Since Bitcoin started growing in popularity, many new coins we launched into the cryptocurrency space. They all belong to the financial market, but these coins have their differences, including transparency and privacy.
Cryptocurrency users can either reveal or hide their information whenever they carry out a transaction. This choice depends majorly on the choice of cryptocurrency and the chosen exchange platform. Whatever means you go for, ensure the motive is pure and not for illegal activities. For instance, hikers and cybercriminals are taking advantage of non-traceable currencies for some fraudulent activities. This has been a major concern for the governments because it is difficult to trace sales of illegal items such as drugs transactions.
The solution to this problem seems to enable the storage of users’ information and transaction details. On the other hand, users opt for non-traceable cryptocurrency because of the high level of privacy. Also, users, in this case, hope for some maximum level of security with non-traceable transactions. By doing so, they can buy and sell to another individual by remaining anonymous. However, it is usually not the case when you buy bitcoin. You may ask, why is this so? Kindly read further as you delve into details about bitcoin traceability.
Benefits of Traceable Cryptocurrencies
Although many users believe they can buy bitcoin because it is not traceable, this popular assumption is not true. Bitcoin blockchain technology validates users transactions to confirm its authentication. The option to remain anonymous is, however, not available.
If the problem associated with your preference for non-traceable currency is compromised, you should know that it is different when you buy bitcoin. Bitcoin is the top cryptocurrency that has existed in the market for a long time. More so, its enthusiasts are big investors with running businesses and organizations. As a result, failure it’s far from it, even in the next decade. Although the government can form an alliance and pry into traceable currencies, it would not be a comfortable act for both parties – the governments and the said crypto founders or partners. Some governments do not legalize the usage of Cryptocurrencies in their countries, even though they can penetrate the market. Hence, this assumption remains impossible as long as the currencies are decentralized.
If you wonder about the benefits of non-traceable coins, first consider the high possibility of falling into a scam with this method. When you buy bitcoin or other non-traceable coins, you are saving yourself from this circumstance. A lot of cybercriminals are roaming the internet street to find prey for their criminal acts.
Bitcoin traceability works by storing users’ information on a public ledger that is on regular update. Hence, one can go back to the storage at any time. Users are at liberty to enhance their economic growth and financial stability. Cryptocurrency has been a source of wealth for many young investors. Also, bitcoin strengthens its security to ensure financial bodies do not take advantage of its traceability.
Traceable Bitcoin is easily influenced by public opinion, with no strong backup. Hence, the market trend easily tosses these altcoins to and fro, affecting investors‘ digital assets. Many people are positive about the promising future of bitcoin and its high possibility of becoming a daily transaction.
More so, exchange platforms like Bitvavo are implementing new ways to make cryptocurrency better. According to a report on the website, they stated that; “Bitvavo aims to contribute to innovations in the cryptocurrency environment by making innovative projects accessible to its users.”
Having said all about the benefit of bitcoin non-traceability, does it mean users are on no loose end when they buy bitcoin? Although some people try to penetrate the bitcoin blockchain, every loophole has been detected and attended to. Therefore, bitcoin has top-notch security, which guarantees users of a stress-free experience.
Conclusion
Top influencers buy bitcoin because there is often no report of internet theft nor criminal activity associated with it. Bitcoin involves a pseudo-anonymity approach, which catches users that plan to use it for illegal acts. Research shows that non-traceable currency like Monero has become the target for drug dealers. They assume that any transaction and fiat currency exchange is done on this platform remains void, as long as the records do not exist. Hence, the government cannot hold criminals accountable for their actions in this case.
If you consider getting on board with cryptocurrency, you can buy bitcoin from Bitvavo while you trade effortlessly. More so, you can create an anonymous user account for privacy, but it does not mean your transactions cannot be traced.
