Privacy aspects of the crypto world
A lot of people say that Cryptos are anonym coins, but are they really anonym?🤫
The answer is no, something to be called anonym need to be "without name", which is not the case of most of cryptos.
Most of cryptos are actually pseudonym, which means that they have a "fictional name".🤔
To make things more easy to understand, any transaction made with fiat has, or is possible to find out, the name of the sender and the name of the receiver.👁
With cryptos instead, you don't send coins to a "name" with its banking coordinates, but straight to the coordinates, which are the crypto addresses (public keys).😎
It is easy to understand that in some cases, is easy to find out the name of the person behind a crypto address, but some other times it can be a real challenge to solve this "mystery".🕵️♂️
To solve this mystery, a few years ago started to born "secret agencies" with the scope of analyzing the block chain.🔎
If you don't know already, most of cryptos have a public blockchain, which means that all the transactions are easy to see with the blockchain explorer.🔍
Simply, in the blockchain explorer, anyone can search in the whole blockchain, informations about an address or about a specific transaction, which may involve multiple addresses.🤔
This is why cryptos are not considerable anonym, but only pseudonym, because any government with appropriate tools can explore the blockchain and fiat transactions to find out who moved sums of money.💰
It is up to each user not to do some evident movements in order not to be "recognized".🤭
You may be wondering why you don't want to be "recognized".🤨
There are multiple reasons and anyone can have its own reason.🤷♂
In my opinion, it is because users want to keep their own privacy and don't want that someone else know their businesses (whether they be legal or not).😡
-MIXERS
If you are a user who explored the privacy side of the cryptos, you surely have found someone who told you to use particular tools called "mixers" to hide your steps to whoever tries to analyze the chain.😨
Mixers are tools (basically a website) where users send their coins and they receive back the same amount (-fee) of coins, coming from someone else not "connected" to them. 🔁
I warn you and I discourage you from using any mixer because most of the mixers are used for money laundering.⚠️
Most of times the owner of a mixer is a person with a lot of "dirty" cryptos who wants to "clean" them by simply giving them away and keeping the "clean" coins that people who "fall" in this kind of trap send.🚫
Everyone wants to keep their privacy but noone wants to end up handling dirty coins that have been used to buy drugs (or even something worse in worse scenarios).😅
Now you may be wondering if there is another way to anonymize any transaction.🤔The answer is yes, there is a method to join in a single transaction, multiple inputs and multiple outputs.🤨
Most of the common users end up doing single transactions with one input and one output.➡️⬅️ Mixers aim to keep doing this 1:1 transactions but between strangers.🙁
This new method called "CoinJoin" allows multiple users to make a single transactions with various inputs and outputs, making it very hard to find who send what to who.😄
Of course everyone sends different amounts of coins, but if they all agree to send the exact same amount of coins, the transaction will be completely indecipherable.😎
To do this kind of transactions you need a particular wallet called "Wasabi".👀
wasabiwallet.io/
So far wasabi supports only BTC but I bet that in future they will support other coins too, or someone will build an equivalent for other coins.👏
