Transactions With Bitcoin Are Transparent? What’s Reality?

Bitcoin Transparency

This story is not true. The people transacting a deal with bitcoins remain anonymous. Their dealings are recorded by the miners to the extent that they are unidentified numbers. One can trace these dealings and therefore they seem transparent. But, the miner who is recording the transaction will not be able to know the identity of the sender or receiver of the bitcoins.

The need for transparency in Bitcoin is due to the fact that the records are maintained by the miners who claim their share of the deal for keeping records.

All illegitimate dealers use Bitcoins for their operations

Everyone has their own view of what is legal and what isn’t. Therefore, people who feel the need to indulge in activities that others consider illegal have a cover to operate under the anonymity of the bitcoin. However, the reverse of this theory that all dealings that involve are illegal is not true. Illegitimate dealers can only use the BTC to a limited extent since most business dealing will require some kind of authentication at some point of the transaction. The illegitimate users prefer cash transactions since there is the complete absence of records.

The Bitcoin CEO has been jailed

Bitcoins and Silk Road has been linked so intimately that the public tend to think that they are one and the same. When the operations at Silk Road was shut down by the police, the thinking was that Bitcoin had been closed. When the BTC exchange Mt. Gox shut shop, again people thought that the Bitcoin was closed.

The problem was that many were ignorant of the existence of the online currency named Bitcoin. In the case of the companies dealing with Bitcoins like Mt. Gox, CEO Mark Karpeles or that of Ross Ulbricht, the founder of Silk Road who were arrested, there was a prevalent feeling among people that the CEO of Bitcoin was arrested. There is no CEO of Bitcoin.

Learn More by Reading

You only need to visit some sites respected for their authenticity to learn all that there is about the BTC. Cryptocurrencies become easy to own and use if you have the knowledge.

Bitcoin Advice

All posts published by the Bitcoin Advice Editorial Team combined. Primary objective is to provide quality content to our readers.

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