Cryptocurrencies were supposed to usher in a new era of financial privacy. But, as it turns out, most cryptocurrencies are not anonymous at all. In fact, they are quite the opposite. Bitcoin and ether, for example, are very public currencies that broadcast every transaction to the entire network. This can be dangerous because it leaves our financial transactions open to scrutiny by anyone who cares to look. In this blog post, you’ll understand why we defend that cryptocurrency transactions should be kept anonymous. After all, privacy in the digital age is of utmost importance.
Crypto today is like the wild west
Even though there are amazing opportunities in cryptocurrency projects, the rules aren’t completely set out yet, regulations are still being done, and no one is quite sure how to keep their funds safe.
In a way, it’s like the wild west. But, it doesn’t have to be. With anonymous transactions, we can have a safe and secure digital economy that values our privacy. So, let’s dive in and explore why anonymous crypto transactions are so important.
Anyone can trace your transactions back to you
When you make a transaction with bitcoin or ether, your wallet address is broadcast to the entire network. This means that anyone can see your transaction history. And, if they know your wallet address, they can see all of the transactions you’ve ever made. With little effort, that wallet can be linked back to your identity at an Exchange like Binance or Coinbase, where you put all your personal ID.
This is not anonymous. This is not private. And honestly? This is dangerous.
We have so much to win from keeping our anonymity when trading, purchasing, or even simply sending funds between wallets.
Why would anyone want to make their bank balance public? So why is it different with a cryptocurrency wallet?
Our transactions should all be private
In the digital age, we are constantly sharing our personal information online. From our addresses and phone numbers to our social security numbers and credit card information, we are constantly inputting sensitive data into the digital world.
And, as we all know, this data is not always safe. In fact, data breaches are becoming more and more common. When our personal information is out there for anyone to see, we are at risk of identity theft, fraud, and other crimes.
An anonymous crypto transaction protects your personal information and ensures that your data is not compromised.
Paying with crypto should be anonymous for the same reasons we don’t want to pay with our social security number or credit card number. We want to keep our personal information safe and secure.
When you make an anonymous crypto transaction, you are protecting your personal information. This is why we believe that all crypto transactions should be anonymous.
- Read also: Top 5 Reasons For Mixing Your Crypto
How can I make protect my identity when transferring crypto?
If you want to protect your privacy when making transactions with cryptocurrencies like bitcoin or ether, you should be careful about the wallet you use, the origin of the tokens, and what kind of information you share online.
Crypto mixers can help you
Using cryptocurrency mixing services, like mix-bitcoin.net, can also guarantee your anonymity when transferring crypto.
These services work by mixing your tokens with a large number of other coins from various sources, making it impossible to trace the origins of your funds.
When the mixer sends you back new tokens, they will be completely anonymous and untraceable.
There are some anonymous cryptocurrencies out there
Using a privacy-focused wallet like Monero or Zcash that doesn’t broadcast your transactions to the network can also help you keep your anonymity in the crypto space.
These are just a few of the anonymous cryptocurrencies out there that you can use to keep your transactions private, but you can read more about using a mixer or anonymous coins in our article.
You have the right to privacy, remember?
It’s important to note that anonymous does not mean illegal. Just because you want to keep your personal information private does not mean you are doing something wrong. It’s your right, no one can take that away from you.
We believe that anonymous crypto transactions are important for the safety and security of everyone involved in the digital economy. And if we want more DeFi solutions to be adopted by the majority of our society, we need to start valuing our privacy as well.
What do you think? Do you believe that all crypto transactions should be anonymous? If you are interested in learning more about mixing your cryptocurrency, visit our blog and find out all about it!