In the tech world, privacy is a big and important word, we see numerous headlines several times a week about private data breaches. Also at Bitcoin Trader, we are always mindful of our customers’ privacy and do our best to keep it safe and secure. Let us talk about Privacy and most importantly, privacy on Bitcoin technology.
In this article we will be looking at why Blockchain privacy is so important, how private are your information and data really are on Blockchain, and how it affects you.
What is Bitcoin Privacy, and Why Should You Care?
We all find it easy these days to get any type of information easily with just a few clicks on the keyboard, and in turn, we are not mindful of how easy we give out private details and information while visiting some of these websites. I do not think a stranger can just stop you on the road, demand your phone number and house address and you will hand it to them freely, which makes me wonder why we are comfortable handing more personal information about ourselves to these big companies online.
People might argue that these big corporations are more legitimate than a stranger working down the road asking for your details, but we are just saying the principles are the same.
Take for example when you visit a website or download an app from any of the application stores, you will be required to sign up with your details.
Some applications go as far as asking you to sign up through any of your social media networks or signup with your mail, because of the less stress that comes with signing up with our mail account or our existing social media network, we opt for that.
So the question is, does this new app have access to all your existing personal details and data?
Let’s assume they are limited to some limitations, so how much data do they have access to and what do they do with this data?
Well, I don’t think you or anybody else knows the answer to that and if you will get an answer to that, a fraction will be in their terms and conditions, but how many people do settle down to read terms and conditions?
Until a breach of privacy has taken place, many people on the internet give little to no care or interest to privacy. And also many people are not quite clear or understand how their personal data or information are managed and maintained, this opens too many doors to mismanagement.
Privacy and the Bitcoin Blockchain
Number one thing you should know is that at the bitcoinfuture we employ different kinds of methods to ensure we maintain the privacy of your personal details and information.
How Does Bitcoin Blockchain Maintain Privacy?
A Bitcoin blockchain is a general and public record that can be used to store different types of personal information and it is also visible to anyone. Each of these blocks in the Bitcoin blockchain can be described as a new item added to the record, which is not stored in one central location. But, there exist thousands of exact copies of the record book and it is stored on different computers around the world. That is why people refer to blockchain as being Decentralised.
Bitcoin is considered as a pseudo-anonymous. What this means is that, with the Bitcoin blockchain, you can be linked to a public Bitcoin address, but the actual address of where it came from cannot be tracked. This means a Bitcoin transaction is not linked to anybody’s identity. So if someone sends Bitcoin to you, you would know that the sender is linked to that particular Bitcoin address but you won’t know the main address or any personal information whatsoever.
In addition to all these, it is important to clarify that the Bitcoin blockchain doesn’t store your IP addresses. So if anybody is looking to get the IP address of someone sending or receiving Bitcoin, they would have to track them down by any other means apart from the Blockchain route.
Today, there are too many parties out there who are desperate to get their hands on users’ personal data and information that they do not have the right to. So we can confidently say the best option at the moment in terms of privacy is to keep it on the blockchain out in the open.
In addition to this, we shouldn’t fail to address the fact that Bitcoin blockchain still has a long way to go and also it still needs to continue proving itself as a trusted gatekeeper of these personal data and information, but for the most part, Bitcoin blockchain has been doing its best to keep our privacy than anything else out there.