How to send and receive bitcoin privately

How to send and receive bitcoin privately

You recently posted a file Article – Commodity About Bitcoin as a Human Rights Platform, where she discusses the many human rights Bitcoin helps protect. However, I couldn’t get around Bitcoin privacy. So I researched how to send and receive Bitcoin privately.

Everyone has the right to privacy, according to Article 12 of the Universal Declaration of Human Rights. When sending and receiving Bitcoin onchain, this record is public. The party you’re sending or receiving from can see your public address and can search your online block explorer to see how much Bitcoin is left in your wallet and other addresses you’ve interacted with.

Why is privacy important in bitcoin transactions?

First, if you have a large balance in your wallet, you don’t want anyone to find out because it exposes you to a $5 key attack. A $5 wrench attack occurs when someone discovers that you have a large cache of bitcoins and takes control of the keys to that cache. As a result, they physically attack you or threaten you in exchange for your bitcoins. You don’t want to be in a situation where it is your life or your bitcoin. As a result, it is in your best interest to keep your bitcoins private.

Second, it is widely known that companies have been mining and selling customer data among themselves to target advertisements and for other purposes. Many people do not want the third party to know what they are spending their money on, who they are dealing with, or where they are spending it. When using banks, payment service providers and e-commerce platforms, it is a difficult task because they “know your customer” and they will make use of this personal data.

So, how do you deal with Bitcoin in particular?

Using Opendime is one of the simplest methods I’ve seen. Opendime allows you to load a predetermined amount of Bitcoin onto a physical flash drive containing a private key. The recipient can pay another party by physically handing the drive over to them. To send Bitcoin to the blockchain, you must physically punch a hole in the device. The idea is that you can exchange your flash drive for a good or service, and the transaction will not be recorded on the public blockchain, making it the same as a cash transaction. If you lose or damage your flash drive, you will lose your bitcoin forever.

Another option is to use a Mercury wallet, which uses the statecin chain to send and receive bitcoin. The wallet supports a variety of bitcoin denominations, including 1,000 sats (satoshis) and 10,000 sats. Therefore, when you deposit Bitcoin, you exchange it for a set of Sat denominations that you can send directly to other Mercury users. Nothing is recorded on the Bitcoin blockchain during the transmission transaction, which transfers the signing rights to the recipient. This ensures the privacy of your transactions.

A simple example is writing a draft of an email message and then saving it. It then sends the login information to the recipient, who logs in and reads the draft. No tracking software for sent emails will be able to whitewash the privacy of the message. With Mercury Wallet, the email app has no way of accessing the message in the draft, and it has a secure protocol where if the app isn’t running, the sender can always retrieve the message in the draft.

This method allows you to send and receive bitcoins privately over the Internet, eliminating transaction costs that may be necessary for cross-chain transactions.

Other strategies for privacy when dealing in bitcoin include the Wasabi wallet, which uses the coinjoin function, and the Bitcoin Laundry, which uses a shuffling protocol in which you insert bitcoins, mix them with other people’s coins, and then take out the untraceable bitcoins of the same thing. amount.

While trying to achieve privacy, be careful not to breach the money laundering regulations in your jurisdiction.

Disclosure: I own Bitcoin and other cryptocurrencies.

#send #receive #bitcoin #privately

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