Bitcoin is both private and anonymous. Serious Question: W…
Bitcoin is both private and anonymous.
Serious Question: Who ultimately controls whether or not anonymity is preserved or exposed?
Replies
Fair enough. If it is private only - who controls the privacy?
Bitcoin is not anonymous.
So, are you saying that if you use a unique address for every/each transaction, the transaction will remain permanently private? If not, who ultimately owns the control of the privacy?
Don't reuse addresses. Private.
It's more private as the number of transactions increases on the network. Also be sensible by not posting your addresses publicly.
Makes sense and thank you... but I'm still stuck on my question. If for whatever reason, a transaction needs to be exposed, what group/entity/individual has the power to view the transaction? Is it the state/government/legal law enforcement?
Everyone has the power to see the transactions on the public ledger, but only the ones with who you share your address / transact with will know that a particular address belongs to you.
With this said, if you really want to stay private, you should not consolidate your outputs into one single multi input transaction. By doing this, and let's say I knew just one of your addresses, I can infer that the other inputs also belong to you.
It's easier to assimilate if we think in terms of bank notes, assuming that everyone can see the addresses they belong to.
I pay you with bank note 10 and then you pay someone with bank notes 10 and 11, I will know that bank note 11 also belonged to you.
So, what you do and as it was suggested by @shadders, you transfer these bank notes in multiple transactions to different addresses that belong to the same person.
One of the greatest and not so visible features of Paymail :)
Yes I have done this in my cold wallet. I have split them all up. What you don't want to do is put all your BSV in one output.