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When can GOV steal your bitcoins?

Discussion in 'Making Money' started by 1ceyou, Nov 30, 2013.

  1. 1ceyou

    1ceyou Newbie

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    I've been trying to find the answer to this question but nothing seems to go into very much detail. I want to know what it is about bit coins that makes it so appealing.

    When you have an anonymous bitcoin account and you transfer those bit coins to another account (or wallet) is that transaction traceable?

    When you have your wallet working and the bit coins are safe in your anonymous wallet are those bit coins safe from government seizure?

    Is it possible for the government to constantly monitor your bitcoin wallet if you happen to have bitcoins that they cant take or destroy?
     
  2. judif414

    judif414 Regular Member

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    1) Yes
    2) No, they are traceable as the each blockchain is public. We've already seen PRISM the NSA monitoring program, but what about the unknown?
    3) Yes, especially on mac and microsoft pcs, they have backdoors installed.
     
  3. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    Bitcoin transactions are traceable but anonymous. So while they'll know that A bought something from B for X amount, they don't know who A and B are.

    Of course you gotta ask yourself what it is you're hiding from the government. If you are hiding some surprise from your wife, you'll be safe with Bitcoins. If on the other hand you're doing something really bad and illegal, they can find you one way or another cuz at some point bitcoins get traded for money and they can trace the money.

    So Bitcoins are relatively safe, pretty much anonymous and a really cool digital currency. No, the government cannot take your bitcoins from your local computer wallet, they'd have to guess your cryptographic keys and it'd take forever, sorta like generating bitcoins themselves. In that sense, they're pretty safe.

    If on the other hand you deposit your bitcoins online on some online wallet, then yes the government can take them from you.
     
  4. SkyrocketSEO

    SkyrocketSEO Jr. VIP Jr. VIP Premium Member

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    Op, you sound paranoid, you're from USA, right?
     
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  5. 1ceyou

    1ceyou Newbie

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    This is all great info thanks.

    Now since they can seize the online wallet from the web site does that mean I would need a computer dedicated to being a bit coin wallet?

    Or would I just need to create the wallet and get it into everyone elses computer then when ever I start up bitcoins I could log in onto my wallet again?
     
  6. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    Bitcoins are just a bunch of numbers. If you store those numbers on a flash drive and carry them around, you'll have them anywhere you want. If anyone gets access to your secret numbers then they own the bitcoins themselves....so that's that.
     
  7. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    Read this: https://en.bitcoin.it/wiki/Cold_storage
     
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  8. SkyrocketSEO

    SkyrocketSEO Jr. VIP Jr. VIP Premium Member

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    Dollars are also just a bunch of numbers (printed on paper). If you store them in your wallet and carry them around, you''ll have them anywhere you want. If anyone gets access to your PIN number or wallet then they own dollars themselves...so that's that
     
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  9. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    You can't legally copy a dollar. But you can copy bitcoins. There's nothing physical to assure the possession of bitcoins, once you copy the number they're yours, whereas if you xerox a dollar you'll probably go to jail.
     
  10. Junkfood00

    Junkfood00 Elite Member

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    Hello, we're the government. Yes, we steal bitcoins and shit so hide them well.
     
  11. The Mentalist

    The Mentalist Power Member

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    MtGov holds the future of Bitcoin, if they let the government sneak in, or are forced to, and connect sign up info with BTC transactions, Bitcoin will prosper. The government will be happy and more conducive to its progressive use.