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