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Bitcoin Is Traceable!

Bitcoin Is Traceable! today were gonna be telling you something that people believe about Bitcoin thats absolutely not true this is the biggest myth that people believe about Bitcoin.

Bitcoin Is Traceable!

stay tuned welcome to Bitboy crypto your onestopshop for Bitcoin and crypto news we got all kinds of contest details going up above me here in a few seconds make sure you guys check all that stuff out so heres the thing guys today we are gonna be looking at what is the biggest myth about Bitcoin and its pretty simple guys I recently did an interview with eight different people where I went to our local MLB team the Atlanta Braves Central Park interviewed people and asked them whether they would rather take cash Bitcoin or gift cards it was five dollars in cash ten dollar gift card or fifteen dollars in Bitcoin Ill put the link to that article above so you can check it out its a really cool article but something else came out of that article that I realized is that yes that was a fun little social experiment and were gonna be doing a lot more of those on the channel so I hope you guys enjoyed that content seem to be wellreceived however I really saw that people believe something about Bitcoin is not true almost every single one of the people that we interviewed either on camera or off camera they said the same thing what is Bitcoin what is cryptocurrency and they all said it is a digital currency which it is it is a digital currency but they almost always said the next thing they said and its untraceable theres this idea that bitcoin is not traceable however thats a myth and some of you guys may have heard this maybe youve heard bitcoin is traceable but you dont really know what that means and maybe others of you thought that your transactions were completely private and safe and Im gonna explain to you why they are not and how weve seen that occur across the world in different ways and then what could possibly be done about it so here we go guys is Bitcoin traceable so one of the most commonly held beliefs is that people believe bitcoin is traceable so at one time it was it was untraceable because there was not enough personal information known about people that owned Bitcoin if there were exchanges they did not do kyc wallets had really nothing attached to them however that has really changed dramatically now in the early days of course you probably have heard about ross ulbrich and Silk Road it was a website on the dark web where you could buy and sell illicit things illicit substances weapons all kinds of stuff activities services yada yada yada and of course Ross ultimately went to prison is serving longer sentence than El Chapo which is really crazy but it is true and you know that was a lot of the Bitcoin transactions during that time Im quick to tell people I got into Bitcoin in 2012 however I did not come through Silk Road like a lot of people during that time did I did through another purchase of some software so you know the thing is is at that time 44 of Bitcoin transactions have been estimated to have been for illicit activities so yes in the early days of Bitcoin that was a thriving business model for Bitcoin however over the last couple of years that number has dropped to as low as 1 some people say the answer is why well because Bitcoin is traceable thats exactly why this cash is safer to use its much more you know safe for those kinds of transactions because cash really is untraceable in a lot of ways but bitcoin is now what has happened a Bitcoin thats made it traceable well absolutely nothing theres nothing thats actually happened to the Bitcoin code there have been some things that have happened to the code but nothing that is made Bitcoin more traceable or less private now in the future something that could be done about this if we did want to you know make Bitcoin traceable or untraceable again would be to add a new kind of protocol a privacy protocol that can make transactions private Im gonna explain to you in a little bit why I dont think that will happen but right now thats not the case there are even companies like channel says in cipher Trace that specialize in finding these you know bad actors in the world theyre using Bitcoin and other cryptocurrencies addresses for negative things so theres actually companies out there actively trying to track hackers addresses drug smugglers addresses you know human trafficker addresses all of those things so its not a very you know fruitful system for people like that to take advantage of anymore so why is this what has happened weve got these companies that doesnt ask a question or answer the question how has this happened well kyc regulations have changed everything so is adoption rises the scrutiny rises the regulations that are expected rise and that has led to know your customer procedures known as kyc in which customers had to fill out forms show documents hold up passports and pictures of their face and things like that thats me with my face I dont know why did that that made no sense however it is true people have to do that they have to send that stuff in to a lot of these companies so right now there are possibly or theyre estimated be 27 million Bitcoin addresses that actually hold Bitcoin now out of that 27 million several million of those are at coin base and coinbase knows or coin base requires know your customer procedures kyc so we know theres several million addresses right there that already have names associated with them the government is coming to these exchanges and asking for the information because the government knows this is like a big brain teaser if they can just kind of solve what this address is and who this address belongs to over time they can eventually figure out Im not gonna say the majority of the Bitcoin addresses but a huge amount of them and if they target an address and want to know exactly who this is they will probably be able to figure it out by tracking back the incoming transact transactions and those addresses and the outgoing transactions in those addresses you can kind of think of it like a sweater it just has a small thread it just needs a small run in it then if you just pulled and keep pulling and keep pulling if you have a sweater you know it will totally wreck it it will destroy the entire sweater and that is what the government is trying to do with these addresses not necessarily destroy the Bitcoin network but by pulling it threads here there theyre able to unravel entire webs of crime syndicates and hacker groups theyve done this frequently we just had it it just happened three Chinese nationals have their bitcoin and litecoin addresses basically revealed and blacklisted so any any address that is sent to one of those addresses will receive from one of those addresses is now a target so is that a bad thing theyre drug smugglers theyre you know money launderers no obviously thats not a bad thing theres also another you know or in unto itself its not a bad thing theres another situation that happened called the Sam Sam attack which was ransomware that was dumped on cities across America including my hometown of Atlanta and that they basically in exchange for Bitcoin would release the computer systems and they were docks by the Department of Justice they gave their Bitcoin addresses and their names so there are Iranians and and gave as much information about them as possible and warned people do not do anything with these addresses so the fact is guys bitcoin is traceable there is nothing about it at this point that makes it untraceable now will we see it in the future will we see Bitcoin once again be private I dont believe so while there are talks of adding privacy protocols such as nimble Wimble to Bitcoin I dont think well see that because that will provide much or that will bring much more scrutiny on Bitcoin and while we know right the Bitcoin you cant ban it you cant stop it its open source theres just computer code we know all that however the people who own it can be targeted and I think that the Bitcoin community might be willing willing to take that tradeoff at this point where were at in the political world and the globe you know global uncertainty will take that trade off in order to keep the scrutiny off of individuals because if people own bit and they know the government is gonna come after them for owning it if its basically a privacy coin which is what a privacy function would you know kind of put it in that basket even if its optional then I dont think thats what people want people dont want to see that added scrutiny where basically the government is coming after people to own Bitcoin that is going to definitely prevent adoption thats definitely gonna prevent people from wanting to get involved in Bitcoin and cryptocurrency and that would also once again make it much more you know much more easily used in illicit activities so were always fighting this battle of wanting freedom wanting decentralization and also wanting to be free or one it worked between wanting to be free in adoption right between decentralization and adoption thats what it boils down to we probably at this point in history are not going to be able to have both were not gonna be able to have full privacy and decentralization where none of our transactions are ever tracked and nobody knows what were doing and adoption unfortunately those two things are not gonna go handinhand at this moment however I do think that we do have the responsibility in the crypto community to educate people that are outside of the community and let them know like when someone says oh yeah thats that untraceable money correct them say no actually it is traceable there are privacy coins theres a lot of you know scrutiny and regulation on or probably coming regulation on those but Bitcoin itself it actually is traceable now you may not want to go into the fine details and explain it all to him but the fact is we have to educate people on what exactly is true and is not true with Bitcoin so Bitcoin being untraceable is the biggest myth I have seen people believe about Bitcoin so you let me know what do you guys think do you guys think that one day we will see Bitcoin being private again that we will see you know some kind of protocol added to the to the code to make that happen or do you think were just good with where were at its okay if its traceable it does prevent crime syndicates and things like that and youre willing to take that trade off let me know drop that down in the comments below BitBoy out.

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