{Blog #6 : Bitcoin} Is Bitcoin anonymous?

in bitcoin •  7 months ago

Is Bitcoin anonymous?

Bitcoin is designed to be mostly anonymous. Any transactions you make on the Bitcoin network, will not show your identity or any information about you.

However, if you are purchasing bitcoins using fiat currencies like U.S dollars, then you will need to set up an account with a company that is regulated the same as other financial institutions.

These regulations will require verification of ID to set up an account and purchase bitcoins with traditional payment methods.

If you purchase bitcoins through a company where you have verified your ID, then transactions from this account can be linked to your identity by the company.

These companies are regulated the same way as financial institutions, so if you purchase bitcoins through a company based in the U.S.A then send bitcoins to a bitcoin address in Cuba, Iran or other countries the U.S has financial sanctions on, they will be able to trace this and may cancel your account.
Even if you have a completely anonymous Bitcoin wallet, if you make a purchase in a store, the store owner will be able to see the address it came from and link that address with your identity.

There are ways to ensure your Bitcoin transactions are anonymous such as using different addresses and wallets.

Be aware that it may not be completely anonymous and there may still be regulations you have to comply with.


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