š Hereās How Not To Screw up Your Bitcoin Privacy
Just one transaction can compromise years of discreet Bitcoin activity, Cake Walletās chief operating officer has warned.
āIf you ever spend your no-KYC coins with one of your KYC coins ā which if you just let the wallet do its thing, it could do because it doesnāt know the difference ā you immediately connect all of the non-KYC Bitcoin that you spend in that with your identity,ā Seth said, referring to UTXO management, also called ācoin controlā by some wallets.
When you send a payment larger than any one UTXO, the wallet picks several and combines them as inputs to the same transaction ā an easy mistake to make, Seth highlighted.
Seth added that unlike in the global South, where people have experienced more oppressive states, citizens in the West will need to āfeel painā in order to realize how important privacy is.
Still, he added that attitudes were changing and people were getting more serious about protecting their privacy.
āIt has been shifting, in the last five or six years a lot of people ā even in the West ā are starting to think [privacy] really matters, we really need to think about this seriously now,ā he said.
Using the second layer solution is not only faster and cheaper, it also offers more privacy than Bitcoinās main chain.
While Cake Wallet supports other cryptocurrencies, including privacy coin Monero, Seth for Privacy added that heād love it if the digital coin didnāt exist.
āIf Bitcoinās privacy got good enough that you could use it and have at least almost as good privacy as Monero without massive hoops to jump through, and Monero ceased to exist, thatās fine,ā he said.
āI would much rather the thing that more people use has better privacy than a more niche tool that has perfect privacy, and thatās something that less people are using because itās less well known.ā
#BTC | #Bitcoin | $BTC
Just one transaction can compromise years of discreet Bitcoin activity, Cake Walletās chief operating officer has warned.
āIf you ever spend your no-KYC coins with one of your KYC coins ā which if you just let the wallet do its thing, it could do because it doesnāt know the difference ā you immediately connect all of the non-KYC Bitcoin that you spend in that with your identity,ā Seth said, referring to UTXO management, also called ācoin controlā by some wallets.
When you send a payment larger than any one UTXO, the wallet picks several and combines them as inputs to the same transaction ā an easy mistake to make, Seth highlighted.
Seth added that unlike in the global South, where people have experienced more oppressive states, citizens in the West will need to āfeel painā in order to realize how important privacy is.
Still, he added that attitudes were changing and people were getting more serious about protecting their privacy.
āIt has been shifting, in the last five or six years a lot of people ā even in the West ā are starting to think [privacy] really matters, we really need to think about this seriously now,ā he said.
Using the second layer solution is not only faster and cheaper, it also offers more privacy than Bitcoinās main chain.
While Cake Wallet supports other cryptocurrencies, including privacy coin Monero, Seth for Privacy added that heād love it if the digital coin didnāt exist.
āIf Bitcoinās privacy got good enough that you could use it and have at least almost as good privacy as Monero without massive hoops to jump through, and Monero ceased to exist, thatās fine,ā he said.
āI would much rather the thing that more people use has better privacy than a more niche tool that has perfect privacy, and thatās something that less people are using because itās less well known.ā
#BTC | #Bitcoin | $BTC