Bitcoins have the capability to keep your financial affairs private. In contrast to a bank account, PayPal account, or a credit card, Bitcoins allow you to use any persona or online identity you wish. As a result, it is difficult for anyone to trace your payments or receipts.
NOTE: For an explanation of Bitcoins, see my earlier article, Bitcoins: The New Digital Currency, at http://goo.gl/E158Ck.
An article in the ExpressVPN web site states:
“Pseudonyms are used by women who speak up for their rights, atheists born into religious societies, and people critical of their governments to spread their thought, empower their causes, and encourage those around them to do the same.
“These courageous men and women threaten their own safety and wellbeing to defend who they are and what they believe in. Technology empowers them to be leaders in social change more efficiently than they could have ever been before. Technology also connects like-minded individuals so they can together form the communities for which they strive.
“Maintaining an identity with a large following might require paid services such as blogs, logo designs, stock photos, VPNs, or translations. Without the ability to pay for these services anonymously, you would be forced to reveal your true identity in order to maintain your pseudonym. A situation which clearly makes no sense, and one with potentially dangerous ramifications.”
The article then goes on to explain that while Bitcoin transactions can easily be traced, the transactions do not need to be tied to a real name. Pseudonyms work well.
You can read Protect Your Financial Privacy With Bitcoin: A Comprehensive Guide at https://www.expressvpn.com/internet-privacy/bitcoin-anonymity.
Categories: Crypto Currencies