Challenge #5 Why I love Bitcoin ? - Reason 2 : Anonymous image.png
It's @besticofinder here. Today I'm going to talk with you about the second reason why I love Bitcoin. That is Anonymous nature of bitcoin or actually it's pseudonymous nature. Anonymous nature of bitcoin is another very important reason why most of the people love it. In simple terms , bitcoin gives me a financial privacy. Isn't it amazing .. So theoretically I can pay anything legal or illegal without any proof that I paid for it. It's really awesome and dangerous. okey , now let's think why people call bitcoin is anonymous. To do a bitcoin transaction , one only need a bitcoin wallet. He will receive a public address and privet keys for the wallet and most importantly , any private information of the wallet holder is not attached to those keys or addresses. But there are some exchanges and wallets which requires KYC when signing up , in such cases your personal details are directly linked to the public address. But there are lot of ways to work this out without KYC. People can have different supportive or opposite ideas of this quality , but personally I love it.
Anonymity is indeed an important feature for many in the crypto world. People in this industry are acutely aware of the benefits and downsides of technology, so they have a deep appreciation of how nearly every activity leaves a “digital fingerprint’ of where you have been. - Jeremy Epstein, CEO of Never Stop Marketing
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It is important for users to maintain their privacy for other reasons. Every time a user makes a transaction with someone, they are giving their address, which can be used to find out the users crypto-net worth and the particular exchange the user uses, etc. This information can be used against the user for example in social engineering, hacking, blackmail, kidnapping or by law enforcement where cryptocurrencies are illegal - Hrishikesh Huilgolkar
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Hrishikesh points out a very important thing. If bitcoin do not have this anonymous feature what will happen ? People will know my public address and they will get to know that it's belongs to me. So they can see all my transaction history , the people who I dealing with and every financial information. So that is really bad ! Simply you will feel like naked .. lol
Must add a word about the negative side of this anonymous feature. People can do illegal transactions using bitcoin easily. They can pay for drugs , weapons , or for crimes in few seconds without leaving a single evidence. So that's something we should think seriously. I have a very near experience for this . The Easter attack on Sri Lanka , which was done by ISIS and nearly 300 were murdered and lot more suffering even today. Later security forces found that all the transactions were done using bitcoin. So this is something we should find a solution. But I think it will not be possible even in the future.
Okey guys .. that's my view on the anonymous feature of bitcoin and it's a reason to make me happy about bitcoin. Let's meet again tomorrow .. have a nice day !
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