anonymity in blockchain explainedBlockchain and blockchain based products advertise on the basis of providing absolute anonymity and security. However, most the cryptocurrencies may not provide such a high level of security as there have been many hacking issues. So are the network really that anonymous.
What is anonymity?
Anonymity is simply privacy or the security of one’s personal data that will remain accessible to him and him only.
Another product that advertises through the motto Virtual Private Networks (VPNs) are not completely anonymous as the provider can sell your data at any particular moment and price.
Blockchain transactions appear on a public network so others can see every trade you make. However, the transactions appear as a sequence of numbers and nobody can tell who they belong to even so certain parties can connect the dots and find the entity or the individual behind the number.
Moreover, exchanges also keep data regarding the transactions on the network. Some of these exchanges show utter compliance with the authorities including providing your personal data to them. Furthermore, certain cryptocurrencies require a user to provide ID details before he can trade thus compromising his identity.
On the other hand, use of cryptocurrencies like Monero or tools like VPN may allow one to increase his anonymity but is it right to do so?
Its true one’s trades become much more secure through that, however, such methods may also allow less than legal activities to take place. Even more, is the fact that the named cryptocurrency Monero is known for being used in many criminal activities.
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