I never understand how crypto is said to be untraceable. Because they tell us how your investment is safe.
Supposedly the blockchain records all transactions in multiple systems around the world, so there are always records of your investment in bitcoin.
So if there are all these records in various systems with your investment, how is it untraceable?
Well, there are countless examples of how millions if not billions of funds have been transferred after things like massive ransomware attacks where no one was able to trace the funds from the bitcoin transfers
I do not get it myself, but it seems to work, especially given some of the violated actors were big business not inclined to just give up the coin.
Only one person has the private key to decrypt the ownership. Many people can know it exists without knowing the owner.
At least, that's the theory. And the blockchain tech can be used for other transactions besides crypto currency. The way it's marketed to us small govt conservative/libertarian types is that ownership of land or whatever wouldn't be managed by a courthouse copy of a deed. The person selling the item can record transfer of ownership publicly in the same blockchain tech that records ownership of crypto currency. Getting away from govt knowledge of transfers is good, right? At least that's how it's marketed .... so they can do illegal things that they don't let the rest of us get away with.
You might be able to receive it anonymously, but you won’t be able to spend it anonymously.
No personal information is associated with the wallet encryption key (if you do it right and stay away from “KYC” sites like Coinbase).
Once you put it in your wallet it’s ready to be stolen or identified.
If you can attach a “wallet” address to a person, it is 100% public.
One of the best case uses would be to run government payments on the blockchain. Then publish the addresses of all contractors. You would be able to see…in an instant, where all the money is going. Audits would not be some “deep dive.” You could just pull up the records and see it all.
It is literally called “the public ledger.”
It’s not untraceable. It’s nearly impossible with today’s tech to break into the wallet, but you can trace the transaction to the owners. Cash and heavy metals still rule that space.
It’s a $2.5 trillion industry and banks are adopting it quickly. Banks don’t rush into new tech. They wait for it to be proven then buy up all the companies involved.
It makes transfers of cash instantaneous anywhere in the world. It’s nearly impossible to hack the block chain
, and it is fast becoming the currencies of many smaller nations through stablecoins. It is very bullish for the USD.
Some people who comment on it with the qualifier that they know nothing about it, doesn’t make them sound smart.