Can Bitcoin be Traced?

Question

As a large number of people trade or invest in Bitcoins, one important question of security that arises is that, can Bitcoins be traced? or Is it Untraceable?

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Can Bitcoin be Traced?

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Andrew Flintoff 4 months 1 Answer 89 views 2

Answer ( 1 )

  1. Summary: Bitcoin is one of the cryptocurrencies where all transactions are traceable and permanently stored in public ledger called Blockchain. Here anyone can see any transactions of Bitcoin holders.

    Bitcoin is one of the most transparent network of payment in the world. At the same time, it can provide a security and privacy, to its users if used correctly and safely.

    It is the investor’s and trader’s responsibility to adopt better practices to protect bitcoins.

    Bitcoin addresses are the information used to define where they are sent or allocated. These addresses are privately created by the wallets of each user.

    Once these addresses are used, they are included in the list of all transactions.

    Since, in order to receive goods or services, the users have to reveal their identity and therefore, addresses cannot remain fully anonymous.

    Too protect the privacy, you should use a new bitcoin address, each time you receive a new payment.

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