Bitcoin burglary


Ashley asked 7 months ago

Hi, I have read that you can track an IP address that is associated with Bitcoin transactions. I know a violent burglary attempt was made yesterday on someone at home attempting to steal Bitcoin. Apart from all the technical stuff on masking IP:Tor etc is there any way to prevent a determined criminal doing this to someone? Surely all they need is to force someone to transfer their Bitcoin?

2 Answers
Steven Hay answered 7 months ago

Hey Ashley,
 
It’s possible to track the IP of transactions, yes. As you say, it’s possible to use Tor to defeat this – I believe Bitcoin Core will automatically connect through Tor if it’s running and you can get other wallets to use Tor as well. (Tor disguises your IP over the internet – a VPN will serve the same purpose).
 
The first line of defence is not letting people know you have Bitcoin. The second would be using a multi-sig storage wallet, which requires your signature plus that of another person (or people) in order to send transactions. The criminal would have to force the privkeys from each of you in order to steal the coins.
 
But yes, generally speaking, if a criminal knows you have Bitcoin then they can use physical force / threats to extort it from you. The third line of defence would be physical protection, like owning a gun for self-defence.
 
 

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