Is Bitcoin as private as everyone/the internet says?

Bitcoin Questions and AnswersCategory: General questionsIs Bitcoin as private as everyone/the internet says?

Felix asked 2 years ago


I already read and heard that bitcoin is a private and secure way to pay on the internet, but every wallet provider/wallet service needs a lot of informations about me. For example my full name, e-mail adress, adress and other stuff. Why is this so?

If they know all this information about me, it’s not really private anymore, isn’t it? And what do they do with my informations? I had some negative experiences with paypal and want to use something different to buy stuff on the internet.

Thanks a lot in advance for your time! Maybe you already have this question answered or articles about this question.

1 Answers
Ofir Beigel answered 2 years ago

Hey Felix, great question!
Bitcoin in fact isn’t completely anonymous. There are ways to use Bitcoin anonymously but once you supply these wallet providers with your info you’re not anonymous anymore. 
Wallet providers that ask for identity verification (e.g. Coinbase, Circle), are no different than Paypal. They perhaps will be easier to buy / sell Bitcoins with, but they will also be able to freeze your account if you do anything illegal in their eyes (more on that here).
Hope these links will get your questions answered, let me know if you need anything else.

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