Is Bitcoin Anonymous - Can Cryptocurrency Be Traced In 2020

How Anonymous Are Bitcoin And Other Cryptocurrencies In 2020? Can Your Bitcoin Wallet Be Traced Back To You?

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Welcome to a new episode of #supercalifunnelistic

In today's video, I'm going to take a closer look at how anonymous cryptocurrencies like Bitcoin are in reality?
Is it possible in 2020 to buy, sell, and/or move cryptocurrency like Bitcoin without leaving a trace?
What's the difference between your regular FIAT bank account and your crypto wallet for Bitcoin and other cryptocurrencies?

Unlike blockchain-based currencies like Bitcoin, your regular bank is required by law to keep records of all transactions for a certain period of time. Within the US that timeframe is usually five years, after which your bank is allowed (but not necessarily forced to) delete the records of your transactions.
So while your regular FIAT transactions are not anonymous in the first place, because you had to prove your identity when you initially opened the account, your transactions become anonymous once your bank deletes the records.

Cryptocurrencies like Bitcoin on the other hand use something called "blockchain" which is a permanent ledger that keeps a record of every transaction forever and all those records are available to the public.
So, while you can create one or more crypto wallets anonymously to store your Bitcoin in the first place without going through any kind of verification process, every transaction that you eventually execute with your Bitcoin crypto wallet will then be permanently stored in the Bitcoin blockchain.

Therefore, all it takes is one link to your identity to identify every Bitcoin transaction that you ever executed no matter how long ago, and since you most likely will use your regular bank account or credit card to buy your Bitcoins in the first place or to cash them out, the exchange you are using for this will serve as an easy method to link your crypto wallets to you personally.

It is definitely possible to stay anonymous with your Bitcoin wallets, but overall this requires a lot of effort that most people are not willing to go through and additionally will force you to deal with some people outside the system that are willing to sell or buy Bitcoin using completely anonymous methods.

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