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RE: What is Bitcoin? - When Money becomes a content type!
This is great! I have more confidence in this technology now with your help. To the average Joe, bitcoin and cryptocurrencies seem like an abstract thing, out of his reach. Since its said to be the technology of our future, it's important that more people understand what's all about.
I understood that a transaction with bitcoin cannot be traced back and it cannot be interfeered with. That is marveleous in this day and age where we are under watch by big companies. I am not implying that our data is used with bad intend, but it gives some food for tought.
Hey @pink-coco! Thanks for your reply, nice to hear that it was helpful. I really believe that this technology will play a big role in the future and is able to change the world and have an impact like the internet had. But also, we're just at the beginning, there are still so many challenges to overcome.
Regarding the "cannot be traced" aspect, there might be a misunderstanding. A decentralized Cryptocurrency like Bitcoin is neutral to the sender, the receiver and the amount sent, it doesn't distinguish, there's no censorship. That doesn't mean that there is privacy. In fact, with Bitcoin, there's only a very limited form of privacy. You can look up the funds of any address or check any transaction on websites like https://blockchain.info. Someone only needs to match your name with your bitcoin address and your privacy is gone. Of course, you can have multiple addresses and wallets, but in the end, the information about all transactions, funds and addresses is public, not private. Your private key just stops someone from moving your funds, not from seeing them. At least in the example of Bitcoin. There are other Cryptocurrencies out there that focus on privacy, Monero is one example.
Thanks for clearing that up. I misinterpreted.