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200 sats \ 8 replies \ @TheMorningStar 2 Aug \ on: How Important is Privacy in Your Bitcoin Transactions? bitcoin_beginners
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.
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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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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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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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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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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My understanding is that TOR, coinjoins ie joinmarket, and kyc-free bitcoin used intelligently in combination.... can have a hugely positive impact on privacy.