What is the point of wallet transparency? Do you think this is against anonymity?

[Brushless4500KV 4214]

One interesting (or maybe strange) feature of bitcoin wallets is that they are like a glass which everyone can see what's inside it. This is a weird feature because cryptocurrency came into existence with anonymity and hidden privacy in mind. You can send money without disclosing your personal information but anyone can see how much crypto coin you have in your wallet. This is somehow like anyone can see how much money you have in your bank account! How can we (as crypto users) claim we are anonymous when we know the balance of each other's wallets?!

The main problem with this transparency is that it makes wallet owners with high amount of cryptocurrencies more prone to scamming and hacking because scammers will usually scam those who have more money. Is there any way people can disable this feature? How can you prevent other people from seeing your wallet balance?

I'm ready to hear your ideas.

[Brushless4500KV 4214]

9 hours ago, laio94 said:

yes in part it is a somewhat complicated concept to understand but it is precisely the basis of bitcoin, in fact very often it is defined as an anonymous currency but it is not quite so, it guarantees you protection but as you said you can anyone come to check my wallet and knowing how many btc I have, on the one hand it can be a bad thing but I think it also has positive aspects don't you think? Nobody can pass money without being on the public register and in any case I'm not sorry but I don't think there can be a way to hide it as you say, if you need to remain anonymous you could start to be interested in coins such as zcash and monero which are actually anonymous coins from a look at it.

Thanks for your comment. I know that one solution to stay anonymous is to generate so many wallet addresses for your transactions but if you do this, it will be hard to keep a record of all your transactions for further reference. I want to have one wallet address for all my deals. If I want to generate multiple addresses, I have to write down each wallet address along with the transaction done with it and if I continue this way, I need a book to record my addresses and keep a transaction history for each of them. It will be confusing to find your past transactions. I am looking for a better way of creating a log for my wallets but I haven't yet come up with an idea. I can't use Zcash and Monero because I only work with bitcoin.

[Brushless4500KV 4214]

1 hour ago, ZedX said:

If there wasn't wallet tranparency how would you or any other people interested in btc made sure than for example that someone doesn't have 10,000,000 of that 21,000,000 for example ?, not having a wallet transparency in any coin can lead to even more scams and fake projects that just come to this to collect some investors money.

I think you are referring to anyone's share of the whole market cap for each coin. Why should anyone know about each other's share of the market? Wallet balance transparency has both good and bad consequences. You can measure people's honesty by checking their wallets. If someone lies about his wallet balance, his lie will be revealed easily. This is a good feature. But there may be some rich people who don't want anyone to know how much money they have. They can't hide their assets from public if they store them in bitcoin wallets. Everyone has the right to stay anonymous. It would be nice if we could enable or disable this feature whenever needed.

[lucky80 1046]

On 12/21/2019 at 1:10 AM, Brushless4500KV said:

Is there any way people can disable this feature? How can you prevent other people from seeing your wallet balance?

Impossible today IMO. The regulation is forcing everyone to be transparent. All you can do is to use more address and mix them up. About hackers, In reality, is there a person who got hacked? I don't see any news or maybe I missed it. Exchange is the hacker target IMO.

[lucky80 1046]

On 12/25/2019 at 5:36 AM, SCB1234 said:

Originally, an address was thought more as the public key, and it was supposed to be disposed of; use an address only once for each transaction.

True at first place. But today all exchanges required an identity. People have to expose their privacy to gain big money. 

 

On 12/25/2019 at 5:36 AM, SCB1234 said:

The only way to "disable" this feature is to use privacy coins,

And where we can cash out this privacy coin? Maybe the only solution is to be open and accept the regulation. Don't be afraid if we the good guy.

[Pearls Before Swine 815]

No, there's no way to hide your bitcoin balance if someone knows your address.  Bitcoin is anonymous as long as nobody can connect an address with a person or organization, but it's a transparent ledger because it was designed to be such.  If you're looking for more anonymity with crypto, try monero, pivx, dash, or some of the other 'privacy coins' out there.  Bitcoin is likely not your thing if you're that worried about anonymity.

[BTC Future 3946]

On 12/20/2019 at 8:10 PM, Brushless4500KV said:

One interesting (or maybe strange) feature of bitcoin wallets is that they are like a glass which everyone can see what's inside it. This is a weird feature because cryptocurrency came into existence with anonymity and hidden privacy in mind. You can send money without disclosing your personal information but anyone can see how much crypto coin you have in your wallet. This is somehow like anyone can see how much money you have in your bank account! How can we (as crypto users) claim we are anonymous when we know the balance of each other's wallets?!

The main problem with this transparency is that it makes wallet owners with high amount of cryptocurrencies more prone to scamming and hacking because scammers will usually scam those who have more money. Is there any way people can disable this feature? How can you prevent other people from seeing your wallet balance?

I'm ready to hear your ideas.

There are users that are trying mixing services to obrain addresses not linked with their past. Wasabi is a service that helps with anonymity, although there is another problem. Exchanges can obstract the use of these addresses and some are banning accounts for senting their funds there. Binance and Bittrex are said to have done so and probably the rest will follow. So it is obvious that exchanges are observed and every address that cashed out in the past is already connected with an individual. Exchanges are providing data to agencies and almost everything is under investigation if needed. There is no privacy using Bitcoin this is a fact. Your wallet is open for anyone to take a look inside and if they are well connected they can find your private information as well.

[khan22 3478]

On 12/21/2019 at 8:40 AM, auiwrb4 said:

No one can transfer money without registering publicly and in any case I'm not sorry but I don't think there might be a way to hide it as you tell this transparency that it gives wallet holders a number. High amounts of cryptocurrencies are easy to be scammed

Scammers will use the crypto market and they can make the good money through the scamming and in the crypto market no one know that how they transfer the BTC and also coins and where no one have the records.

[Shaza Ahmad 1682]

Well, there are many currencies that support privacy and no one can see the balance in the wallet address and on remittances as I think, the options are available to everyone.

[Razan alikac 1899]

Your topic is very interesting, my friend. For according to my information, we can restrict privacy, so no one can see what we have

[jacker 1095]

hmm, I understand what you're saying. I think this feature you can not disable it, nor can you prevent others from seeing the balance. I don't know how to hide my balance. sorry you

[Rickso 768]

On 12/20/2019 at 7:10 PM, Brushless4500KV said:

One interesting (or maybe strange) feature of bitcoin wallets is that they are like a glass which everyone can see what's inside it. This is a weird feature because cryptocurrency came into existence with anonymity and hidden privacy in mind. You can send money without disclosing your personal information but anyone can see how much crypto coin you have in your wallet. This is somehow like anyone can see how much money you have in your bank account! How can we (as crypto users) claim we are anonymous when we know the balance of each other's wallets?!

The main problem with this transparency is that it makes wallet owners with high amount of cryptocurrencies more prone to scamming and hacking because scammers will usually scam those who have more money. Is there any way people can disable this feature? How can you prevent other people from seeing your wallet balance?

I'm ready to hear your ideas.

blockchain is public and everyone can see how many bitcoins there are in a wallet, but they can't know which wallets are yours. at least since 4/5 years ago, now if you buy bitcoin in an exchange with fiat the authorities can know which are your wallets since the exchange where you bought them know your identity and know in which wallet you have withdrawn and so can track all your transactions

[Brushless4500KV 4214]

12 minutes ago, Rickso said:

blockchain is public and everyone can see how many bitcoins there are in a wallet, but they can't know which wallets are yours. at least since 4/5 years ago, now if you buy bitcoin in an exchange with fiat the authorities can know which are your wallets since the exchange where you bought them know your identity and know in which wallet you have withdrawn and so can track all your transactions

They can't find the name of wallet owner but they don't need it. They only search for wallets with high balances and target them for hacking to steal the funds inside them. They only have to find a way to access the keys. So, it would be better if anyone could choose whether his wallet must be visible or invisible. This should be a choice because I prefer no one can see how much money I am transferring. This way most hackers will be confused about what is inside each wallet.

[babaji 1228]

On 12/20/2019 at 11:40 PM, Brushless4500KV said:

The main problem with this transparency is that it makes wallet owners with high amount of cryptocurrencies more prone to scamming

Well you have lot of money in banks or in your home, robbers can come and kill you and take away the money. So what will you do in that situation. 

Bitcoin wallets are as secure as they can be, with the best of cryptography taking care of security, hence you dont see all the wallets hacked, the ones you hear are only those who hacks were orchestrated or maybe the owner made some dumb mistake of handing over the private key. 

As for wallets being transparent, that is how it exactly it should be. You should know how much of money is in circulation, but not who is the owner. In that way you are sure, no coins can be added to the system and the numbers always remains fixed, as everything is transparent. 

 

 

[Brushless4500KV 4214]

1 hour ago, babaji said:

Well you have lot of money in banks or in your home, robbers can come and kill you and take away the money. So what will you do in that situation. 

Bitcoin wallets are as secure as they can be, with the best of cryptography taking care of security, hence you dont see all the wallets hacked, the ones you hear are only those who hacks were orchestrated or maybe the owner made some dumb mistake of handing over the private key. 

As for wallets being transparent, that is how it exactly it should be. You should know how much of money is in circulation, but not who is the owner. In that way you are sure, no coins can be added to the system and the numbers always remains fixed, as everything is transparent.

I didn't want to say banks are safer than crypto wallets. I just mentioned the fact that transparency could lower the safety level of wallets. Your explanations are quite right and informative but if the money in circulation must be clear why there are full privacy coins like Monero and Zcash? The development of these coins shows that full privacy is important for some users and blockchain should not be like a visible glass for everyone.

[Syedbesharat 5423]

On 2/23/2020 at 10:14 AM, Shaza Ahmad said:

Well, there are many currencies that support privacy and no one can see the balance in the wallet address and on remittances as I think, the options are available to everyone.

Basically crypto is adopted for anonymity but the government is forcing many exchanges and new projects to make more visible to public.Where they can easily see through your transactions.This is becoming more like a digital banking where the client identity is fully under their supervision.They have to gave some pace to crypto currency.

[Honny143 13612]

40 minutes ago, Ngetpa said:

That is indeed a weird feature. Transparancy of a wallet is not a good idea because people will able to see literally what is the content of your wallet. The secrecy and anonymity is being degrade.

Yes you say right bro transparency is most important our account realiy help to see our account details, because what we do our account and so many follows our account, when we transparent our account because some don't believe in this idea but we are lloyaliy then we this type .

[Upright 2688]

The thing is, even when they can see what's in your wallet the mind set is that basically you can't enter those such wallets even if they have high funds In there

[NevermindNe 549]

I agree with you, this is not complete anonymity, but if a person wants not to disclose their identity in cryptocurrency, they will not send their crypto-wallet address to everyone in a row, there are no ways to hide transactions from others.

[IamLeader12 682]

The anonymity of such wallets is that it is impossible to find out the owner of this wallet until he wants to, this is the main advantage of this system. 

[bentayebsalah 2280]

Yes, this is a good and bad advantage at the same time because it is on the positive side and the negative side of the possibility
See others wallet balance

[tienda 8776]

I think the goal behind this wallet transparency is to develop a project to to convert the no traceable transaction to the traceable transaction, this project will be implemented to avoid the laundering money, 

[BitcryptoHan 2557]

In cryptocurrencies and cryptography, only addresses and transaction through the addresses should be transparent, not the wallet. 

[magd 5231]

I was surprised, just like you, when I learned this information, but since the beginning of the work in encryption, I have not put the address of my portfolio on any unreliable site or platform so as not to be stolen and the only solution to get rid of this transparency is not to put any address of your wallet on untrusted sites such as telegram bots

[Zaino34 0]

This feature that enables others to know what you have in our portfolio cannot affect the protection of our money and cannot be compromised through this feature as long as we keep our private keys and passwords away from others