NICOSIA, Cyprus, Oct. 27, 2020 /PRNewswire/ -- Worldwide: It is true that bitcoin has been acclaimed for its better security than the conventional currencies. Whether the need is for keeping personal transactions private, running a business, or hiding transactions from snooping eyes, anonymity is indispensable. However, bitcoin is certainly not the most anonymous medium for transactions.
With the advent of blockchain technology, Bitcoin's big public ledger became the treasure trove for authorities looking for information regarding transactions that are actually traceable.
This persuaded the creators of a few altcoins to come up with a form of digital currency that ensures anonymity. Tagged as privacy coins, these coins are linked to illicit activities and darknet markets. However, there are many legal reasons to use them for maintaining privacy.
This has triggered a deep analytical discussion at Offshorecorptalk.com where visitors get to know which are anonymous cryptocurrencies and why they are so. It also reveals some solutions for using cryptocurrency anonymously.
The discussion starts with a question as to whether ZCash is the only anonymous option or not. To this, other users have responded by revealing some more anonymous digital currencies, which are Monero, NavCoin, Pivx, Dash, and Verge.
The forum then discusses whether it is possible to use bitcoin anonymously. Regarding this, questions have been raised on using a VPN and an external server for a Bitcoin wallet.
To this, GiGoGo who is a silver member has replied, "Samurai wallet hides your IP using TOR. There's some VPN that stores your details, so choose one that does not log anything. Do not use Bitcoins purchased by yourself from any exchange that made the KYC. Even with all of that, you can get caught in other ways."
Even the forum moderator has added, "Most often, you want to use VPNs that don't store any information. ProtonVPN is Swiss-based and claims that they do not store information at all. I have tested them for some time and the network they setup is stable. It's a paid service. If Samurai (as suggested by GiGoGo) is using TOR, it may be the best option since it is known that the TOR network has freedom of privacy mindset and is 99% safe."
Other users including the forum master have suggested using a mixer between wallets. They have also agreed that the coins sent to Kraken, MisterTango, or similar already get mixed. To this, a new user has said, "That is not real mixing because on those services, you have to pass KYC rules, so when some authority asks them, they will provide both the incoming and outgoing transaction details." Another user has further said that even these coins are traceable; thus, it is best to switch to other cryptocurrency or privacy coins.
Sounds interesting, isn't it? Read on for some more solutions at Offshorecorptalk.com.
Press release distributed by PRLog
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