Loading ...Just read this on “X” – does anyone know if it’s true???
Tether’s CEO, Paolo Ardoino: “Contrary to popular belief, cryptocurrency transactions are not anonymous; they are the MOST traceable and trackable assets.”
That’s all there was — but it’s the exact opposite of how Bitcoin etc. have been marketed. Who’s telling the truth and who is lying??
I am no expert in this area but from what I have read the crypto transaction part may be anonymus but the moment you transact back into fiat currency (dollars or any other) you still go thru a bank or other financial intermediary & that is traceable. If you never convert back into fiat you are anonymus but then what good is it?
I think the plan is to buy and sell with crypto and not convert to cash
This is very accurate. The whole premise of how it works is that the transactions have to exist on the block chain. If anything whenever anyone wants to hide their bitcoin, they have to offload it into a bank that has higher privacy guidelines.
A transaction can’t occur unless another party completes a hash, this is what mining essentially is. So a miner completes a hash to confirm the transaction, it then completes the transaction, but the transaction exists on a general ledger for all to see. Date, amount, sending wallet, and receiving wallet. This is why it will never be used the way people think it will be used, and it is the reason central banks want to create their own. They see the value in it!
The only work around may be that you could sell your wallet with bitcoin in it for cash or something else to someone after showing proof of the value of the wallet. But then why would anyone do that given it’s most likely a watched and tracked wallet.
Anyway, this is why it will eventually go to single digits and it will never see new highs.
Thanks everyone!