Bitcoin Transactions Are NOT Anonymous As Merchants Would Claim

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Bitcoin Transactions Are NOT Anonymous As Merchants Would Claim

An increasing number of online merchants now offer the ability to pay using the cryptocurrency Bitcoin. Bitcoin Transactions Are NOT Anonymous As Users Would Like To Think One of the great promises of this technology is anonymity: the transactions are recorded and made public, but they are linked only with an electronic address. So whatever you buy with your bitcoins, the purchase cannot be traced specifically to you.

This is handy for some, but the anonymity is by no means perfect. Security experts call it pseudonymous privacy, like writing books under a nom de plume. You can preserve your privacy as long as the pseudonym is not linked to you. But as soon as somebody makes the link to one of your anonymous books, the ruse is revealed. Your entire writing history under your pseudonym becomes public. Similarly, as soon as your personal details are linked to your Bitcoin address, your purchase history is revealed too.

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