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How Important is Privacy in Your Bitcoin Transactions?
1930 sats \ 17 comments \ @BitcoinAbhi 2 Aug 2024 bitcoin_beginners
Privacy is also important because even with small Bitcoin holdings, if your transactions are revealed to an audience you did not intend, you could face potentially negative social repercussions: you could use Bitcoin to pay for sensitive products, financial accounts or information subscriptions that you would rather not use.
Privacy is my top priority29.3%
I take measures to enhance it58.5%
I’m indifferent9.8%
I'm open with my transactions0.0%
Privacy doesn’t concern me2.4%
Other (Write in comment box)0.0%
41 votes \ poll ended
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123 sats \ 0 replies \ @premitive1 2 Aug 2024
It depends on the particular transaction. I don't have a general rule.
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200 sats \ 8 replies \ @TheMorningStar 2 Aug 2024
Bitcoin payments are pseudonymous, meaning no identifiable information is tied to transactions. Unless ownership is revealed, whether by the parties involved or some third-party, payments remain anonymous. So, there's no concern, until I reveal my information.
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1046 sats \ 7 replies \ @02ad8239c2 2 Aug 2024
As has been previously stated in other discussions here, and more broadly, a lot (most ?) held Bitcoin has been through a KYC process in it's acquisition, so any on chain activity is by default tied to the legal fiction ID of the holder - apart from that, there is the also the transparent nature of the blockchain, and the default ability to monitor the amounts, activity, and any grouping of other outputs in the sending of transactions (the 'clustering' that Chain analysis companies routinely sift the blockchain to collect) of Bitcoin transacted on chain, unless the user deliberately employs techniques to obfuscate any/some of these aspects - so on chain in particular privacy is weak at best both in relation to ID and to activity using Bitcoin for most people - then there is the potential leaking of location in the broadcasting of a TX unless the user employs other techniques to obfuscate that - it's far from a simple situation, and many people are no doubt revealing far more about themselves and their actions than they would prefer, or perhaps even realise.
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11 sats \ 2 replies \ @028559d218 2 Aug 2024 freebie
My understanding is that TOR, coinjoins ie joinmarket, and kyc-free bitcoin used intelligently in combination.... can have a hugely positive impact on privacy.
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20 sats \ 1 reply \ @02ad8239c2 2 Aug 2024
yes, they can, and are some of the techniques i'm alluding to - they are, however, not 'baked in' aspects of Bitcoin, and require the deliberate participation of the user to be advantaged by them.
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10 sats \ 0 replies \ @028559d218 2 Aug 2024 freebie
We need more education. I've heard the case made that the 'shutdown' of samurai and wasabi coinjoins... was good for bitcoin. Maybe now things will be more decentralized (ie joinmarket).
I would like to see cooperative transactions on nostr, social media, and better intergrated in more wallets (even proton eventually).
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0 sats \ 3 replies \ @TheMorningStar 2 Aug 2024
Good fear arising sentences (like a timid)
Bitcoin has been through a KYC process in it's acquisition, so any on chain activity is by default tied to the legal fiction ID
But, who's gonna take me under the clown legal system! I don't have any sort of ID.
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23 sats \ 2 replies \ @02ad8239c2 2 Aug 2024
only biological machinery working here - and while your position may be useful to you, it's surely far from the case for the majority of holders/users interacting with the chain.
(i see you edited your comment from 'like a machine', to 'like a timid' - neither of which apply).
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0 sats \ 1 reply \ @TheMorningStar 2 Aug 2024
Yes, but we need to reject these concerns by stating clearly that this is our money and the government has nothing to do with it, rather trying to figure out how to escape them.
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10 sats \ 0 replies \ @02ad8239c2 2 Aug 2024
the govt is only one concern relating to privacy - the techniques users employ to act more freely have to be developed, (and utilised) , to in any way usefully address them - merely stating something is not enough.
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32 sats \ 0 replies \ @south_korea_ln 2 Aug 2024
To be honest, every time I use getAlby, I admit with each spent sat that I do not care much about privacy, at least for small transactions. I try to do better for baselayer by generating a new address each time, but let's not be naive, chainanalysis is pretty good these days...
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11 sats \ 1 reply \ @DarthCoin 2 Aug 2024
This is a very good question.
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0 sats \ 0 replies \ @BitcoinAbhi OP 2 Aug 2024
Thanks
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11 sats \ 0 replies \ @2053456d48 2 Aug 2024
Privacy doesn’t concern me unless I have SATs for transactions....
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11 sats \ 0 replies \ @hasherstacker 2 Aug 2024
Nice question.
I have Three Importance of Privacy in Bitcoin Transactions in Mind
  1. Protecting Personal Safety
The pseudonymous nature of Bitcoin transactions means that while transaction details are publicly accessible, the identities behind the transactions are not. Each user is identified by a Bitcoin address rather than personal information. This pseudonymity helps protect personal safety by preventing the exposure of sensitive data to the public.
  1. Mitigating Risks of Targeted Attacks
Without robust privacy measures, individuals with substantial Bitcoin holdings could become targets for theft, scams, or other malicious activities. By keeping transaction histories and account balances private, users can reduce the risk of becoming targets. Enhanced privacy measures, such as using multiple addresses and mixing services, further obscure transaction trails.
  1. Preserving Financial Privacy
Financial transactions reveal a lot about personal habits, preferences, and circumstances. By ensuring privacy in Bitcoin transactions, users can keep their financial activities confidential. This confidentiality is crucial in a world where personal data is frequently mined and exploited by various entities.
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11 sats \ 0 replies \ @darkweblink 2 Aug 2024
Here is the guide on how to Buy, Earn, Spend Bitcoin & Monero Anonymously - KYC KYC-free crypto. https://darkweblink.com/blog/buy-earn-spend-bitcoin-monero-anonymously
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11 sats \ 0 replies \ @OT 2 Aug 2024
Its pretty important. Especially when transacting on the base layer
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