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Bitcoin and Safety (lemmy.zip)

submitted 1 month ago by Romero_Rojas@lemmy.zip to c/bitcoin@lemmy.ml

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As users, do you feel secure with the use of blockchain to protect your privacy?

*Blockchain: decentralized digital ledger which records transactions worldwide. It is transparent (anyone can enter) and it does’t have a central authority (banks are central authorities). Within each chain of blocks there’s a transaction data, timestamp and cryptographic hash (unic fingerprint).

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[–] infinitesunrise@slrpnk.net 2 points 1 month ago

Bitcoin software determines how much money you have by summing all of the historical transactions executed by your key (Wallets don't actually exist on chain, they're a construct presented to the user for ease of use). Chances are, all of that money was exchanged at some point from entities pressured by sovereign powers to know and record the identities of those they transacted with (KYC / Know Your Customer laws). Select parties, eg law enforcement or regulatory agencies, can absolutely know who very likely holds most wallets.