DAY 021: How to increase the anonymity on BITCOIN network?

Some people likes the idea of anonymity on the BITCOIN network. For sure when you hear the main stream media detailing all the bad things about BITCOIN: terrorism, black market and so on… You may think about: It looks cool to put some “hidden money” and make it flourish.

So you have taken your decision to buy some bitcoin and you go through the following process:

  • Select an exchange and create an account.
  • Transfer some fiat money through Bank wire or Credit Card.
  • Make your buy order.
  • Keep your funds in the exchange or transfer in your own “anonymous” wallet.

Do you think that it is really ANONYMOUS?

As soon as you create your account on the exchange you leave already your email address and thereafter when you transfer money the link is created with your bank or payment institution.

Thereafter when you transfer the coin to your wallet, the target wallet address is also known from the Exchange and therefore it create the link between the wallet, your exchange account and your payment institution.

So at the end of the day, it is not really anonymous.

They are certainly a number of more or less legal processes to stay anonymous but I will talk about a simple one: MINING.

In fact, mining require an investment in term of equipment and electricity but it allows you to get the rewards from the mining directly in your wallet. In such case your wallet is not linked to any external legal system and therefore you stay much more anonymous.

Of course, it requires more time and effort to set the mining equipment but then you become a active WORKER of the network and you get paid upon the work you do.

Today, some coins like FEATHERCOIN can still be mine with normal GPU card so if you like gaming already, you have probably a good card which can be use to mine FEATHERCOIN and stay anonymous with your gains.

Of course, if you want to sell the coins in the market right now you might loose the anonymity. Therefore it must been seen as a long term bet whereby you will use your Feathercoin to make your regular expenses directly with FTC or decentralized exchanges will allow to exchange coins without the need of a legal institution in the middle.

Hopefully you get some further insight today and I wish you a excellent week.

Feathercoin Writer

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