Andreas Antonopoulos, Bitcoin advocate and author of “Mastering Bitcoin” has revealed that Bitcoin is not really anonymous but instead is pseudo-anonymous.
Mainstream media has always accused Bitcoin (BTC) of being anonymous and being used by criminals and tax evaders to launder money. The Silk Road marketplace that operated on the dark web to transact illegal goods and services used Bitcoin to send payments.
Antonopoulos during the Q&A comments:
“So a lot of people think Bitcoin is anonymous. It is not anonymous, it is loosely pseudo-anonymous, which means that if you expand an enormous amount of effort on operational security and you do it very carefully and very well you may retain anonymity for a limited period of time that doesn’t sound like a good thing.”
Andreas further stated that anonymity of money transactions is a sensitive topic. He also mentions that peer-to-peer anonymous transactions, talking about cash that is anonymous, fungible, unforgeable and also self-verifying have existed for around 5,000 years.
He also explains that Bitcoin needs to be much stronger in terms of confidentiality and privacy, learning from the Internet which does not have enough security, encryption, and anonymity. Other cryptocurrencies like Monero (XMR) and Litecoin (LTC) offer better security by hiding transactions between sender and receiver.
Also Read:
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…