BTC and authorities

wlafiga

wlafiga

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hello, I have a simple question...

Is bitcoin really secret? I mean, if I open a Binance or Coinbase account and I send them my data, fiscal authorities could track me, right?

Is it the same if I buy a physical wallet? Sorry for my ignorance, I'm new on this niche.

Thanks in advance :)
 
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To the best of my knowledge the best that can be done is trace your wallet address transaction, details of all transactions going in and out of the wallet as well as if any in progress.

That's like public information for anyone keen to follow. As for for financial institutions don't know if they've developed anything more to track.

That's the little I can share from what I know. Hope it helps.
 
Hey Mate,

Bitcoin is only partially anonymous. Your name is normally not attached to transactions, but your wallet is and if someone can connect you to a wallet it's as good as a bank account really from a privacy point of view.

If you would like to make private payments, check out Monero. It obfuscates the data relating to all txs.
 
VSYNC said:
Hey Mate,

Bitcoin is only partially anonymous. Your name is normally not attached to transactions, but your wallet is and if someone can connect you to a wallet it's as good as a bank account really from a privacy point of view.

If you would like to make private payments, check out Monero. It obfuscates the data relating to all txs.
Click to expand...
yes but my question is about KYC....

example, if I hold 100k $ into my coinbase or binance wallet and I don't want to be tracked by financial authorities. that is not a good idea, right?

I mean these big exchanges can give informations if tax government asks them, right?

Would it be better to hold the money into a physical wallet? so no one can ask about the wallet owner?
 
Anyone claiming BTC is anonymous is a moron.
FBI reported already in 2012 that they can trace 98% of all transactions.
The remaining 2% should be accomplished by installing 3rd party services.
You use your internet for BTC transaction?They know you sent the BTC.
Each transaction goes through a router on a backbone where each traffic is being analyzed and profiled.Encrypten won't help there.
People have totaly no clue how todays control systems work.
Only safe transaction is real OTC
 
Listen, even if you do business that involves minor-level crime, I'd suggest finding alternatives. In 2021, BTC is not even an option anymore.
 
wlafiga said:
hello, I have a simple question...

Is bitcoin really secret? I mean, if I open a Binance or Coinbase account and I send them my data, fiscal authorities could track me, right?

Is it the same if I buy a physical wallet? Sorry for my ignorance, I'm new on this niche.

Thanks in advance :)
Click to expand...

Money laundering, funding terrorism, drug dealers, tax dodging etc is one reason why crypto won't be allowed to be fully anonymous by governments.
 
You could always try decentralized exchanges to keep anonymity. Of course that’s assuming you mined it or acquired it without Kyc. Then from a dex you can switch to a stable coin to at least lock in the value
 
AU369 said:
Anyone claiming BTC is anonymous is a moron.
FBI reported already in 2012 that they can trace 98% of all transactions.
The remaining 2% should be accomplished by installing 3rd party services.
You use your internet for BTC transaction?They know you sent the BTC.
Each transaction goes through a router on a backbone where each traffic is being analyzed and profiled.Encrypten won't help there.
People have totaly no clue how todays control systems work.
Only safe transaction is real OTC
Click to expand...
What do you suggest? What is the most anonymous?
 
BTC is far away from anonymous and that's why it will never get banned by the governments.

Your best bet to stay anonymous is BTC -> BTC spinner -> BTC -> XMR -> BTC. After that you should buy or withdraw BTC only locally or at BTC ATM while wearing a mask (it's achievable during the Covid).
 
Sarah1991 said:
What do you suggest? What is the most anonymous?
Click to expand...
You can use privacy coins like XMR or ZEC. The only issue is when you try to sell them for USD. If you can pay for goods and services directly in these coins, without converting to USD, you will be private.
 
It’s not completely anonymous. As time goes by, depending on the exchange you choose to leverage, it’s gradually losing its “DeFi Juice”
 
alus1onZ said:
BTC is far away from anonymous and that's why it will never get banned by the governments.

Your best bet to stay anonymous is BTC -> BTC spinner -> BTC -> XMR -> BTC. After that you should buy or withdraw BTC only locally or at BTC ATM while wearing a mask (it's achievable during the Covid).
Click to expand...
sorry can you explain it to me? I didn't get the process :/
 
BTC is not that good from a privacy point of view, you can check Monero for better privacy.
 
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